How To Prepare For Online Risks Associated With Savings Account?

By Author: Shashank Bhaskar
Total Articles: 63
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The level of online risks using technology to illegally remove money from a Bank Account or transfer money to an account in a different bank is rapidly increasing. Internet Banking Fraud is identity theft and is usually made possible through techniques such as phishing. 
Before an online Saving Account opening, it is advisable to prepare for such risks and avoid massive losses. But before that, here are some situations that you may find yourself in: 

Fake calls from the bank, thereby stealing your Savings Account number or PIN
Your Credit or Debit Card gets cloned when you use it in a shop or restaurant
Fake emails linking you to sites that steal your login details like phishing
Scams that promise transfer of money into your account but steal all your data instead
Wrong emails with a virus that steals your financial information from your PC or Banking apps 

Ways to prepare for these risks 
If you find yourself in any of the mentioned online Bank Account risky situations, ...
... consider the following tips: 
Lodge a complaint 
Most banks have dedicated staff for matters like this. The relevant details are found on the backside of your card or the bank's website. If you have suffered a loss, immediately contact the bank via phone or email. Do not forget to note down the complaint number and follow up on your complaint using the same number. 
The Code of Bank Commitment to Customers enacted by the Banking Codes and Standards Boards of India mandates each bank branch offline or online to display the official's name at the branch responsible for addressing customer grievances. 
Complaint to banking ombudsman 
If you are unsatisfied with the resolution for your Saving Bank Account fraud and want to escalate the matter, approach the Banking Ombudsman established by the Reserve Bank of India under the Banking Ombudsman Scheme, 2006. 
Approach the nearest cybercrime cell 
This gets done offline or online through the Digital Banking website. Criminal proceedings take time and result in jail or a fine for the offender, not just compensation. 
File a case with consumer forums 
The consumer forum is available at the District, State and National Levels. Fil a case based on two factors: 

The amount you lost.
Where the loss happened 

Thus, do not reveal financial details like PIN, passwords etc., to anyone, including those who claim to be authorised bank representatives. Also, do not fall prey to suspicious emails, such as those offering very high Savings Account interest rates.