Home / Mobile / News / Avoid this awful net banking scam, don't make THIS mistake

Avoid this awful net banking scam, don't make THIS mistake

Banking mistake to avoid: Cybercriminals intercepted money transfers, causing loss to bank account holders. 10 tips to avoid net banking scams
Banking mistake to avoid: Cybercriminals intercepted money transfers, causing loss to bank account holders. 10 tips to avoid net banking scams (HT_PRINT)

  • Banking mistake to avoid: A sickening net banking scam has led big losses to customers paying large amounts of money for big ticket purchases. 10 tips to avoid net banking scams.

A number of sickening attacks have happened on people in which their hard earned money was lost because of the mistakes they themselves made while doing net banking. The biggest problem they made was that, while transferring big amounts of money for big purchases they had made, they did not verify the details of the banking institution. In fact, the name and look of the online page they were on looked the same as the original one. So, they assumed that the details provided there, including account number to transfer the money, were the same. Big mistake!

The tragedy was that they failed to check with the institution concerned whether the account number where they were going to transfer the money was legitimate or fake. If they had done so, they would have found out that the account was the wrong one. However, as it was they did not check and lost their money.

The lesson here is not that people who read this should stop using net banking. The lesson here is to be careful and verify everything before agreeing to do anything, especially while transferring money through the online banking mode.

People can nowadays carry out big financial transactions sitting in their homes. This makes them lazy and unwilling to do even the smallest of verification exercises. That can be a very costly error if there are cybercriminals lurking around.

How cybercriminals fooled people into sending them money

The cases that have caught attention were the ones where the cybercriminals were able to get access to the mails exchanged between the financial institutions and the people who had to transfer the money. They were then able to interject themselves into the mail trail and successfully bypass the original bank to approach and dupe the people.

How you can stay safe from net banking scams.

While transferring money take care to:
1. Verify the financial institution that you are actually dealing with
2. Verify the bank account you will transfer the money to
3. When there is even a little bit of doubt, do not transfer money
4. Call the official call centre of the institution to verify details
5. When there is doubt, do not hesitate to visit the official branch
6. Do not believe anyone's statement through mail or social media without verification
7. Always take printscreens of all your net banking transactions
8. Make sure Twitter account of financial institution has verified blue tick mark 
9. In case you transfer the money to the wrong bank account, report the same to the banking institution . as soon as possible. The deadline is 5 days after the transaction
10. Make sure the website of the financial institution has 'https' in its URL. Check browser to verify

Notably, if the mistake is reported to the bank on time, they may get their money back. However, for this, the affected people will have to run from pillar to post and can be especially frustrating.

To save yourself all this trouble, it would be better to be extra careful.

Follow HT Tech for the latest tech news and reviews, also keep up with us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.