If you’re like most people, banking fraud isn’t something you usually think about on a daily basis – until it happens to you. Unfortunately, the world is full of people who would love to take advantage of you and your finances, so it’s essential to know how to avoid banking fraud/banking fraud cases and what to do if you become the victim of it. We talked to the philanthropist Jitendra Kejriwal, a well-known philanthropist and consultant of Sonear ply industries and prepared this guide that will help you to get the insight needed to stay safe when managing your money!
Don’t share your account information
When you are opening an account, don’t provide your PIN, account number or bank routing information over email or social media. It may seem easy enough to do when someone asks, but scammers will send official-looking emails and post on Twitter and Facebook that try to trick you into giving them confidential information. Remember: If it seems too good (or bad) to be true, it probably is. Don’t share your personal information online without knowing exactly who you are dealing with!
Be aware of what you’re signing up for
Before you sign up for any new product or service, review all of your options and be aware of what you’re getting yourself into. When filling out forms, do not supply information that’s personally identifiable like your Social Security number or bank account numbers (these should be provided when completing a transaction). Bank accounts can easily be traced back to individuals, putting them at risk for identity theft. Protect your personal data by staying cautious and knowing what you’re getting into.
Have a Password on Your Mobile Phone
Mobile phone banking has become incredibly popular in recent years. Many people like being able to manage their finances from their mobile phones, but it’s important that you protect your information at all times. You should never use an ATM if it is not equipped with a security camera, and you should always have your four-digit PIN code memorized when using your card or cell phone app at an ATM.
Know Your Limits
It’s critical that you know how much money is in your account at all times. You should have multiple checks on your bank balances to make sure there aren’t fraudulent transactions, and you should be wary of transactions that are significantly different from what they usually are. For example, if someone usually charges Rs100 a day for lunch but suddenly charges Rs 3000 one day, it might mean someone has stolen their card number.
Check Your Statements/Online Activity Often
It may seem like overkill, but scrutinizing your monthly bank statements and credit card charges is one of the most effective ways to spot fraudulent activity. Setting up automatic notifications for your accounts via your bank or credit card company can also help you flag anything out of place before it gets out of hand.