How Can Banking Frauds Be Prevented and Combated?

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How Can Banking Frauds Be Prevented and Combated?
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TABLE OF CONTENT

• Beware Of Phishing Scams
• What To Do If You Fall Victim To A Banking Fraud
• How India For NRI Can Help

• Understanding Banking Frauds
• Preventing Banking Frauds
• Strengthen Your Passwords
• Enable Two-Factor Authentication
• Monitor Your Bank Statements Regularly
• Avoid Public Wi-Fi For Banking Transactions

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Understanding Banking Frauds
Phishing Scams
Fraudsters often use fake emails or websites to
impersonate banks and trick individuals into
revealing their account details.
Unauthorised Transactions
These happen when someone obtains access to your
bank account and makes transactions without your
permission.
Credit Card Fraud
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Preventing Banking Frauds
Prevention is always greater than heal, and there
are several measures you can take to safeguard
your bank accounts and financial details. Here
are some essential tips to help prevent banking
frauds
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1. Strengthen Your Passwords
Preventing Banking Frauds
A strong and unique password is your first line
of defense. Make sure your online banking
passwords are long, contain a combination of
letters, numbers, and special characters, and are
not easily guessable.
2. Two-Factor Authentication
Most banks now offer two-factor authentication,
which adds an extra layer of security. This
requires not only your password but also a
verification code sent to your phone or email to
access your account.
3. Monitor Your Bank Statements
Always keep an eye on your bank transactions. Any
unauthorised transactions should be reported
immediately. With modern banking apps, you can
get alerts on every transaction from your
account.
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4. Avoid Public Wi-Fi For Banking Transactions
Public Wi-Fi networks can be easily compromised
by hackers. Always avoid logging into your
banking app or website when connected to
unsecured Wi-Fi networks, especially in public
places. Use a Virtual Private Network (VPN) for
safer transactions.
5. Beware Of Phishing Scams
Phishing scams are one of the most popular types
of banking frauds. Be cautious when receiving
unsolicited calls, emails, or messages asking for
your details. Never share sensitive information
over the phone or through email unless you're
sure of the authenticity of the request.
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WHAT TO DO IF YOU FALL VICTIM TO A BANKING FRAUD
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Report To Your Bank
As soon as you notice any sceptical activity or
unofficial transactions, contact your banks
customer service department. Most banks have a
dedicated fraud department that handles such
complaints. Make sure you report the issue in
writing and request them to block your account if
necessary.
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File A Police Report
If the fraud is significant, it may also be
necessary to file a police report. This can be
crucial for legal purposes and for tracking down
the perpetrators. Confirm you have all the
important details, including your bank statements
and any communication with the fraudster.
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File A Complaint with Regulatory Authorities
In India, the Reserve Bank of India (RBI) has set
up mechanisms to address customer complaints
related to banking frauds. You can file a
complaint with the Banking Ombudsman if your
issue is not resolved by your bank. The Ombudsman
is an impartial authority that can mediate
between you and the bank.
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Stay Updated On Fraud Prevention Methods
Stay informed about the latest fraud prevention
methods. Many banks provide free webinars,
newsletters, or alerts on how to safeguard your
accounts. Familiarizing yourself with these tips
will help you better understand what to watch out
for and how to protect your finances.
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How India For NRI Can Help
India For NRI is a platform that helps NRIs
resolve their issues with Indian banks, including
complaints related to banking frauds and
unauthorised transactions. Whether you are facing
difficulty in getting a complaint resolved or
dealing with unresponsive customer service, India
For NRI offers valuable assistance to help you
navigate the complex financial system in India.
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CONTACT US
91-9560020722
info_at_indiafornri.com
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Pura, Delhi
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