Use these steps to secure yourself against wrong transactions

Since hard-earned money is always dearer to our souls, we must give top priority to secure it.

Such income is generally kept in banks, which is considered to be the most secure place. But you will be shaken if one day you receive a message that you have been charged for a transaction that you did not do, either through credit cards or debit cards.

Such cases of bank fraud related to digital transaction are being witnessed after the demonetisation move.

As the cyber threat is rising when the nation is focussing more on becoming a cash-less economy through digitisation. The need of the hour is to secure us against such cyber threats. There are various cyber insurance covers available now. Of these, the cyber liability insurance is in the maximum demand.

The non-life insurers that provide cyber insurance cover include New India, National, ICICI Lombard, Tata AIG, HDFC Ergo and Bajaj Allianz.

The largest lender State Bank of India (SBI), which was also a victim of cyber frauds some time back, has considered insurance to protect its 30 crore customers.

The Reserve Bank of India (RBI) has been issuing various methods for both banks and customers to protect their accounts. In the month of July 2017, the central bank had issued such notification to protect customers.

The notification involved  systems and procedures in banks which must be designed in such a way, that a customer may feel safe while carrying out electronic transactions.

Banks along with RBI have been following various method to protect your income, but Bankbazaar suggests you a few tips to secure yourself.
 

• The first step is to make sure you subscribe to the SMS and email alerts linked to your account or Credit Card.
• The second step is to intimate the bank immediately if you see any unusual or unauthorised activity in your account, a suspicious debit, or your Credit Card being misused. You need to inform the bank within three working days. If you don’t, your liability will increase depending on the delay.
• Never share your passwords, PIN, card information or leave it unattended at places where it can be misused.
• Never reveal your bank account numbers, Credit Card numbers and other related information to telecallers who may say they’re calling on behalf of the bank. Always challenge them and question them or ask them to send you an email, which you can directly cross check with your bank.
• Beware of skimmers at ATMs or merchant outlets and report any suspicious instances to the bank.
• Never save your card information if you’re shopping online on e-commerce websites. Always clear your cache and other cookies once you’ve made an online purchase.
• Keep yourself updated on the bank’s processes with regards to the various products they offer (mainly Debit and Credit Cards).