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Types of Online Banking Frauds

Online Banking Fraud or internet fraud refers to schemes in which fraud is committed with the help of online technology.

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Types of Online Banking Frauds

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  1. Types of Online Banking Frauds and How to Safeguard Against them

  2. What is Online Banking Fraud? Online Banking Fraud or internet fraud refers to schemes in which fraud is committed with the help of online technology. Prime reason - Majority of people who use online banking are not aware of safe practices during online transactions. Bank fraud is a criminal offence and sometimes referred to as white-collar crime

  3. Types of Online Banking Frauds There are many ways in which Online banking frauds are committed and being aware of them is the first step of prevention Some of the common ways are: Using Malware and viruses Phishing/Vishing/SMiShing Identity Theft In the following slides, you can read in detail about the ways in which online Banking Frauds are committed and how to safeguard against them

  4. Viruses Very common method of Banking fraud They come in the form of Malicious software which infiltrate the systems and stay undetected by firewalls Some viruses can detect keystrokes, redirect to specific websites and some can spam the inbox Safeguarding Practices Increase security by constantly updating the antivirus software Use dedicated computer for personal banking and online transactions. Avoid public systems. Enable pop-up blocker in your browser

  5. Phishing/Vishing/SMiShing Phishing is one of the means by which cyber criminals try to get access to your data An email is sent, which looks to be sent from a legitimate party like a bank or organization These usually contain a call to action link which will land in their webpage to access your information Vishing is similar technique via phone and SMiShing is via SMS/text message Safeguarding Practices Verify the sender’s mail id Directly contact the sender to check whether they have sent any e-mail Don’t respond to unknown e-mails Never click on links in mails from unknown senders

  6. Identity Theft Happens when personal information is stolen and used by fraudster to commit fraud and other crimes. Common methods of stealing identity include social engineering (tricking you to give up personal information), hacking, spoof emails etc. Safeguarding Practices Report to Bank immediately when you lose your debit card or your check gets stolen Change your online passwords frequently Review card statements periodically to ensure there are no unknown transactions

  7. VIJAYA BANK • Vijaya Bank is a PAN India Institution, serving diverse sectors of the society • The Bank offers a bouquet of innovative and attractive products and services to its customers. It has also incorporated a host of latest Digital Banking products, to provide the best services to its customers. Digital Banking services are: • VPAYQWIK • Mobile Banking • Net Banking • Vijaya UPI • Twitter bankingand many more… For details, visit: https://www.vijayabank.com

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