To protect yourself from cybercrimes, it is important that you know some of the basics about maintaining a bank account properly.
Unwanted things that lead to financial loss and mental trauma can be easily avoided.
It is better when you are well-equipped beforehand to stay ahead of these online predators.
As far as we know, cybercrimes will only get worse, and it is essential that we protect ourselves and shield our hard-earned money safely and securely.
Online fraud has been reported in India at an alarming rate. The problem is just getting worse. In today’s financial frauds, fraudsters devise a new way of getting into your head and defrauding you.
Out of 10 people, half are found to be facing the consequences of finance-related cybercrime in one way or another.
If not, they must have been exposed to smishing, phishing or spoofing attacks—an online tactic that originates in multiple ways.
To prevent your bank account from hacking, you have to be alert and vigilent. Check the SSL site security if you are performing online banking. Avoid using public Wi-Fi for financial transaction and beware of various updates announced by the bank.
Knowingly or unknowingly, it happens to all of us, as fraudsters are well-versed in whatever they are doing to get under your skin and drain you out. But it is always a good idea to prepare well so that your chances of getting hit by unforeseen dangers can be prevented or minimized.
So, here we are. This article may serve as a kind of mock drill. Just like a fire safety drill. This will enable you to understand how online frauds are operated, and if you know the basics, you can prevent many unwanted things.
Here are the immediate steps you have to follow in case your bank account is hacked:
| 1 | Change passwords and PINs. Usually account hacking and unauthorised transactions use your ATM, Credit card, UPI or internet banking to flush out your bank balance. As such, when you have a doubt about these services, you should change the passwords or PINs as soon as possible. This would prevent the fraudster from accessing your account. |
| 2 | Freezing of Bank Account. It’s the most important task to avoid further losses of funds. When an unauthorised transaction already happens or if you get an alert about a transaction not done by you, taking action promptly without wasting any moment is a must. Contact your bank and request for freezing of the account at the earliest possible. |
| 3 | FIR– First Information Report which is usually done at the nearest police station. Filing an FIR is an important part of claiming your lost fund. Addressing your bank for an unauthorised transaction requires an FIR report or a complaint report to an online cybercrime portal. |
| 4 | Block Internet Banking and other services. When you are not comfortable with the process of changing passwords and PINs, you can temporarily block your Internet Banking, ATM card, Credit Card and UPI services. To do this, either you can call up the bank’s helpline numbers or visit any nearby branch. |
| 5 | Contact your Bank and report the incident. If your account has already been compromised and a good amount of money has been stolen, your bank may be in a position to get back the lost funds within a certain period of time. For this, you have to make yourself acquainted with the process and procedure of fraudulent claims. |
| 6 | Rebuilt your Bank Account security. Even though the bank provides sufficient security features to your bank account, it’s important that you follow a hygienic way of personal banking. When an unauthorised transaction occurs, to protect against further losses, change the registered email and mobile number. And follow these simple measures- * Never share your bank account registered mobile number with any unknown person. SIM cloning is the first step to hacking your account. * Use your password and PIN discretely only on your devices. Don’t use a public source Wi-Fi connection or internet cafe to access your account. * Don’t share your Internet Banking passwords and Card PINs with anyone. Family members could be the source of data compromisation too. * Follow your bank instructions with utmost care. When banks prohibit you from doing certain tasks, there’s always a reason behind it. |
| 7 | Rebuilt your Bank Account security. Even though the bank provides sufficient security features to your bank account, it’s important that you follow a hygienic way of personal banking. When an unauthorised transaction occurs, to protect against further losses, change the registered email and mobile number. And follow these simple measures- * Never share your bank account registered mobile number with any unknown person. SIM cloning is the first step to hacking your account. * Use your password and PIN discretely only on your devices. Don’t use a public source Wi-Fi connection or internet cafe to access your account. * Don’t share your Internet Banking passwords and Card PINs with anyone. Family members could be the source of data compromisation too. * Follow your bank instructions with utmost care. When banks prohibit you to do certain tasks, there’s always a reason behind it. |
When Your Bank Account Got Hacked, Then What?
Time is very precious if such a thing happens to you. You have got to act fast and swiftly to stop fraudsters from cashing out your money from the account. The fraudster either tries to use your ATM card or Internet banking to complete their task
UPI transaction is commonly used to execute fraudulent transactions. The reason is that UPI involves multiple banks and is interoperable. A suitable mode of transaction for a miscreant. If we secure ourselves with the proper use of UPI services chances of misusing can be avoided.
Block your ATM card instantly. It is a simple task to block your card. But if you do not know how to do then things may get even nasty. The sooner you act the better it is, as time is a crucial factor at this point.
Card blocking can be done over tele-calling or through Internet banking.
Every card has a customer helpline number inscribed on the back side of it. You can call them up and enquire about any kind of card-related issues. They will guide you promptly on what you enquire about.
Secondly, if you have internet banking change your password as soon as possible. Normally, Internet banking has two passwords. One is for logging in and the other is for profile setting. Every bank has similar criteria about it. They are more or less the same as one another.
You may change both passwords just to safeguard your money.
Using Your Account to Do The Dirty Work?
This is somewhat rare but you would not believe it actually exists. It is known as Money Mule where someone pays a bribe to use someone’s account to do illegal work such as financing terrorism, black money circulation and money laundering etc.
Whatever it is, it does not sound good at all. In most cases the real culprit is hard to trace because of the nature of the money mule operation, only the account holder will be the one who would be stranded and stuck with the crimes.
Normally fraudsters look out for people who are easy to tame. Illiterate and countryside people are prone to this kind of illegal activity.
The chances of fraudsters using your account are extremely low but this can happen if your credentials are compromised.
It’s not that such instances do not occur under normal circumstances. It happens on several occasions, where SIM cloning is involved. In fact, the process is not that complex to hack your account.
It goes like this, the fraudster would make a complaint to the telecom operator that he lost his mobile and initiate a request to block his SIM which of course belongs to someone else.
Once the SIM card is blocked he would then initiate for fresh SIM in the same number. For getting a new SIM card, some telecom operator does not even follow stringent KYC norms. This makes an imposter easily accessible to the system and can make it happen by forging KYC documents which are quite easy for them.
Once he gets a new duplicate SIM card, everything is in his hand now. Account number, your name and mobile number where every OTP will be on his mobile.
From there on he can literally do anything. Internet banking activation through OTPs. When he has full control over your account, those account balances are seconds away from getting wired to destinations that are usually untraceable.
Keeping a strong password is a must. A password is considered strong when you have made it with more than 8 charecters. A combination of sensitive case letters, numbers, special charecters are preferably better. It should unrelated to your personal details. Make your password easy to remember but hard to crack.
Though it’s extremely rare!
Yes, it’s extremely rare but there are chances that it could happen. Knowing a little about financial fraud will give you immense benefits while staying financially secure and satisfied.
When you’re not accessible to mobile connectivity or the internet?
Go straight to any nearby bank branches and let your bank do the job on the spot. Do not leave the bank until you are sure your work has been done.
Signs of Hacked/Compromised Bank Account
There are certain signs and signals that need to be addressed promptly in order to avoid hacking bank accounts and unauthorised transactions.
From time to time, checking your bank account transaction details is a healthy way of account maintenance. When you detect the unwanted transaction at the right moment, you will be able to avoid huge financial losses.
Here are some of the basic signs that you need to be aware of-
- Getting messages for transactions you have not done. This is one of the primary means that allow you to detect fraudulent transactions instantly. So, setting an SMS alert or email alert system is a must to get the information on a real-time basis.
- Blocked online banking services. As a safety feature, your Internet Banking gets blocked for a day if multiple logins are attempted. So, when your online banking is blocked without any reason, you should get it unblocked through your bank and change the password credential instantly.
- The same goes for Credit cards and ATM cards. When multiple accesses are attempted with the wrong PIN, your card will be blocked. If your card is blocked without any proper reason, you must change the PIN instantly.
- An unfamiliar transaction that is reflected in your bank statement could be a fraudulent transaction. Though the involved amount may be as small as ₹1, it could be a fraudster testing your bank account existence.
Some valuable tips to stay away from Fraudsters
There are certain things one should know in order to stay ahead of fraudsters. Most of it is just as simple as watching what is happening around you. It is just being alert and knowing about your surroundings.
So, here are these few things to bear in mind
| Never share your bank account details where the source is not trustworthy. |
| Do change your password or PIN at regular intervals of time. |
| Be alert for phishing and pharming frauds. It means any unsolicited links sent to you over email or SMS are to be discarded. Do not reply at any cost. |
| Stay away from shoulder surfing. If you doubt that someone is watching you while you perform a transaction, make sure it does not happen. |
| Keep track of your account. If you do you would easily find any suspicious activity happening to your account. |
| Do know when to act, and where to approach if such things arise. |
