In this digital era, opening a Savings Account and ensuring the safety of your savings is crucial. Fraudulent activities targeting Savings Accounts are on the rise. With cybercriminals employing increasingly sophisticated methods, it's crucial to understand how to protect your Savings Account from fraud.
What can you do to protect your online bank accounts?
- Enable two-factor authentication (2FA): Even if your password is compromised, a second form of authentication (like a mobile device) is needed for access to your account. This adds an extra layer of security requiring two forms of identification.
- Use strong and unique passwords: Use a combination of upper case and lower case letters, numbers and special characters. Avoid easily guessable passwords such as birthdays or simple sequences. You should also regularly update your passwords and ensure they are unique to your Savings Account.
- Secure your devices: Avoid accessing your bank accounts over public Wi-Fi networks and ensure your devices have up-to-date antivirus software and firewalls installed. If necessary, use a virtual private network (VPN) to encrypt your internet connection.
- Be cautious of scams: Verify the source of any communication before clicking on links or providing personal information. You can also contact your bank directly using official methods to confirm the legitimacy of requests.
How can you identify bank fraud?
Spotting bank fraud early can prevent significant losses. Be vigilant and look for the following signs:
- Unusual account activity: Regularly monitor your account for any unfamiliar or large transactions and set up alerts for suspicious activities. Banks often offer customisable alerts via email or SMS.
- Discrepancies in account statements: Routinely check your statements for any errors or unauthorised transactions and report any discrepancies to your bank as soon as possible.
- Scams: Be aware of deceptive emails or messages claiming to be from your bank and always verify the legitimacy of any communication before providing personal information or clicking on links.
- Unauthorised access to the account: If you notice any unauthorised access attempts or any other misleading activity, immediately report them to your bank. You can also change your passwords and review security settings.
What should you do when you suspect fraud?
- Report unauthorised transactions: Contact your bank’s fraud department to report any unauthorised transactions. Prompt reporting can prevent further losses and initiate the process of reversing fraudulent transactions.
- Change your passwords: Update your passwords to secure your account and ensure that your new passwords are strong and unique. Also, check and update your security settings to enhance protection. This includes additional security features such as two-factor authentication.
- Monitor your account: Keep a close watch on your account for any further suspicious activity and set up alerts for unusual transactions or login attempts.
Also Read: Complete guide on how to open a Savings Account in 5 easy steps
Conclusion
Protecting your Savings Account from fraud requires smart and proactive measures. When you decide to open a Savings Account, choose a secure financial institution like Axis Bank. By enabling two-factor authentication, monitoring your account regularly, being aware of scams and securing your devices, you can significantly reduce the risk of fraud.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
