Best practices to keep your money safe from fraudsters

Safe and secure payments are crucial in safeguarding your financial transactions and personal data, particularly in a rapidly-advancing digital economy like India. It is imperative to implement various layers of protection to minimize the potential risks of fraud, theft, and unauthorized access to your sensitive information.

Highlighting the key tips to prevent frauds, BankBazaar’s recent report on Secure Payments lays emphasis on the best practices to prevent financial and payment-related frauds. The report highlights key measures consumers can take to avoid getting into financial scams, both offline and online.

Adhil Shetty, CEO of Bankbazaar.com, says, “Mobile wallets and UPI (Unified Payments Interface) have gained popularity for their convenience and security. We must ensure that these apps are downloaded from official app stores and regular updates can prevent vulnerabilities. Moreover, setting strong passwords and avoiding public Wi-Fi for transactions can also reduce your risks. Banks and financial institutions are also enhancing security measures and adding layers of protection to protect your payments.”

Here is what you must do to safeguard your money from fraudsters.

Set transaction limits

As a first line of defense, make use of your credit card’s built-in controls to limit where and how your card can be used, i.e., online, point of sale terminals, or via tap & pay.

You may also set transaction limits for different types of transactions to limit your liability in case of unauthorised use of your card. Check if you can tweak these settings for domestic and international transactions.

Never share sensitive information

Sensitive data like credit card details, PINs, and login passwords must never be shared with anyone. Also refrain from sharing personal information online. Avoid using public Wi-Fi or entering sensitive banking information over unsecured public networks.

Set up transaction alerts & review credit card statements

Transaction alerts, for primary and add-on cards, will help you keep tab on what the card is being used for. Review your credit card and bank statements frequently to check for unauthorised transactions.

Never leave your card unattended

When making payments at restaurants or fuel stations, always keep your card within sight when handing it over to the attendant. Use EMV chip cards to reduce the risk of skimming and inform the staff promptly if you notice anything unusual with the card slot or Point of Sale device.

Shop online safely

Only shop from trusted and established websites that offer secure payment gateways. Enable Two-Factor Authentication (2FA) for your accounts for added security.

Update devices regularly

Security patches and updates are typically offered by the device manufacturers and software developers to help device owners stay protected against the latest cyber security threats.

Be vigilant

Acquaint yourself with the warning signs of online scams. These could be suspicious emails/ SMSs/websites, unsolicited payment requests, suspicious links, or request for banking information, among other things. If fraudulent activity occurs, promptly report it to your bank.

Regularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection. It is also important to educate yourself and those around you about common scams and phishing attempts to ensure secure transactions. By following these tips, you can safely conduct transactions and prevent fraud. In the event of such incidents occurring to you or someone you know, it is essential to know how to respond and the necessary measures to take.

Date: 04/07/2024/ Source: Financial Express