7 Easy Ways to Protect Yourself from Online Fraud

We live in a world of instant gratification. Everything is possible in a matter of seconds on the internet. With this massive surge in online transactions, it has become possible for consumers to purchase, sell or invest in a matter of seconds. This sense of urgency and the need for things to be done instantly increases the risk of fraudulent transactions.

It is not surprising therefore that there is a whole industry working behind the scenes taking advantage of naive consumers. For instance, based on an Indian Express report, a man based out of Mumbai, the city of dreams, lost close to Rs. 22,396 by entering an OTP on an unverified link. In an attempt to increase his credit limit with his bank, he was duped by being asked to enter an OTP on the unverified link sent to him leading him to an online scam. Stories like this have become far too common now. Whether you are trying to sell something online or buy, you can be the target of an online fraud.

Incidents like this are unpredictable and don’t come with a warning. It is therefore necessary to be cautious at all times. Whether you are a regular online banking user or a skeptic, it is best to take precautionary measures to protect yourself from online fraud.

USE VERIFIED APPS & SECURE CONNECTIONS ONLY:

Make sure when downloading an app, you only download a verified app from official app stores such as Google Play Store, Windows App Store or Apple App Store.
When visiting places with free wifi or connecting to Bluetooth devices, make sure that it is an established connection and is secure of external tampering.

DO NOT ENTER PIN OR PASSWORD TO RECEIVE MONEY:

Receiving money does not require you to enter a password or a PIN code. These details are usually asked of you if you are sending out money. If you receive a request for money, be vary and immediately get cautious – notify your bank immediately.

ALWAYS CHECK IF IT IS A SECURE WEBSITE:

When you are asked to enter your credentials by any website, always look to the top left corner of the site address. If you see a locked green or black padlock, it means it is a secure website and you can proceed with entering the information. Whereas if you see an unlocked or no padlock, withdraw immediately.

KEEP YOUR DEVICE SECURE:

It is always better to add a password or a PIN code to access all your electronic devices such as mobile phones, laptops, tablets, etc. This way, you restrict the access to your devices to just yourself and provide a first base protection to all your documents saved in the devices.

BE AWARE OF THE ONLINE LOAN PROCESS:

A genuine loan provider will only disburse your loan amount after receiving all your verified documents and credentials. If you receive a message informing you that your amount is ready to be disbursed only after you apply for it and it asks you for credentials then, please report to your concerned bank or company to safeguard yourself. Other than a processing fee, there is no extra form of payment that needs to be done either to the bank or to the agent helping you for your loan. If any request of such is asked of you, contact the company or bank from where you are taking a loan.

KEEP YOUR APPS UPDATED:

Always keep the apps/applications on your mobile phones, laptops and other electronic devices updated at all times. Majority cases of online hacking or fraud are done through apps that have not been updated; hackers prefer using the older versions to cause any form of scam.

DO NOT SAVE YOUR CREDENTIALS ON ELECTRONIC DEVICES:

As we have got used to making notes about everything important on our desktops or memos; we should remember to not save our official credentials on any unsecure digital platform or electronic device, be it your personal mobile phone or laptop. If and when your electronic device gets hacked into through any form; there is a 100% possibility for the hacker to immediately scour for your ID’s. Saving them on your device is the same as providing the most confidential information on a silver platter to them – don’t do it!

We at MyShubhLife are fully compliant with the RBI regulations and keep a strict eye to avoid fraudulent activities. We keep our customers informed and aware of the procedures required for their loan process to avoid miscommunication. Our representatives will never ask you for money to help you with your loan.

If you are a victim of online fraud, contact the National Cyber Crime helpline number 1930 and file a complaint with all the accurate details required. You can also visit the Cyber crime website to file a complaint – https://cybercrime.gov.in/.