As we are living in a Era of IT and as technology advances, we rely even more heavily on the internet today. Everything we do can be done on internet including work, entertainment, shopping, and banking. The internet has made doing our everyday job so easy.
But with some Advantages their are some Disadvantages too. So, it has also led to a drastic rise in cyber crimes around the World. Seeing how Indians have started doing online banking transactions more these days using online apps the number of online banking frauds in India has increased aggressively .
Banking frauds occurs when a person or a group of people attempts to take Money or other assets from a financial institution or from customers of that institution by posing as a bank official.
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.
