How Can You Protect Yourself From Online Banking Scams Easily?


In this era of digitalization, it is very important to save ourselves to at least know the basic rules of thumb on how to save ourselves from possible online attacks; especially bank accounts are under higher threat. Even last year, Americans have lost $ 700,000 through these schemes or traps laid down by Nigerians. In case you can remember the Nigerian prince who used to send emails to financial requests far and wide, a decade ago. The scam was a type of advance – fee scheme, which is also known as the Spanish Prisoner scam. The amount of loss has been recorded by a security firm ADT.  This decade-old news is reminded by similar online threats and bizarre attacks made from the same country. Let’s have a sneak peek into the techniques these people use to get away with the information, secure data and even money, successfully and that too pretty rapidly. We will also cover the ways how you can save your backs and information at the same time.

In the notorious scam of cybercriminals posed as African royalty officials used to mail people from all around the world. The recipients of these emails implored the bank accounts as a safe shelter for larger amounts of money, which was intentionally marked for a noble reason but was blocked for leaving the territories of the country. In return for the help people used to pay fees along with that, the fraudsters used to promise the potential victims a large amount as a percentage of the total sum. The scammers, as usual, got away with the money and fees and in some cases; they even had emptied the bank accounts of the victims.

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A slightly updated version of this same kind of online scams is relevant, even today. As the first instance, A person while in prison serving a sentence of 24 years in Lagos scammed the amount of $ 1 million. The ongoing investigation and reports suggest he had connectivity to the internet, his mobile phone and also the access to his wife’s bank accounts in his prison. He also used to leave the jail for various unjustifiable reasons like a medical emergency, he used to lodge hotel rooms as well to meet his family, relatives, and friends. In his operations, he used to aim for victims in different countries, relied on his network of crime partners, and even managed to buy houses and luxury cars at different locations. The decision of the court is still pending on this case but the onlookers complain about the corrupted prison system. This person is Nigerian, but the Nigerian correctional service is still mute on this scenario.

In another scam, in the year 2017, 10 suspects had been arrested from the USA. They used to court various women online, and extorted from them about $ 1.1 million. The majority of the suspects have their roots in Nigeria. They used to make numerous aboriginal profiles on major online dating sites and social media platforms, make strong connections with the victim, through email, different chat rooms, and texting. Then they used to demand small gifts and transfer of money via wire transfer because of various made-up reasons. The size of requests increased over time, gradually. Though these people never meet her suitor, one woman had spent $ 5, 46,000 in cash and gifts from all her bank accounts.

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How To Protect Yourself From Online Banking Scams

As online banking frauds are increasing day by day, thus the protection from the online banking scams become the utmost important. Increase in the fraud is due to the use of various online financial services internet banking to UPI payments and much more. Here is presenting you with some of the essential tips to protect yourself from online banking scams.

  • Secure Your Pin And Password

If you are doing internet banking, you must memorize the password, and if you are using an ATM card, you need to memorize the ATM pin. You must avoid sharing your passwords or pin with anyone or refrain from saving it online such as email messengers or text.

  • Enable The Two-Factor Authentication or 2FA

The two-factor authentication, also known as the 2FA is the best way to protect yourself from getting hacked. It requires your confirmation first even if others try to break through your account.

  • Keep A Close Watch Frequently On Your Bank Statements

Make a habit of checking on your bank statements at an interval of per week. In case you have got any suspicious activity you must report it immediately to the banks and the cybercrime department.

  • Update Your Password On A Regular Basis

The best security practice is to reset your banking password at an interval of 2 months. It will reduce the risk of banking fraud and also security from the potential hackers trying to enter into your account. When operating your bank’s net banking web page, it is better to verify The authenticity of the website by checking the URL and the padlock symbol that is displayed at the bottom corner of the browser.

  • Spot The Imposters

The scammers often pose to be someone else that you may trust like a banking official or a job provider or even an insurance agent. They might try to persuade you into to unveiling your smart card details. In such a case, do not give out any credit card details, email addresses, date of birth or any other personal information that is unknown to the person. The best option is to avoid responding to search text emails or phone calls.

  • Report The Lost Card Without Any Delay

If any of your cards say, debit card or credit card is lost or stolen, you need to immediately contact your bank and ask them to block the card and know the further procedures.

  • Avoid Using Obvious Details

Refrain from using your personal details as an ATM pin such as your date of birth, contact number or its combination. Also, try not to use your birthplace, your name and other familiar tropes for your online banking passwords.

  • Do Not Use Public Computers Or Public Networks For Digital Payment

You must avoid accessing internet banking or making payments through your credit or debit cards from shared computer networks like public WiFi networks (hotel or airports) or the cyber cafe.

  • Keep Your Debit Card Within Your Sight

As you are the authorized identity for your credit or debit cards, you must refrain from sharing it with others. Whenever in the restaurant, if possible, pay the bills at the cashier avoiding to handover the card to the waiter.

  • Do Not Tap On Any Suspicious Links In The Email

Suppose you happen to receive an email that seems suspicious, mind not to open it in the first place. Even if you did, do not click on the links that are provided in the mail. Also, do not download any attachment or you can risk yourself.

Ways to minimize these kinds of scam is to first apply common sense, don’t respond to peculiar, suspicious or fraudulent emails or texts or phone calls. Be very careful with your passwords. Use lengthy and strong passwords. Finally, if you are sharing your personal credentials anyone you know, then you must use the encryption methods. For encryption in various operating systems you can checkout A Basic Guide For Using PGP in OS X, How You Can Chat Securely via XMPP/Jabber Messaging Protocol, Tutorial For Implementing PGP In Linux OS and How To Install and Use Whonix To Browse Safely.

Source: Cult of Mac

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