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While online banking, e-Wallets, and payment apps have made our lives easier, they have also exposed us to more and more cybercrimes. And this way of life is not going to go away. It is here to stay.
We have come a long way from phishing being the worst online fraud we knew about. Email scams have transformed into Facebook and other social media scams in today’s times. Globalized networks have offered fraudsters easy access to victims. As a result, the new-found power to instantly transfer funds is being exploited exceedingly by fraudsters. Furthermore, some people are still unaware that card details should be confidential, including month and year of expiry and the CVV. Losses from hacked accounts and ATM machine frauds are other evolving problems altogether.
Here are some steps that will help you relax even with online payment frauds on the rise.
Banks Do Their Best to Protect You Online
Well, it’s your money, and taking a few precautions don’t take up time or effort. Our future may have better transaction mediums, but as of
- 2-Step Verification: These transactions use a one-time password (OTP), which makes an online transaction possible only when you have your phone with you to approve it.
- Never Share Your Details: Seriously, don’t. Just be aware what those sweet-sounding
tele-callers are asking you. If any bank/card details are asked for, it should make you immediately cautious.
- Apply for the SMS Service: For a nominal cost, banks send SMS notifications of every transaction directly to your phone. This helps you stay on top of things, always. You can take immediate action in case of some transaction you have not made.
- Your Bank’s Emailer Service: As mentioned earlier, cybercrime is a dynamic phenomenon with the villains never resting and constantly coming up with new ways to scam you. To combat this, banks send regular emailers that contain the modus operandi the criminals use and effective ways to combat them. Make sure you read these and are up to date so you aren’t fooled.
A Compromised Bank Account is Not Completely Your Burden
Cheer up! Protection of an account holder’s assets is a bank’s responsibility. RBI guidelines state:
The three-day deadline makes staying informed about your account activity really important.
Grow Your Wealth and Protect It Simultaneously – Invest! Invest! Invest!
On a parting note, if you are saving money in bank accounts, you might want to reconsider. We’d suggest investing. You’re losing out on compounding benefits if you keep large amounts of money parked in your bank accounts. Here are some suggestions:
- Child plans help you generate a large corpus for important milestones in your child’s life, like education, marriage, and so on.
- Retirement plans will ensure your retired life is spent in pampering grandkids, going on world tours, and learning new hobbies because of the financial safety net provided by these plans.
- ULIPs give the same returns as mutual funds over the long term and have none of the disadvantages. ULIPs save tax, have lower fund management charges, and cover your life too.