Online banking is the one of the largely affected areas in the nexus of internet scams. Large volumes of everyday banking transaction are carried out online, both for businesses and individuals. Equally criminal are the intentions of scammers who abound the banking landscape with voluminous and sophisticated internet scams. Identity fraud is the foundation of most banking frauds, whereby confidential banking credentials of people are unlawfully obtained and their bank accounts are barged into. Some techniques to escape the clutches of such scammers would include:

#1 Internet scams can be prevented using strong passwords

Modern tools urge the customers to go in for strong passwords by auto-rejecting weak ones. A combination of letters, symbols and numerals are to be used. In case of businesses, strict confidentiality of passwords must be maintained since more than one person may be accessing the bank account. The trusted mail id that is used for bank to reach the customer or to send the reactivation link for using the forgot password option must also be used carefully. Access to such mails must be limited.

#2 Scrutinizing the bank statements carefully

Many customers especially businesses do not spend enough time to go through bank statements in detail. A bank statement can reveal the following:

  • Unauthorized transfers to unrecognized beneficiaries
  • Unauthorized standing payouts from the bank account
  • Any hidden charges from transactions never made
  • Any unexpected increase in recurring expenditure
  • Unexplained income is also equally harmful and must be investigated

#3 Accessing bank accounts secured internet can stop internet scams

Using internet banking must be done with utmost care and caution if it is done on any unusual devices other than one’s own mobile or computer. Even if a different device is used, the internet connection must be trustworthy. Using an internet café or free public Wi-Fi can be dangerous.

  • In case of accessing bank account from cyber cafes, ensure that cyber security is upheld. Keyboard strokes can be copied and it is better to use the virtual keypad provided by most banks.
  • Refrain from asking for help from strangers in case of difficulty with internet banking. It is better to contact the customer care of the bank instead of falling prey to internet scams
  • Ensure that you logout of the session in entirety. In case there is a powers shutdown midway, ensure that the system is switched on again and internet banking session is fully closed.

#4 Safe usage of cards can prevent internet scams

Since a debit card is directly connected to the bank account, using the card for making online payments must be done only if:

  • Secured payment platforms are used
  • Multi-layer authentication by means of requiring both transaction password and a onetime password is ensured by the issuing banks
  • Instant messages and mails are sent to mobiles and email ids, the moment there is a usage of the card

#5 Do not yield to phishing mails

Phishing mails are the ones that are sent by scammers to fool internet users and obtain user names and passwords of bank accounts. They may originate in the form of communication from banks asking for customer’s banking credentials, which must be promptly ignored.