How to keep your online transactions safe: Follow these steps, protect your money

The current situation is posing new challenges for us. While companies are adjusting to new ways of working, it also gives individuals a chance to learn from their mistakes. The ongoing coronavirus situation is being used by cybercriminals to fool internet users. Several users have reported receiving malicious links in the last few days. Fake apps are also being created to deceive users. In these difficult times, it is important for online banking customers to be extra careful about their money and transactions. 

Here is how to keep your online transactions safe

• Don’t share OTPs and other payment details freely. The fraudsters seek your one time password through different means but you money will remain safe, if you don’t share it with anyone. 
• Spot and avoid phishing emails. The best way to spot these emails is to check for mistakes. If it sounds fishy, don't respond or click on the links provided.
• In case you have too much sensitive information on your smartphone, install antivirus on your devices and scan frequently for malware.

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What are different types of frauds being pulled off?

The State Bank of India (SBI) has warned EMI moratorium seekers about cyber criminals who are using coronavirus lockdown as opportunity to deceive bank customers. The largest bank of India has communicated to its home loan, car loan, bike loan and other loan borrowers to avoid calls where the caller poses himself or herself as SBI officer and asks for whether they want to avail the SBI EMI moratorium or not. 

"A new style of cybercrime has been started by fraudsters. In such frauds, customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared, the amount is immediately siphoned away by fraudsters," SBI said in a message to its customers. 

There has been an increase of 667 per cent in phishing attacks in India in the month of March itself, Barracuda Networks has reported. Barracuda researchers have seen three main types of phishing attacks using coronavirus COVID-19 themes — scamming, brand impersonation, and business email compromise.