Quick tips for senior citizens to stay safe from online bank frauds

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In the last decade or so, digital payments have been on the rise and with that scamsters and fraudsters are coming up with new clones targeting senior citizens, who are no that tech savvy. More often than not, incidents like cyber frauds have taken place, where money is extracted from them. Senior citizens use digital banking, due to the convenience it offers while managing finances. However, they must be aware of the security needs to protect their accounts. Money9 brings in a series of guidelines that will keep digital banking for seniors safe and secure.

Guidelines for a safe digital banking

1) Do not click on suspicious links: Never click on suspicious links of emails or text messages containing information that you won money, as they are completely fake.

2) Do not share bank account password or user id: Except one or two close family members, your bank account password and user id should not be shared with anyone else. No bank official, bank or financial institution will ever ask for your id or password.

3) Ignore SMS like your account is blocked: Messages like debit card or account is blocked due to non compliance with KYC, are completely fake and needs to be avoided. Upon receiving such messages, one has to go to their respective branch of that bank and talk to the manager directly.

4) Always remember to log out: While going from your computer, mobile phone or other devices, make sure that you log out and do not leave any account open.

5) Never use public Wifi for money transfer: Always use a safe and secure trusted network of your home for transfer money, even if it is urgent

6) Protect your bank account OTP and biometrics: While paying the money through a mobile app or internet banking facility make sure your account OTP or biometric is protected. All the registered banks have this facility. Avoid using suspicious apps.

7) Avoid QR codes on multimedia apps: On multimedia apps like Whatsapp, fraudsters share a QR code and ask people to scan it and receive money. There is no such feature which allows a user to scan QR code to receive money. So, do not scan any QR code and fall into a trap.