Mobile Banking Fraud: 4 Things To Do To Keep Your Account Secure

Posted on: Mar 20, 2024 | 3 mins | Written by: HDFC ERGO Team

Mobile Banking Fraud: 4 Things To Do To Keep Your Account Secure

In this era of digital advancements, mobile banking has become an integral part of our lives, offering convenience at our fingertips. It’s easier than ever to manage your bank account, especially for cyber working professionals, from wherever you are—whether you are travelling or grocery shopping. There are numerous benefits to using online and mobile banking, including the ability to pay bills and deposit checks.

However, there is a chance of mobile banking fraud along with the convenience. Therefore, it's critical to remember security and how to prevent fraud from accessing your bank account. This is due to the fact that hackers are becoming a more serious menace, especially as they try to steal personal information online using increasingly advanced techniques.

According to RBI data, the number of banking sector frauds during the first half of the FY’24 has significantly climbed to 14,483 incidents, even if the total amount involved is only 14.9% of the amount from the previous year.

Scammers can attempt to access your bank account through various mobile banking fraud methods, such as stealing information from public Wi-Fi networks or sending phoney emails requesting you to validate your login credentials. We will go over four easy yet powerful ways to protect your mobile banking account in this blog post.

4 Things To Do To Keep Your Account Secure From Mobile Banking Fraud

If you take these steps, you can help enhance your bank account security and bank online with confidence.

1. Facilitate Two-Factor Authentication:

Two-factor authentication (2FA) adds an extra layer of security to your mobile banking account. Instead of relying solely on a password, 2FA requires a second form of identification, typically a code sent to your registered mobile number or email address.

Here's how to enable 2FA:

• Open your mobile banking app.

• Go to the security or settings section.

• Look for the 2FA option and follow the prompts to enable it.

By turning on 2FA, you can prevent someone from accessing your account without the extra verification code, regardless of whether they manage to get their hands on your password. It's a simple yet powerful way to enhance the security of your mobile banking experience.

2. Install Ad Blockers:

Even on reputable websites, there's a chance that the advertisements you encounter are too good to be true. Malvertising is another fraud that might expose your bank account. It involves cybercriminals creating adverts that contain dangerous malware.

How is malvertising carried out? Perhaps you come upon a free program advertisement. Once you click on the malicious advertisement, malware that may steal personal information from your device may be downloaded. Sometimes, all it takes to start an attack is to load the webpage with the compromised advertisement.

Installing ad blockers, however, is a simple method to prevent malvertising and safeguard your bank account from hackers. Ad-blocking software is widely available and simple to download. Your opportunity to interact with an infected ad is eliminated when you disable advertisements.

3. Update Your Mobile Banking App Regularly:

Mobile banking apps undergo frequent updates to enhance security and fix potential vulnerabilities. Ensure that you regularly update your mobile banking app to the latest version provided by your bank. These updates often include security patches and improvements that help protect your account from evolving cyber threats and mobile banking fraud.

Here's how to update your mobile banking app:

• Open your device's app store (e.g., iOS App Store or Google Play Store).

• Search for your mobile banking app.

• If an update is available, click on the "Update" button.

By staying current with the latest app versions, you benefit from the ongoing efforts of developers to keep your mobile banking experience as secure as possible.

4. Use Strong Passwords and Change Them Periodically:

Your first line of protection against unauthorised access is a strong password. Avoid using information that is simple to guess, such as names or birthdays, and instead create a password that contains letters, numbers, and unusual characters. The longer and more complex your password, the harder it is for hackers to crack.

In addition to creating a strong password, it's essential to change it periodically. Regularly updating your password adds an extra layer of security, making it more difficult for potential attackers to gain access to your account.

Conclusion

Mobile banking fraud is a real concern, but taking a few simple and proactive steps can significantly reduce the risk of falling victim to such scams. It is recommended that you should take a cyber insurance policy for extra precaution. By incorporating these practices into your routine, you'll be well on your way to enjoying the convenience of mobile banking while keeping your account safe and secure.

Many fraudulent efforts are carried out at night when people are not using their gadgets. When you haven't used your card or logged in, if you suspect fraud and receive debit alerts, contact your bank immediately to ban it. A few banks also permit brief blocking. If you report the fraud within three days of it happening, you probably won't lose the money. Keep in mind that protecting your account now can save you a great deal of hassle later.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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