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Never share confidential banking info, observe digital hygiene, RBI tells public
Concerned with the rise in digital frauds in recent years, the Reserve Bank on Monday asked people not to share confidential banking information like OTPs and CVVs and follow cyber hygiene practices. In a publication titled 'Be(a) where - a booklet on modus operandi of financial frauds',
RBI said that fraudsters are using innovative methods to dupe common people with their hard earned money, especially new entrants who are not fully familiar with the techno-financial ecosystem.
Issued in the public interest, the RBI handbook provides details of the commonly observed modalities, precautions to be taken against fraudulent transactions and digital hygiene to be followed by the public.
Based on an analysis of fraud complaints, RBI said, "Sharing of confidential information by customers, knowingly or unintentionally, is one of the major reasons for financial fraud."
RBI asked the public to never share confidential details like username, password, card details, CVV and OTP with anyone, even with their family members and friends.
It states that bank officials, financial institutions, RBI or other genuine entities do not ask customers to share confidential information.
RBI said, fraudsters often coerce customers to share confidential details such as password, OTP, PIN, CVV etc and citing an urgency, such as the need to block an unauthorized transaction, to prevent certain penalties. required payment, or an attractive discount. These credentials are then used to defraud the customers.
RBI also asked customers not to click on unknown and unverified links and to immediately delete such SMS or emails sent by unknown senders to avoid accidentally reaching them in future.
"Always visit the official website of your bank/service provider. Verify the website details carefully, especially where financial credentials need to be entered. Secure mark (https with padlock symbol) on the website before entering secure credentials. Check it out."
"As a prudent exercise before downloading, check the publishers/owners of the app being downloaded as well as its user ratings etc. When downloading an application, check permissions and access to your data such as Contacts, Photos etc. Allow only those permissions which are absolutely necessary to use the desired application," the RBI said.
ATM card users, it said, should check that there is no extra device attached near the card insertion slot or keypad of the ATM machine, before making a transaction.
It is also advisable to cover the keypad with your hand while entering the PIN, the central bank said.
The RBI has also asked the public not to fall prey to unbelievable lottery offers or abnormally high returns as "nobody gives free money, especially such huge amounts of money. Do not make payments or share secure credentials in response to any lottery calls/emails."
It advised the public to use virtual keyboards on public devices and frequently change passwords
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