With the increase in digital transactions in the country, India has also seen a huge leap in digital fraud cases. One of the common ways in which scammers reach out to their possible targets is via SMS texts pretending to be urgent communication from banks.
These messages often carry a link or a URL that is supposed to lead the "bank customer" to a supposedly official bank website to collect important details such as your account number, debit or credit card number, and most importantly, your PIN.
Here are 3 ways in which you can gauge whether a message is sent from banks or by scammers:
1.) The most important thing that bank customers have to remember is that no matter which bank you have an account in, they will never ask you for your PIN, no matter how urgent the matter is.
2.) Keep an eye out for spelling mistakes in the message. Banks will never send messages with errors in spelling.
3.) Check the link embedded in the message. If the URLs look suspicious, do not click on them.
A few other pointers to remember are that no matter how a supposed bank official gets in touch with you, you can always take your time and check with your bank branch.
According to RBI data, India’s digital commerce transactions grew 30 percent in 2021, 760 basis points higher than the global growth rate. While the country has been ahead of its peers in digital transactions since 2018, it is also witnessing a sharp rise in digital fraud cases.
A total of 4,071 fraud cases were reported by Indian lenders between April and September 2021 and the amount involved in these frauds was Rs 36,342 crore, the RBI report said. The regulator has thus been constantly engaging with the public to create awareness against financial fraud.
Read more: Debit card fraud: How to avoid fraud transaction on debit card
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
