Stop scams before they start: Protect your money and accounts

You might receive an email, SMS or call that appears to be from your bank, claiming urgent action (for example, “Your account will be blocked”, “Click here to verify your OTP”, etc.). These messages often carry links to fake websites or phone numbers that extract your credentials or OTPs. In India, a scam called “digital arrest” has emerged: scammers claim you’re under investigation and must pay a fine or transfer money — multiple police forces have issued warnings.

eSIM / mobile number swap fraud

In this scam, fraudsters manage to activate a new SIM or eSIM for your number without your knowledge, gain access to SMSs/OTP flows and then use that to hijack your bank or payment app account.

Money-mule accounts / synthetic identity

Criminals open accounts in the name of unwitting individuals (or fake identities) and use these accounts to move illicit money. Once money flows through your name, your account may be flagged, locked or worse.

Unauthorised transfers or “push” scams

You might be tricked into making a payment yourself (e.g., to claim a prize, refund or job offer) but it is really going to a scammer. This is called an authorised push payment fraud.

What you should do to protect your accounts

Here are practical, actionable steps to keep your bank and digital payment accounts secure. Treat them like you would a safe — sometimes the smallest detail matters.

Use strong access controls

Always enable multi-factor authentication (MFA) wherever possible. If your bank or payment app allows it, turn on biometric login (fingerprint/face) or a separate PIN in addition to the password. Many fraud-prevention guides emphasise this.

Never share sensitive info

Your bank, payment app or telecom provider will never ask you for your password, PIN, CVV, OTP, or full login credentials over phone, SMS or email. If someone claiming to be from your bank asks for this, it’s a scam.

Be cautious with links and attachments

Don’t click on links or download attachments from unknown numbers or emails, especially if they claim something urgent has happened with your account. Always navigate to your bank’s website or app directly rather than via a message link.

Monitor your accounts regularly

Check your bank account and transaction history frequently. If you see any unfamiliar login, device or transaction, notify your bank immediately. Early detection often means you can stop damage.

Secure your mobile / device

Your smartphone is often the gateway to your financial life. Keep your operating system and apps updated, use secure locks on your phone, avoid installing apps from unknown sources, and be careful when connecting to public WiFi. Also, watch out for SIM or eSIM change alerts.

Question “Too good to be true” offers

If someone promises large returns, urgent transfers, prize money or asks you to pay/invest immediately—it is likely a trap. Scams often use urgency and big rewards to bypass your judgment.

Know how to report frauds

If you suspect fraud or unauthorised transactions:

· Contact your bank’s fraud helpline or branch immediately.

· In India you can report cyber-frauds via the National Cyber Crime Reporting Portal (cybercrime.gov.in) or call toll-free 1930. Prompt reporting improves the chances of recovering funds or stopping further damage.

Final word

Your bank account is as vulnerable as the weakest link in your entire security chain. Respect it like you would a safe and lock it properly. Use the steps above, stay alert to how scammers evolve their tactics, and if something feels off—pause, verify, and act carefully. Because once your credentials or funds leave your control, the damage can be fast and sometimes hard to undo.