How Can One Remain Safe in this Era of ATM and Online Banking Fraud?

Recently I also got a call from an ICICIBank representative stating that my debit card is being upgraded and I will be getting a new debit card but before I can, I need to verify myself as a valid customer.

They had my ICICIBank account number and last 4 digit of my debit card which tends to make us believe it is a genuine call. I shared my complete 16 digits of my debit card number to confirm I am the owner of the account and as the conversation went on, they started asking more details about me like my address, phone number, date of birth. It was going all ok and then it went down to more details which I was not very comfortable sharing because it went down to details like mothers maiden name and finally CVV.

As soon as they asked my CVV number I started doubting. I just tricked them with wrong CVV number and they even asked for an OTP which meant they were trying a transaction with my debit card clearly indicating they were fraudster.

I just told them that you have entered all wrong details of mine apart from my card number and the transaction that you attempted is tracked and bank knows everything about it.

Phone disconnected.

As I discussed it with one of my friend, he also told me similar incident for his ICICI Bank account and not sure if this has something to do with ICICI bank but then I see it is quite a case for ICICI Bank customer. Don’t quote me on this because I just asked few of my friends and they had issues with ICICI bank.

I also have my account with HDFC Bank and there has been no such incidence with me for my HDFC Bank or other banks like SBI, Standard Chartered but only ICICI Bank.

Not sure if this has anything to do with the fake ICICI Bank ATM or something else but after seeing this video I don’t feel comfortable using an ICICI Bank ATM.

Now I prefer an ATM machine that I see other people have been able to withdraw money from.

Getting back to the original question of how to safeguard from ATM and online banking fraud?

There are few things that I follow to keep my bank accounts safe.

1. Don’t share anything over phone

Just don’t share any of your confidential details on phone. I have made this a rule and recently I had an issue with SBI card where I actually got a new card which was not active. They wanted to know my mothers maiden name for activating it and I refused it. Told them if you are fine activating the card without my mothers maiden name fine, else let it remain as inactive. I don’t care. They activated it then.

So I do share my name, address, phone, PAN card number and other such public details but nothing that is not for public. Not even my date of birth if I have not given a call.

2. Don’t Click links in Email

Once you see an email form a bank, try avoiding clicking links on it if you aren’t sure about it. Use the url to type the bank address and then login using your details. If you click links in an email, chances are you may land up on any other page of the web that looks like a bank login page but is actually not and if you enter your bank login details, the fraudster can know about your details you submit in such pages.

3. Keep your PC and Phone Clean

Keep your PC and phones Virus and Trojan free. You can be tricked by using a keyboard logger which logs every key stroke that you make and if that log is being shared to fraudster, they can easily get your username and password by identifying each key stroke that you press. Avoid using bank sites from cybercafe and public computers

You should never ever login to your bank account from public computers like cyber cafe or other people computers. Better using your phones than those computers for sure.

4. Pin codes are not safe just because you enter them when no one sees it.

Entering pin code for a transaction is a must these days but they are the full proof way of exposing those pins. If you are entering a pin for a transaction in a retail store, just hiding what you are entering does not make them safe. Just watch this video and see how to actually enter your pins safely.

Final thoughts …

I hope the above process that I follow helps you be safe from being a prey to an online fraud. Though they are not full proof way to remain safe, it is better to be aware of options fraudster are using and remain alert about it.