Every day we hear about criminal cases of thievery, burglary, and cybercrime on our national and local news channels. We read about the same thing in newspapers too.
Such news never gets old.
They keep appearing day after day.
Because crimes have become so prevalent in our nation, it is not surprising anymore. However, crimes such as cyber fraud and scams have been rising fast in recent times.
Cyber fraud spares no one, and it can happen through several mediums, such as:
- Stolen debit card and credit card details
- UPI or M-Wallet
- Stolen smart devices (phones or laptops)
- Clicking on suspicious links sent in emails
- Stolen identity cards
- Bank accounts
These mediums have become easy and accessible routes for hackers and scammers to con people like you and us and steal away our hard-earned money.
You might think that all of these mediums have high-security features like password protection, screen lock, face lock, and fingerprints. However, for skilled and professional hackers and scammers, cracking these password locks and codes is a piece of cake.
Do you remember the famous Cosmos Bank money heist that happened back in August 2018?
If you don’t, let us walk you down the memory lane.
The heist at Cosmos Bank happened due to cyber fraud.
More than 94 crores were swindled away through ATMs and online transactions in different parts of the world with the help of money mules.
Years later, the investigation has led nowhere, and the criminal mastermind behind this heist is still out there and free.
Our bank accounts should be a safe space to protect our finances.
And sure, they are!
However, potential risks and criminal masterminds are always hanging around in the corner, waiting for the right opportunity.
To deal with such threats and provide optimal security for your finances, you must get a bank account protection plan that is reliable and affordable.
But before we get to that, let’s be aware of some of the bank account fraud.
Types of Bank Account Fraud
Fraudulent bank hacking
One of the most prevalent forms of bank account fraud is hacking. Such scams are done by tampering with a computer to access bank details to fraudulently transfer funds, make deposits, and delete any transaction records.
For instance, take the Cosmos Bank money heist fraud case.
Bank fraud via computer can be accomplished by either sending malicious malware or hacking bank computer systems or servers.
Fraudulent loan approval
Loan fraud occurs when funds are loaned to a borrower who has surpassed their credit limit or a non-borrowing client.
For instance, loan fraud occurs when a scammer provides incorrect data to qualify for a loan. Alternatively, loan fraud occurs when a fraudster uses someone else’s credentials to take a loan in that person’s name.
The illegal act of replicating the information found on a credit card’s magnetic strip is called Skimming.
When a stolen or lost credit card lands in a fraudster’s hand, they can skim the data on the card’s magnetic strip and use the information online.
Although fraudsters cannot withdraw funds without the card pin, they can still make cashless transactions if this functionality is activated on the card.
If you have a reliable bank account protection plan, you’ll get instant alerts of suspicious activities, protection, and fraud coverage.
Secure Your Bank Accounts with OneAssist
There is no such thing as being over-concerned or over-prepared. In fact, you owe it to yourself to give security to your financial assets.
With OneAssist’s FinProtect plan, you can give your financial assets the much-deserved security.
You can keep track of all your bank accounts, credit and debit cards, phone numbers, email IDs, and government IDs.
We offer protection coverage of up to INR 5,00,000 in case of credit and debit cards, internet banking, and M-Wallet fraud as well.
To block all your bank cards and even your SIM card, you can make a phone call, and the rest will be taken care of.
Partner with OneAssist and stay safe from bank account fraud.