Fraudsters use five online tactics to make unauthorized transactions on your credit card or bank account

Fraudsters use five online tactics to make unauthorized transactions on your credit card or bank account

Fraudsters use five online tactics to make unauthorized transactions on your credit card or bank account

Unauthorized Bank Transactions: Fraudsters can break security and make fraudulent withdrawals or transfers from one's account or e-wallets in various methods.

When it comes to banking transactions, bank account holders in the country arguably live in the greatest of times. Thanks to cutting-edge technology, operating bank accounts and even executing financial transfers are becoming more accessible than ever before. With the simplicity of operations, however, the safety and security of bank accounts must also be considered. While banks continue to tighten security measures, it is up to the individual bank account holder or e-wallet user to ensure that their account is secure.

Fraudsters and internet hackers are constantly on the lookout for flaws in bank security systems or data collected from individual users, whether willingly or inadvertently. These fraudsters have various ways to get around security and conduct fraudulent withdrawals or transfers of monies from one's account or e-wallet. Identity theft, phishing, cloning, smishing, and vishing are some of the fraudulent techniques. At least one common factor in most of these shady methods is your phone number. Any unauthorized access to your phone, whether consciously or unknowingly, increases the risk of financial fraud.

Here are five common types of financial fraud and how to safeguard your bank accounts from them:



The process of catching fish by tossing bait into the water is referred to as phishing. Phishing is a sort of fraud in the banking industry that involves collecting personal information such as Customer ID, Internet PIN, credit or debit card number, card expiration date, CVV number, and other information through emails and other sources that appear to be from a natural source. Fraudsters use this information to make fraudulent purchases from a person's credit card, debit card, or bank account.

What do con artists do?

Phishers may also utilize the phone (voice phishing) and SMS (Smishing) to obtain sensitive financial data from account users by impersonating bank employees. Most typically, fraudsters send bogus emails to account holders, requesting that they verify or update their account information as soon as possible by clicking on a link in the email. When the link is clicked, the user is taken to a phony website that looks quite similar to the bank's actual website. The fraudster uses the information entered there for their own selfish gain.

How to Stay Safe When It Comes to Phishing

When visiting a bank or credit card website, always double-check the URL. It's critical to double-check the URL for the presence of an's' at the end of 'HTTPS://.' The letter 'S' stands for secure,' indicating that the page is protected and encrypted. Any bogus website's address will begin with 'HTTPS://' and will be lacking these. This is especially important on bank websites or any other site that requires you to conduct financial transactions.

Then, look for the padlock symbol in the upper right or bottom corner of your browser window. The presence of Padlock ensures that the website has a security certificate.


  1. It is always preferable to type the website address into the address bar of your web browser rather than clicking on any link while checking in.
  2. Make sure you have the most recent version of anti-virus, anti-spyware, a firewall, and other security fixes installed on your machine.


  • Do not click on any link in your email that appears suspicious or comes from an unknown source.
  • Even if the email or contact us from authorities such as the Income Tax Department, RBI, or another government department, do not send any sensitive information, mainly information relating to a bank account or card data, through email or phone.
  • Do not attempt to conduct financial transactions using public computers, such as cyber cafés, by accessing net banking or using a credit or debit card.


When you receive an SMS on your phone, be cautious because it could be a Smishing attempt. Smishing occurs when consumers receive a phony SMS message on their phones containing a link that they are supposed to click on. There is a chance that dangerous information will be downloaded into the phone if you visit the bogus website. This finally aids fraudsters in obtaining information from your phone.

What do con artists do?

First, you receive an SMS informing you that you have won a prize and must give your card or account information. You may even be prompted to visit a website and provide your information by clicking on a link. The information given to the individual who sent the SMS is subsequently used to carry out fraudulent activities on the customer's account, resulting in financial loss.

Smishing and How to Protect Yourself

Make it a point to never send anyone your personal or financial information via SMS, phone call, or email. It's best to remove such SMS as soon as possible after reporting them to the bank.


Have you received a call from a bank requesting your credit card or bank account information? Remember that banks never contact to obtain such sensitive information, so never give out personal information to anyone asking for credit card numbers. Fraudsters impersonating bank employees make the calls. Vishing is a type of scam in which fraudsters attempt to obtain personal information from you over the phone, such as your Customer ID, Net Banking password, ATM PIN, OTP, Card expiration date, CVV, and so on.

What do con artists do?

The scammer claims to be a bank employee or a representative of the RBI to gain trust. This aids them in persuading clients to give personal information. They instill a sense of urgency by providing reasons such as account reactivation or sending a new card. If such information is shared, fraudulent activity and transactions on the customer's account may occur without the customer's knowledge.

How to Avoid Being Victimized by Vishing

Remember not to give out any personal information, such as your Customer ID, ATM PIN, or OTP, to anyone over the phone, SMS, or email. Including those impersonating bank employees. It is preferable to phone the bank's customer service number, which may be found on the back of your card or on the bank's website.


It's critical to be extra cautious while using credit and debit cards, particularly at ATMs or merchant establishments that use a swiping machine. Fraudsters commit fraud by cloning a card and getting the card's information to carry out unauthorized transactions. Cloning is employing technology or software to copy card information and then transfer it to another card. Skimmers are gadgets that are used to copy card information. As a result, cloning is also known as skimming.

What do con artists do?

A skimmer is an electrical device strategically attached to a portion of the ATM to capture data from the user's debit or credit card. In addition, the data is recorded on a memory card in the skimmer. The scammer then uses this information to create a cloned card. Because withdrawals require an ATM PIN, a camera is usually mounted near the keypad to capture the information. Additionally, cloning of a card may occur if a phone is given to an untrustworthy mobile repair shop for repair.

Cloning can also result in a SIM switch, in which the fraudsters can get a new SIM card issued through your mobile service provider using your registered phone number. They then use this phony SIM card to get the OTP and extract funds from your bank account.

How can you protect yourself from being skimmed?

Examine the ATM machine's keypad and the surrounding area. Keep an eye out for any hidden cameras. Never provide anyone on the premises with your ATM card. It could be a sign of a problem if your phone number isn't working for an extended period. Contact the telecom operator to learn the explanation, as it could be a scam. Register for SMS and Email Alerts to remain up to date on your bank account's actions.


Identity theft is defined as creating a false identity that is identical to the original identity to conduct fraudulent transactions. Identity theft occurs when someone steals another person's personal information to withdraw monies from banks, obtain credit cards, and so on.

What do con artists do?

Phishing, Vishing, Smishing, and other tactics are used by criminals to carry out identity theft. The goal is to collect information that will aid them in carrying out fraudulent transactions.

Here's how to safeguard yourself.

Keep your credit card and bank account information safe. No bank ever asks for this information, so never discuss it with anyone in person. Try to avoid clicking on any email links. Keep your contact information up to date as it changes, and change your passwords regularly. When giving over cards for swiping at any merchant place, be cautious.

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