What is Bank fraud?

Account takeover: Fraudsters gain unauthorized access to online banking accounts through account takeover fraud, making unauthorized transfers or withdrawals. Bill discounting fraud: This type of banking fraud occurs when a bank accepts bills lacking adequate collateral, potentially leading to financial losses.

2)  There are many different types of bank fraud. Some of the most common types of fraud tend to be check fraud, debit and credit card fraud, safe deposit box fraud, and ACH fraud, but there are many additional types of bank fraud both within and beyond these basic categories.

Fraud By OTP

These frauds are committed in multiple ways. As OTPs are personal to your email ID or mobile number registered with the service provider, cyber attackers cannot access them without scamming you. They either steal your OTP without your knowledge or scam you into revealing the OTP by using fraudulent tactics.

suspicious links

Fraudsters send malware-infested links under various pretexts like declaring a cash price, offering discounts, etc. Some attackers also impersonate service providers. You should never click on any of these links as they are used to read your device and capture OTPs. Always manually search for apps or websites instead of clicking on suspicious links.

Fraud by unknown/non-verified apps and websites

Upon downloading an app, you often need to grant permissions to access your device’s camera, photo gallery, etc. Sometimes, approving these permissions becomes necessary for KYC formalities and SMS alerts. But if a suspicious app asks for access to these functions, it can easily steal your OTP and much more. Hence, you should only download legitimate apps and grant only the necessary permissions.

FRAUD BY PUBLIC WIFI NETWORKS

Public Wi-Fi networks tend to be risky. Scammers can use these networks to spy on your online activities and steal your sensitive information, including OTPs. When you transact through secure networks, like your home Wi-Fi or a trusted Virtual Private Network (VPN), you prevent others from accessing your confidential data.