Is my money safe at the Bank?

A long post , but take a call which is important :

                - Taking away few minutes of your time or your bank balance !

 In the early thirties and forties people were believed to have kept their resources concealed in earthen and other pots buried under the ground and never used to leave the place, for fear of their hard earned valuables being stolen. As days progressed, finding it difficult to become tied to a place and also to protect them from persistent intruders, greater protection mechanisms were evolved when the brick and mortar concepts of banking came in handy. In the early days, banking was more closely confined to the safe keep of the money with some sops like interest which were not exactly attractive but people still accepted it for the sake of security of their money. 

With the elements of perceived risks in private financial organizations being eliminated by the government taking over the management and greater control mechanisms of some banks in 1969 and 1980,  the confidence soared and there was no turning back for such banks after 1970s. Keeping the growing number of customers happy and satisfactory became the main challenge of the banks when 'Customer service' became the buzzword and at times even yardstick for people to differentiate the wheat from the chaff. 

When the banking doors were thrown open to all, making it affordable to every strata of society, people were finding it difficult to continue with personal bank visits for their needs. The accent of service changed from 'Personal' to 'Remote' when the other bigger element of  'security' was not given that much of emphasis, though not ignored. With the pandemic ravaging the world the need for remote banking and contactless transactions became the need of the hour and India is one country which grabbed the opportunity well and now one can walk on the streets and shop without carrying any cash and with only a plastic card and some memorized PINs. 

When people started relaxing about safe banking of their resources came the bombshell of their hard earned savings being nibbled away, mostly without their knowledge and many times even they do their part ignorantly in getting their balance dwindled. Took some time for everyone to realize it was 'easy banking' not only for customers but also for fraudsters !!

Earlier it was reported of accounts being accessed by hijacking the OTP through Simswap like frauds, where the mobile phone was deactivated thus taking control away from the hapless customer  !

But now we hear of even transactions without OTPs . . .

Worse to realize that they not only take away money but also add beneficiaries - which means complete takeover of the management of the account  !! 

While mastering the art of breaking into one's internet bank account with the customer's credentials the fraudsters also devised  ways and means to handle the additional factor of security that was sought; they either sweet talked or hoodwinked the gullible ones with non existent sops like unclaimed bounty or  adorn the robes of government and ask for KYC updates. When these methods were tried, they also  made the victim press the panic button saying the customer's card will be blocked without an instant update. When the gullible and ignorant customer responds falling a prey with any such methods, his bank account is heavily dented with whatever available.

The speed at which fraudsters are gaining ground is not only scary but also dangerous !

And cyber frauds were like the dreaded covid- not sparing anyone , caring little about their status. Right from Technocrats to Civil servants to Bank executives to home makers, the list of victims is endless.

So, how to avoid becoming a prey? Are there not any way out of these traps?

First and foremost is to be aware of what is happening around. How a potential victim is lured? How a soft target is identified? How well the potential victim's support system is assessed.

Yes, Need of the hour is Awareness . Greater Awareness.

About the Modus Operandi

About Preventive measures and 

About Reactionary steps, when one gets sucked 

In this con game which at times even cost the life of the victim, there are greater roles to be played both by the customer and banks themselves. In addition NGOs, Community Support organizations and peoples' well wishers could step in to improve awareness.

Customers:

• Please be aware of all the modus operandi that are being shared in the news papers and channels. Basic awareness of these could instill an additional layer of alert in everyone.
• Keep yourself updated through right channels and guidance
• Avoid public or free Wi-Fi , which are generally insecure for banking transactions
• Every bank periodically comes out with their own protections like setting transaction limit, Card limit, Online limit, eCommerce transaction limit etc., Be aware of these and ensure that it is set properly. 
• Ensure a strong password (minimum of 21 characters- my suggestion) for all your accounts
• Never click on any link shared by anyone even if it is from the bank representatives. Instead go to the bank's website from your system and then update your required inputs
• Never respond to any call/ SMS/Email in haste. Just pause for sometime before reacting to such potential traps.
• Never share your OTP with anyone
• Compulsorily change your password periodically or when you feel you have used it in unsafe environments.
• Change your password on return from domestic or International travel.
• Do not expose your main bank account (wherein your salary, pension or monthly deposit interest is credited) for online payments and other eCommerce transactions. If possible, keep a separate bank account and use only that for such transactions and keep only a minimum balance there.
• Review your internet banking account periodically and verify that only your authorized transactions are shown.
• Review your internet banking account periodically and ensure that only your authorized  payees are there and delete the payee details which are no more required.
• Ensure that your device is secured with a reputed and proven anti virus software
• Avoid mobile banking (my personal thought) and operate internet banking only from your personal system or laptop. I am aware of many who would like to debate on safety of mobile banking vis-a-vis internet banking, but then this is my thought and I am sharing what I am convinced about. 
• Never ignore any SMS on your mobile - It could be a message for a transaction that you may like to contest
• Keep a list of TODO handy (which could include banks' helpline number, Police details, Cyber crime reporting points etc. ., ) that could be used in times of need without loss of time.
• Be clear of the steps to be taken in case of an attempted or successful fraud on you. Never panic and it is IMPORTANT that it is reported within the Golden hours for a possible recovery of loss.

Banks:

 It is to the credit of banks that they are increasingly proactive in introducing new measures to protect the customers interest and also send periodically awareness messages through email and messages.

But some of the open areas , that has room for improvement are:

• In case of multiple high value transactions over online, banks should explore having additional level of security like secondary pin for more than two consecutive transactions. 
• OTPS/Pins  are not to be sent as SMS alone but a part of the OTP in SMS and other part as email { Already it is in vogue in some banks}
• Like setting limits in Cards, banks applications could have limits for number (Not amount alone) of online transactions, which can be modified at the will of the customer
• The 24  x 7 toll free helpline MUST be reachable as it is not in many banks
• Banks need to propagate the cyber crime helpline of 1930 vigorously along with their own.

Awareness Groups:

There are many groups, welfare organizations and NGOs like Cyber Society of India (www.cysi.in) which are already focused on creating greater awareness and sensitizing the public about the prevailing cyber threats.

 The welfare association of the local area could join hands with such NGOs along with the local police station and conduct periodical road shows and sensitize the public about changing methods of fraudsters. 

All said and done, with all the sermons given, only you could lock your house to prevent unauthorized entry of unscrupulous elements.

Remember the following mantras and stay protected :

1. View with caution anything offered free (like unsecure Wi-Fi, Lottery etc.,)-could cost you dear
2. Never click on any link through SMS or email
3. Never respond to calls in haste
4. Double check with the authorities before reacting to alerts
5. Never share your OTP, Password or personal Id documents 
6. Protect your bank account with all the recommendations from the bank
7. Keep following the updates from Bank, Police and welfare groups and never be left behind
8. Keep Praying and hope that you are away from the fraudster's glare

Good Luck !