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10 Online Fraud Prevention Tips To Trick Scammers And Protect Your Money

10 Online Fraud Prevention Tips To Trick Scammers And Protect Your Money

Gain and loss are just two sides of one coin which are only one click away in the world of online banking. A customer can easily lose money online either while making payments, shopping, or transferring money. But as we say prevention is a cure, and this applies here as well. Our online fraud prevention tips will ensure you and your money is safe online.

Also, we’ll tell you how these online scams work and how to identify those red flags of fraud.

What Are Common Types Of Online Frauds And How Do They Work?

online fraud prevention tips

via:investopedia

As the digital world is growing, fraudsters are getting advanced too. They are finding new and less identifiable ways to scam people online. Here are a few ways scammers trick you:

1. OTP Scam- One of the most common types of online fraud is OTP scam where fraudsters pretend themselves as a banking agent or legitimate seller. They call customers, offer attractive services or deals, convince them to pay online and ask for details like bank account, credit/debit card. Then, they ask for an OTP sent to their mobile number and steal their valuable information.

2. Email Scam– Also known as phishing where a scammer generate a genuine website and send phishing mails to customers. These mails contain malicious links through which they steal sensitive information of users.

3. Reward Point Fraud– Ever got a call from bank saying you’ve won reward points or they can be a winner of an amazing deal? The only condition is that you’ve to share your card details to avail the offer. This is a kind of online fraud.

4. Double Payment Scam– Also called as triangulation fraud where scammers create a fake e-commerce store. They steal customers’ card details when they place an order. Once they get the information, they purchase products from their side making the card owner paying twice.

5. Loan Scam– Most of online frauds take the advantage of borrowers by sending e-mails or SMS saying their loan is approved and upfront or processing fees is pending.

These are just a few examples of common online frauds happening around the country. You can protect your hard-earned money from such smart fraudsters by becoming smarter. These red flags will help you in the process.

How To Know, It’s A SCAM!!!

online fraud prevention tips

via:tn.gov

1. Shipping address is vague
2. Spelling or Grammatical errors in the website name, sender’s name, or email address
3. Offers that are too good to be true
4. Asks for quick action
5. An unknown sender claiming to be from your bank
6. Offering you gift cards, or discounts for the payment activity you haven’t done

Also Read: 10 Personal Loan Scams Signs You Must Be Aware Of

Online Fraud Prevention Tips

online fraud prevention tips

via:kapersky

1. Always use verified apps for performing online transactions. Turn on the security settings on your device for downloading apps that are only safe to use. If you access the bank’s website for accessing their services, make sure it begins with HTTPS.

2. Never ever share banking information like your account number, credit/debit number, password or UPI pin to anyone (not on call or in person). Bank never verifies their customers this way

3. Customers should always use antivirus software on their smartphones and computer. This will ensure that your system is protected from any malicious software.

4. If you are using websites or apps for online shopping then read their privacy policy. It states detail of how the customer’s data is processed and what information they store. It will also help you understand their online scam prevention strategy.

5. Double check before sending money online.

6. Never use public devices or unprotected networks for making payments online.

7. Avoid sharing any confidential document, online and offline, without double-checking the asking authority.

8. Do not click or respond to fake messages asking for OTP, giving lucrative bonanzas, deals, or loans.

9. Do not scan QR code if asked while receiving money

10. Search for scam word in reviews

Most of the online scams go undetected and unnoticed, these red signs and online fraud prevention tips are thus customers’ only way to protect their money and information.

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