With online and mobile banking revolutionizing the way we manage our accounts, it has become easier than ever to disburse payments, deposit checks, and even shop online.
However, as industries go digital and adopt online payments, there is a growing threat of cyber frauds-causing businesses and individuals up to $3.5 billion in losses with 1,300 cybercrime complaints being registered every day (Federal Bureau of Investigation 2019).
While the ease and efficiency of online banking are more beneficial than detrimental to businesses, it is imperative for companies to safeguard their bank accounts from theft, breaches, and sophisticated frauds.
From keeping an eye out for tell-tale signs of banking fraud to following best practices to prevent scams, there are mindful steps people can take to stay safe and secure.
Here are 7 simple tips you can follow to safeguard your financial accounts from scams and identity theft.
Do not share OTP
As we know, an OTP is one-time password banks send to your registered number every time an online payment needs to be authenticated. It is also one of the most common scams prevalent today.
It’s usually a call from an unknown number impersonating a bank official convincingly and getting users to divulge their account details and OTP. Despite banks cautioning ssn dob repeatedly, individuals and businesses fall prey to OTP-related frauds.
It should be noted that banks NEVER request card details or OTPs over the phone. So, NEVER share your OTP with anyone unless you initiate a transaction and it is received on your registered mobile number. Block and report any unknown callers who try to convince you otherwise.
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