Page 45 - Banking Finance December 2019

FEATURE

cases, the customer will bear the entire loss until he reports personal data. Even if you are connected to a legitimate
the unauthorized transaction to the bank. Any loss occurring access point, make sure that the sites you are using are
after the reporting of the unauthorized transaction shall be protected using SSL (secure sockets layer), or consider using
borne by the bank. a VPN to protect your transactions," said Michael Joseph,
director system engineering, India and Saarc, Fortinet, a
Baral informed the cyber crime cell within an hour of the cyber security solutions company.
incident and lodged a written complaint with the branch
manager of her bank. She also followed up with the police, Joseph also warns against duplicitous apps and websites
but nearly 15 days after the incident, she still hasn't heard which you might unwittingly access. This also applies to
back from anyone. "I never mentioned my PIN to the looking up phone numbers online, as anyone can list a fake
scammers verbally. I suspect they had access to my mobile number with the name of the service provider you are
screen and could view anything I typed," she said. Baral has looking to connect with. Always look up the official website
decided to escalate the matter with various authorities until and call the number listed there.
she gets a resolution.
"Every browser supports secure transactions using SSL
Protect yourself encryption. But to be safe, make sure your connection is

Prevention is better, and in this case, much easier than the secure before you make mobile payments. You can do this
cure. In order to avoid being defrauded of your money and by looking at the URL bar of your browser and making sure
having to seek recourse, you can take a few measures to that the address starts with https:// rather than http://. You
ensure that your online transactions are secure. Baral's can also look for the little lock icon on your browser. These
mistake was to type in her PIN on an unverified form. Never will mean that your transaction is protected," said Joseph.
enter your PIN, CVV or OTP unless you are absolutely sure
that you are on a secure payment gateway of platform. It's nearly impossible to predict what the next modus
operandi is going to be. To safeguard your money, stick to a
"Avoid using public WiFi as they are a haven for criminals few cardinal rules like using only secure payment gateways
looking to intercept your connection and use it to steal and never sharing your PIN with anyone, and always be
passwords, banking or credit card information, and other careful. (Source: Livemint)

Some Helpful Dos and Don’ts to prevent ATM fraud

Dos: unauthorized transactions. Report any suspicious or
Y Store your card in a secure place where you will know unfamiliar transactions to your bank immediately.
immediately if it goes missing.
Don’ts:
Y Beware of “shoulder surfing”: shield your PIN from
onlookers by using your body and hands. Once you Y Do not write your PIN number on your card.
complete your transaction, be sure that you have Y When disposing of old receipts and statements, don’t
your card and your receipt, then leave immediately. use public waste receptacles and be sure to destroy
the statements so they are useless to identity thieves.
Y Make a new PIN as soon as you receive your card.
Change your PIN every three months. Y Never share your PIN with anyone, including a family
member or bank personnel, or in response to online
Y Check your ATM machine for signs of any external
fittings or loose wiring; these may indicate you are or email requests.
using a scam ATM machine. Report suspicious ATM Y Never let anyone see you input your PIN.
machines to the bank and use another ATM. Y Never use a PIN that could be guessed easily, such as
Y Check your monthly bank statement for unusual or your birthday or telephone number.

BANKING FINANCE | DECEMBER | 2019 | 45