The advancement of technology particularly the internet paved the way for online banking features which is popular worldwide. We cannot argue with the fact that this service is efficient and very accessible. One could just only use their laptop or smartphone to make transactions.

While obviously, it is more convenient to do online banking, we might want to take notice of the security risks surrounding it. Online bank fraud crimes are rampant these days so what you think could make you secure and safe?

There are numerous ways that scammers can get their hands on your hard-earned money.

  • By far, remote purchases are the most common type of fraud wherein card details were stolen and used them to buy things online or by mail order. Cyber hackers do it through a computer virus or by making an unsolicited email and phone call. This method typically requires you to enter your PIN while the criminal is “watching” you do it.
  • Another popular scam is the cloned/skimmed fraud. Offenders come up with a fake card after acquiring details using a magnetic stripe. These cloned cards were being used in countries without chip and Pin.
  • Card identity theft is somewhat similar to cloning fraud. However, the criminal can infiltrate the account and order a new card and Pin or use the stolen card details to set a new account. Both ways will prevent the original account holder to access their accounts.
  • Phishing emails are also common where criminals will send you emails and pose as an official institution. Upon clicking the link they provided, you will reach a fake website which will require you to enter your personal and financial details such as account number and PIN. Another way to do it is by tricking you to accept and install a particular program but is a recording program that can capture all your online details.
  • In vishing or telephone fraud, the fraudsters pretend to be a representative of the bank’s fraud department or an authority that will warn you to move your account somewhere safe. They will tell people of their “compromised” accounts.

Once you reached their given phone number, they will pose as bank representatives and ask sensitive bank information.

What to Do to Stay Safe Online?

According to some security experts, one of the greatest exploits of bank institutions these days is to stress liability on their customers and avoid it. Once you fall victim to any of these crimes, chances are you will find it difficult to get your money back.

It is crucial that we stay one step ahead of these fraudsters. It pays to learn ways to spot a scam or fraud activities. We believe that online banking is as safe as we make it.

  • A legit bank will never ask for your PIN or passwords through email and phone calls. Hence, it warrants every account holder’s common sense. Instead of following the links provided in the email, type the full website of your bank in the browser.
  • Verify any email that is unusual by ringing the bank.
  • It is also ideal to invest in security software that can protect your computer from malicious programs. Users are safe if they set precautions.
  • Aside from due diligence, beef up overall security. Do not use precise details as passwords like birthdays or anniversary dates. Instead, use long, complicated passwords and have some disparity with your social media accounts.

Whether it is fund transfer, bill payments or other online transactions, Internet banking is indeed an efficient and convenient way. Just make sure to use this facility carefully to prevent yourself from becoming a victim of fraud activities.