How to deal with a card fraud

Make sure you type the address of the bank rather than use a hyper-link and make sure there is an ‘s’ at the end of the ‘http’ as in ‘https’ which denotes that it is a secure site

The worst ever security breach of financial data in India involving 3.2 million debit cards has brought the issue of cyber-security into the open. While banks and financial institutions beef up their security systems, there is a lot that individual customers can do to protect themselves from turning into sitting ducks for hackers.

First, you must use an up-to-date bank card and periodically change your passwords. Do not use unique passwords for all your relationships, and select a complex password with uppercase, lowercase letters and figures, and punctuation.

In the case of on-line transactions, it is always advisable to use a temporary password (OTP, one-time-password) because the bank will provide details only on SMS messaging of mobile email.

In the event of losses incurred by customers due to cyber-attacks, the client’s primary responsibility is to report the loss, theft or unauthorized use of the card as soon as he (she) is informed. The customer is not responsible for fraudulent banking, provided that he has not acted intentionally or negligently. The bank is supposed to reimburse and compensate for the loss of the customer.

Many banks have become more sensitive to the dangers of cyber-attack and have proactively instituted processes to prevent fraudulent abuse of sensitive client information and to make clients more vigilant about illegal transactions, optionally. SMS alerts are sent to clients by the bank to verify their transactions during any suspicious activity.

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