Gone are the days when only the ‘phishing’ technique was used for online frauds. Heightened cases of payment-related frauds such as identity theft, payment interception, password hacking, etc. have been keeping cybersecurity officials on their toes. With the usage of NEFT, IMPS, etc. gaining popularity, there are higher chances of online payment fraud.

Per the information of the Indian Computer Emergency Response Team (CERT-In), a total of 1,59,761 digital banking cybercrimes were reported in 2018, 2,46,514 in 2019, and 2,90,445 in 2020. As alarming as this is, being aware and vigilant will shield your money from being phished. Here are certain points that will help you relax even when frauds are on the rise:

  1. RBI measures

    The Reserve Bank of India is leaving no stone unturned to protect customers from online fraud and provide reimbursements to cybercrime victims. It has also authorised banks, at their discretion, to waive off customer liability in case of unauthorized online banking transactions due to customer negligence. Thus, RBI is keen to provide a secure and safe environment for online banking customers. Some of the key measures of RBI include:

    • The victim shall not bear losses if she/he reports to the bank within 3 days of the incident.
    • Banks shall credit the full amount in the victim’s account within 10 working days.
    • Customers need not wait for insurance money to settle the claim of the amount lost.
    • Mandatory SMS and email alerts to alert customers for the transactions taking place from their accounts.
  2. Bank Policies

    Banks are constantly coming up with various countermeasures to reduce the instances of online fraud, in a bid to ensure that your money is in safe hands. Some of the key measures are:

    • Awareness through tele callers: Whenever you contact your bank over the phone, the tele caller will advise you to not share your confidential banking details. This is to make it clear that anyone asking for your card or account details has malicious intent.
    • SMS facility: Banks provide an SMS facility to notify you about all the transactions related to your account. In most cases, this facility is mandatorily provided by the bank. Nominal charges may be levied but this can shield your life savings in case of any unauthorized access.
    • 2-step verification: Banks now require a two-step verification before processing a transaction. It might be either password and password (as in the case of net banking) or password and OTP/PIN (as in the case of mobile banking or E-wallets). Whatever be the case, it enhances the protection for your money.
    • Email service: Banks do their best to educate customers about the latest trends in cybercrime by spreading awareness through emails. Keeping yourself updated through those emails will help you shield your money from such frauds.

    Apart from banks, even the insurance companies providing investment products ensure efficient and secure services to customers and investors. For instance, Future Generali India Life Insurance has developed its app ‘FG Life- Customer App’ for fast and efficient services to customers. With FG Life, one can get details as well as download all the policies effortlessly. Apart from that, premium due date reminders, instant premium paid certificates, application tracker, and the facility to change contact details are some of the key benefits offered by this application.

    Suggested Read: FG Life - Customer App | Your One - Your One-Stop Insurance Destination

  3. funds

    It is not wise to keep huge balances in your bank accounts. This only depreciates your wealth against inflation. Investing this money will help you build long-term and generational wealth. Various investment avenues are now open for investors looking to park their funds. This will reduce the risk of online fraud as most of your savings would be invested in one form or another. Future Generali India Life Insurance provides you with multiple schemes to boost your wealth.

    Unit Linked Insurance Plans (ULIPs) are one of such products that ensure investment benefits apart from insurance protection. It is a market-linked instrument that allows you to invest in the market without having to perform all the analysis. Different funds are available depending upon the risk appetite of the investor. Thus, ULIPs can be instrumental in helping you grow your wealth.

Conclusion

Banks, RBI, and the Central Government are doing their best to reduce the instances of online and digital payment frauds, and educate citizens and stakeholders. By just being vigilant and aware, you can relax even with online payment frauds on the rise. You can protect your life savings from being phished by fraudsters. By educating yourself and investing most of your funds, you can secure your wealth and future. To speak to our financial advisor, click here.