Online SBI, HDFC, ICICI, or other bank’s customer? Attacked by fraudsters? Do this immediately

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Updated: Oct 17, 2019 5:54 PM

How to report online banking fraud: Bank customers need to be vigilant to ensure that they don't fall prey to identity theft fraudsters, who employ many ways to steal money from the customer's account.

how to report online banking fraudHere are steps to follow after online fraud. Representational image/Pixabay

How to fight Online Banking Fraud: Every good thing comes at a cost. Take the case of netbanking. Online banking has made life easy for customers in many ways. They can now do a lot of banking transactions from home and do not need to visit their bank for routine works. However, the bank customers need to be vigilant to ensure that they don’t fall prey to identity theft fraudsters, who employ many ways to steal money from the customer’s account.

To protect against online fraud, including phishing, State Bank of India (SBI) suggests customers to be suspicious of any e-mail or text message containing urgent request for personal or financial information. The largest lender says on its official website, “SBI and most other financial institutions and credit card companies normally will not use e-mail to confirm an existing client’s information.” The customers should call their bank for help or information only on numbers obtained from credible sources. While accessing the bank’s website, the customer should always look out for padlok and the URL starting with “https”.

Bank customers can take several steps to check fraudsters and protect their identity online. The first step for protecting identity starts with an understanding of the identity theft and being prepared to protect personal data from thieves, says Venkat Krishnapur, Vice-President of Engineering and Managing Director, McAfee India.

Save your money: Know how to prevent identity theft, protect yourself from Phishing, Vishing, SMiShing

Krishanpur told Financial Express Online that “Stealing one’s identity is, unfortunately, simple and usually happens when its least expected. Fraudsters deploy a variety of tactics to gain access to personal information, that can be used to
impersonate users.”

What to do immediately after attack by online fraudsters

While preventive measures are necessary, it is also important for bank customers to be aware of what to do when they fall prey to fraudsters.

Krishnapur said that finding out that your identity has been stolen can be taxing. He suggests victims of identity theft following steps to take immediately after learning about the crime:

  • Once you are sure that your identity is stolen, contact the police and file a complaint – reporting theft is the first step in the process.
  • Call your bank and credit card companies, asking them to block the account or card in question.
  • Notify them of any fraudulent activity. While reimbursement might be a longer process, they can close/freeze the unauthorized account immediately. Also, ask them to set up a fraud alert and to check if anyone has tried to get credit using your name.
  • Also, from a digital standpoint – change your password to minimize further access to your accounts.
  • Most importantly, register all relevant conversations including any of the paperwork with the police or the bank and organize your data at a centralized place. You can use this as evidence for your case to help you resolve the chaos that identity theft can create. Being prompt and organized without panicking, is key to tackling it.
  • As you work with the police, credit reporting agencies and concerned financial institutions, it’s critical that you be your best advocate and stay on top of the process until it is resolved.

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