To protect yourself from cyber crimes, it is important that you know some of the few basics about maintaining a bank account in a proper way. Unwanted things that lead to financial loss and mental trauma can be easily avoided.
It is better if you are well-equipped beforehand to stay ahead of these online predators. As far as we know, cyber crimes will only get worst 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 worst. Every time fraudsters devise a new way of getting into your head and defrauding you. Just look around among your friends. If you ask them, one way or another they must have encountered their bank account details being compromised through online fraud.
If not, they must have been exposed to smishing, an online tactic that originates with just a simple SMS with a link.
Knowingly or unknowingly it happens to all of us, as fraudsters are well-versed in whatever they are doing to get under your skin to drain you out. But it is always a good idea that if you prepared well then chances of getting hit by unforeseen dangers can be prevented or at least minimize.
So, here we are. This article may serve you a kind of drill. Do you know? Just like a fire-safety drill. This will enable you to understand how online fraud is operated and if you know the basics then you can prevent many unwanted things.
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 mainly used to execute fraudulent transactions. The reason being 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 for you, as time is very crucial 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 up and enquire about any kind of card-related issues. They will guide you promptly on what you would have to do next.
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 as soon as possible just to safeguard your Internet banking credentials.
Using Your Account to Do The Dirty Work?
This is somewhat rare but you would not believe it actually exists in the banking term 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. The real culprit will not be able to trace 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 it can happen if your account 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’s.
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 coming 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 dead-end to trace later on.
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 banker do the job at the earliest. Do not leave the bank until you are sure your work has been done.
Some valuable tips to stay away from getting duped
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 surrounding.

So, here are these little 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 send to you over email or as an 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 do 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. |