Both businesses and consumers are get alarm at the increasing rate of online fraud and cyber thefts these days. Apart from data breaches, scammers are using other techniques such as email phishing, tele-phishing, unauthorized use of debit/credit cards through misuse of PIN, etc. to execute such fraudulent activities. Therefore, you need to protect your financial data, gadgets, and tools safe from online frauds and other types of internet fraud. The effective fraud protection and prevention tips are:
Don’t share your documents with anyone
It is a known fact that sharing documents that contain your confidential financial information can put your financial assets at stake. Therefore, you should avoid sharing your documents such as bank statements with third parties.
Use a secure password
An easy password can make your financial data vulnerable to breaches. Therefore, you should always use a strong and secure password that consists of digits, letters, and symbols.
Beware of email phishing
Don’t click on any links provided in an email sent by an unknown person as it might contain any executable file that will install malware on your PC to steal your private data.
Stay away from impersonators
Some fraudsters might impersonate as a credible financial institution to know your confidential details via telephone. Beware of such scamsters as it could lead to a possible attack on your financial assets.
Protect your devices
Install antivirus software on your mobile and computer to protect them from spyware, viruses, malware, and other malicious activities. Give priority to antivirus applications that contain a firewall as it will prevent unauthorized people from accessing your devices.
Handle finances with one device
Avoid using multiple devices to handle your finances as it would create multiple transactions that can expose your financial data to fraudsters. Use only one computer or smartphone to complete your banking and non-banking transactions as it is also convenient to install protective firewalls and security applications on a single device.
Use a card protection plan
You cannot be always vigilant and alert enough to protect yourself from online fraud. Therefore, instead of using fraud prevention techniques, you can also opt for a card protection plan to cover your financial losses from an unforeseen event.
The Card Protection Plan (CPP) from Bajaj Finserv not only provides a cover for your financial losses but also gives you many options and features to protect your financial data from scamsters. The key features of this plan are state below:
Get a coverage amount of up to Rs. 2,00,000 if your wallet gets stole along with your credit and debit cards Frauds such as tele-phishing, PIN-based frauds, email phishing, etc. are cover by this plan.
It also includes cover for the fraudulent transactions that may be carry out by using your credit or debit cards. This plan also provides a free replacement service your PAN Card get lost or rob.
Other than the frauds that are above, coverage of up to Rs. 1,00,000 is provided against other types of card frauds.
Card & SIM blocking services
As per the CPP, you can block all your payment cards and SIM as soon as your smartphone or wallet gets stolen or lost. This will prevent misuse of the private information that is present in your devices and cards.
Emergency cash benefits
If you face internet banking fraud or if your payment cards get lost or stolen during a domestic or abroad trip, the Card Protection Plan from Bajaj Finserv will provide emergency financial benefits to pay your ticket fare, accommodation expenses, etc. It also includes emergency cash benefits if you get stranded while travelling within India.
It is beneficial to subscribe to this plan as you only need to pay a minimum premium per year to receive its benefits. Moreover, the online application process with convenient online payment methods via debit card, credit card, UPI, mobile wallets, etc. makes it a great option for you.
critical measures that must be adapt by all to protect yourself from online frauds-
- Always verify the sender of an email/SMS- The most common type of online fraud is phishing wherein the attacker sends you an email/SMS with exciting offers, prompting you to click on the URL in the message. This URL either takes you to a fake website or enables the attacker to alter the system details and hack it, thereby stealing all your data. In order to avoid this, you must always verify the sender’s address or phone number and only when you are sure of the authenticity of the sender, is when you should click on the URL.
- Buy a cyber security insurance cover– A cyber security insurance cover protects you against any form of financial losses due to online frauds. It saves you against the following types of cybercrimes-
- Spoofing E-mails
- Intrusion into your computer system
With Bajaj Finserv’s Cyber Security Cover you can avail all these benefits at an affordable premium of Rs. 499 offering a sum insured of Rs. 2,00,000 or you can also apply for a card protection plan.