How not to lose money to a fraud

Here are some useful tips from the RBI on safeguarding yourself against scamsters.

Frauds in the banking sector have increased significantly in the past few years. The RBI has provided useful tips to protect customers against scams. Here are a few steps you should take to protect your money.

1. Activate instant alerts

The first thing to do is to activate instant alerts for all banking transactions. Register your mobile number and e-mail to get an instant alert.

2. Keep bank details handy

Most banks provide 24x7 access to customers through multiple channels, such as website, phone banking, SMS, e-mail or a dedicated toll-free helpline for reporting unauthorised transactions or loss of card.

3. Don’t share OTP, PIN or CVV

Next, never share your passwords, PIN, OTP, CVV, or card details with anyone. Banks never ask you to share these details, so if a person calls posing as a bank employee, he is probably a fraudster.

4. Don’t delay reporting the fraud

If you delay informing the bank about the financial fraud, you may have to take the brunt of the loss.

5. Obtain an acknowledgement

When you inform your bank about a fraudulent transaction, ask for an acknowledgment. The bank should resolve the complaint within 90 days.