Online Payment Fraud: Beware of bank ATM debit cards scam! You can lose money; here is how to save yourself

Online Payment Frauds: The cases of online frauds are on the rise. According to a report by the Ministry of Finance fraudulent cases pertaining to bank ATM debit cards, credit cards and internet banking have increased over the years. Around 21000 fresh cases of online frauds were reported in the October-December quarter and yes, most of the cases were related to bank ATM debit cards. The overall loss for account holders during this quarter was around Rs 129 cr.  

Zee Business expert Satyam Kumar, Chief Executive Officer (CEO) at LoanTap has some useful tips for the tech-savvy generation. 

Most of the online frauds happen due to skimming, phishing and card cloning, in which:

-- Confidential details about the cards is stolen
-- A small device is used to steal the confidential customer data. This device is placed in the slots of the bank ATM machines and Point of Sale Machines available at the merchant stores. This device is called a skimmer. The skimmer scans data at the time of swiping of the card and sends it to the fraudster. Confidential information including the customer PIN information is stolen with the help of skimmer.

The details are stolen and thieves use them for shopping online or to clone credit and debit cards and to withdraw cash from ATMs.

How You can save your money, prevent Online Frauds
-- While withdrawing the money from the ATMs, stand closer to the ATM machine. Also, cover while entering PIN during the transaction. Don't use the machine if the card reader slot is loose. Make sure that you get all the information regarding your transaction on the mobile. 

Stealing information through spam mails
-- Fraudsters ask for credit card details through email. 
-- The link on your email takes you to a fraudulent website 
-- The fraudulent website looks exactly like the original website
-- You are required to enter your details after you visit the website
-- The moment you enter your confidential details, your money is withdrawn from your account

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Important points to note 

-- Do transactions on websites that have https. These websites are considered to be more secure.
-- Avoid using credit cards with high credit limits. Lower limits will reduce the loss.
-- Make sure that any activity including payment, debit or password change should be notified to you 
-- Change your PIN in 3-6 months
-- Never disclose your PIN or internet banking password with anybody.
-- Make sure that the card is swiped in front of you