How to Protect Yourself from Electronic Banking Fraud: Electronic Banking is the fastest way to complete any financial transaction. But it also has some risks and disadvantages. In past few years, the number of online banking frauds have been increased a lot. Cyber Criminals and Hackers have found hundreds of ways to access your bank account through Electronic Banking Fraud. Therefore your should take necessary steps to protect yourself from electronic banking fraud.
Every bank and credit union provides online banking and mobile banking service. As a customer, you can check your account balance and transfer funds using the electronic banking service. But if somebody else got your login details, s/he can spend your money and empty your bank account in a few seconds. But you can save yourself from online banking fraud if you follow our important tips shared here.
What is Electronic Banking Fraud?
Fraud means an unauthorized access someone else’s owned property or account. When a person attempts to access your bank account without your knowledge, it is called Banking Fraud. The same type of activity when conducted online, it is known as electronic banking fraud. In short, Electronic Banking Fraud means an unauthorized access to someone’s bank account using online banking service.
Facilities available under Electronic Banking Service
When you sign up for Electronic Banking (E-Banking) Service, you are eligible to manage your account online. You can sign in to your online banking account with help of your username and password. Your bank provides following facilities under electronic banking service.
- Real Time Account Balance and Loan Balance.
- Download Account History to check Past Transaction.
- View Savings and Checking Account History.
- Send and Receive Secure Communication (Messages) from Bank.
- View Image of Front and Back of Cleared Check.
- Transfer Funds to Any Account of the Same Bank or Other Banks.
- Set a Schedule to Transfer Funds on Due Date, Monthly Payment Schedule and others.
- Faster Bill Payment to Merchants and Pay Utility Bills.
- Anytime Access to Payment History and View Pending Bill Payment Transactions.
How to Protect Yourself from Electronic Banking Fraud
Electronic Banking is far ahead than normal banking service. The same way, Electronic Banking Fraud is also much advanced as the hackers are simply genius. They have invented many different ways to steal your electronic banking details. Once your login details are stolen, they can access your bank account and spend its funds wherever they want. Here we provide all possible ways that cause electronic banking fraud.
Don’t Visit Fraudulent Websites
There are some websites that fetch your personal data when you open them. Such websites offer big prizes at very low cost or for free. They ask to provide your personal details and bank account related information. Once you provide your secret information, the website transfer it to their server which uses the same for electronic banking fraud. You must not visit such websites to protect your bank account.
Don’t Reply Phishing Emails
Some hackers send fake lottery winning emails to bank customers. They use popular brand names in email to trap you for online banking fraud. They ask for your personal information and bank account details for prize money. But your account gets hacked as you give your bank account details. When you receive such phishing email, just ignore them otherwise you will have to suffer a huge loss.
Don’t Open Fraud Links
You may have received an Email or SMS showing as “you have won this prize, just click on the link to claim your prize.” Such links are fraud and they are created to steal your information. When you click on the link, it copies all your personal secret data and sends the same to its destination server. You must not open any fraud links as they are very harmful to your computer and it will steal your electronic banking details.
Don’t Believe Fraud Phone Calls
Fraudsters make fake phone calls and pretend to be calling from bank helpline service. They will ask you to provide your bank account number, net banking details or ATM/debit/credit card number for upgrade purpose. Once you provide the information asked by them, they cut the call and hack your bank account online. Kindly remember that banks never call & ask any confidential details. If somebody claims to be calling from bank, you must not give them any of your personal information.
Avoid Websites with Popup Advertisements
Some websites contains popup advertisements. These websites are not harmful if your electronic banking website is not open together. When you open a website that shows popup ads, it tries to fetch all your personal details available in other tabs which will give you trouble in future. You must not visit any website that contains popup advertisements. When a popup advertisement appears, you should immediately close the window.
Spyware and Viruses
Virus Attacks are always harmful to your computer as they cause data loss. Viruses often corrupt the system files and makes your important data inaccessible. Some malware steals your personal information related to bank account and electronic banking login details. You must buy a highly secured Licensed Antivirus Version to keep your computer protected from virus, spyware, adware, malware and harmful programs.
Banking Sector was started to provide savings facility to the customers. But it has changed the whole perspective of life with so many improvements. Now bank takes deposits, provide loans, credit cards and much more. Technology has made banking easier, faster and transparent for everyone with Online Banking Service.
The Concept of Online Electronic Banking
In earlier years, customers have to visit bank branch to perform a transaction. But now the circumstances have been changed. You can do all types of deposits, transfers and other activities using your online electronic banking service.
In order to access your bank account online, you have to register yourself for electronic banking service. Thereafter you will get your username and password for online banking login. You need to visit your bank’s website and provide your login details to access your bank account and perform various transactions.
Thus, you should follow the above guideline to protect yourself from electronic banking fraud.