Beware of identity theft! RBI says cyber scams on rise; don't make mistake, you can lose money

Days after the world witnessed the worst cyber-attack of all time during which Twitter accounts of several public figures were hacked, the Reserve Bank of India has also warned people about the rise in cyber-crimes in general and identity theft in particular. In a tweet on Monday morning, the RBI said that the number of cyber scams are on a rise and bank customers need to be extra careful to keep their money safe. 

“@RBI Kehta Hai..Keep your personal details safe. Beware of Identity thefts!” the Central bank tweeted, while sharing a GIF which mentioned safe banking practices for protection against these thefts.

What you must not do

In the GIF, RBI mentioned that cyber scams are on a rise and customers should not share their One Time Password (OTP), UPI PIN or bank details with anyone. It explained that these details can be used by fraudsters to create a Virtual Payment Account (VPA) on behalf of customers, which can be later used to debit money. 

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4 out of 10 Indians experienced identity theft

Identity theft is becoming a major issue among online users. A report released in April had stated that every 4 out of 10 Indians experienced an identity theft over the last year. Titled the Cyber Safety Insights Report, NortonLifeLock revealed that at least 10 per cent of these people were impacted in the last year itself. 

The study revealed that 61% of respondents feel well-protected against ID theft but 63% would have no idea what to do in case of an identity theft, and more than three-quarters (79%) wish they had more information on what to do if it were to happen.

What you can do

Key ways to help prevent identity theft include using legitimate sites when shopping online, using a secure network, remaining on the lookout for devices attached to card readers or ATMs and keeping an eye on your credit card statements and credit reports.