RBI explains safe digital banking practices in 12 points; know everything about them

the National Payments Corporation of India (NPCI) showed that IPU recorded 504 crore transactions till March 29 for a value amounting to Rs 8,88,169 crore. As the speed and ease of financial transactions have improved, the number of reported frauds in retail financial transactions has also increased.

Fraudsters have used innovative methods to swindle ordinary, gullible people out of their hard-earned money, especially new entrants to the use of digital platforms who are not fully familiar with the techno-financial ecosystem.

Raising bank customers’ awareness of fraud related to digital payments, RBI urges members of the public to practice safe digital banking by taking all necessary precautions when performing any digital (online/mobile) banking/payment transaction. These will help prevent financial and/or other losses to them. Always keep these points in mind for safe digital practices-

* Never share your account details such as Account Number, Login ID, Password, PIN, UPI-PIN, OTP, ATM/Debit/Card details credit card with anyone, not even bank officials, no matter how genuine they may seem.

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* Any phone call/email threatening the blocking of your account under the pretext of not updating KYC and the suggestion to click on a link to update it is a common modus operandi of fraudsters. Do not respond to KYC upgrade/acceleration offers. Always go to the official website of your bank / NBFC / e-wallet provider or contact the branch.

* Do not download any unknown apps to your phone/device. The app can secretly access your confidential data.

* Transactions involving receiving money do not require scanning barcodes/QR codes or entering the MPIN. So be careful if asked.

*Always go to official website of bank/NBFC/e-wallet provider for contact details. Contact numbers on Internet search engines can be fraudulent.

* Check URLs and domain names received in emails/SMS for misspellings. Use only verified, secure and reliable websites/apps for online banking, i.e. websites that start with “HTTPS”. In case of suspicion, immediately inform the local police/cybercrime branch.

* If you receive an OTP to debit your account for a transaction you did not initiate, notify your bank/e-wallet provider immediately. If you receive a debit SMS for an uncompleted transaction, notify your bank/e-wallet provider immediately and block all debit methods, including UPI. If you suspect fraudulent activity on your account, check any payee list additions enabled for internet/mobile banking.

* Do not share your bank account/e-wallet email password. Do not have common passwords for e-commerce/social media sites and your bank account/email linked to your bank account. Avoid banking through public, open or free networks.

* Do not set your email password as your password when registering on any website/app with your email as the user ID. The password used to access your email, especially if linked to your account, should be unique and used only for email access, not to access any other website/application.

* Do not be misled by advice suggesting depositing money in your name with RBI for overseas remittances, receiving commissions or lottery winnings.

* Regularly check your email and phone messages for alerts from your financial service provider. Immediately report any observed unauthorized transactions to your bank/NBFC/service provider to block the card/account/wallet to prevent further loss.

* Secure your cards and set a daily limit for transactions. You can also set limits and enable/disable them for domestic/international use. This can limit losses due to fraud.