Online Banking Frauds in India by Vaibhav Sharma @Lexcliq

According to annual  report by  RBI’s , bank frauds of ₹100,000 and above have more than doubled in value to ₹1.85 lakh crores in FY20 as compared to ₹71,500 crores in FY19. Also, the number of such cases  increased by 28% from then which is worrying.

Types of bank frauds-

  • Accounting Fraud
  • Loan Fraud
  • Phishing Fraud
  • Bill Discounting Fraud
  • ATM Fraud
  • Money Laundering

So, it is necessary  that organizations adopt certain cyber security measures to avoid cyber crimes related to bank fraud .

Using some best practices to Prevent Online Banking Frauds like:

  • Keep financial data separate

Associations should utilize a different framework committed to performing monetary exchanges and support up the information in an outside drive consistently. Additionally, confine or limit admittance to monetary data and information.

  • Know who is asking

Banks never ask for your  personal information over the phone-calls , email or through messages. Therefore everyone should avoid sharing OTP’s, passwords, or your organization’s financial information without proper verification of the bank .

  • Keep it secret and safe

Limit email address/IP areas to permit just approved clients to make exchanges for the benefit of the association. Make buys just on approved and authentic sites and audit the hierarchical fiscal reports routinely.

  • Manage user authentication

Limit email address/IP areas to permit just approved clients to make exchanges for the benefit of the association. Make buys just on approved and authentic sites and audit the hierarchical fiscal reports routinely.

  • Cyber awareness training

Teach representatives about digital protection mindfulness for certain devices. It helps in mimicking digital assaults to check the quantity of weak workers in your association and train them in like manner. Giving these sorts of  trainings makes the workers acquainted with the assaults and give them the information on what should be done when such assaults happen and they can help in taking care of the circumstance.

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