Nowadays, phishing is no longer the only method of online fraud. Rising cases of payment-related frauds such as identity theft, payment interception, password hacking, etc. have been keeping cybersecurity officials on their toes. 

RBI measures

Reserve Bank of India is doing all it can to protect customers from online fraud and provide reimbursements to victims of cybercrime. Thus, RBI wants to provide a secure and safe environment for online banking customers.

• The victim shall not bear losses if she/he reports to the bank within 3 days of the incident.
• Banks shall credit the full amount in the victim’s account within 10 working days.
• Customers need not wait for insurance money to settIt is not necessary for customers to wait for insurance money in order to settle their claim.ms.or the transactions taking place from their accounts.

1. Bank Policies
2. As a result, banks have been coming up with various countermeasures to reduce the instances of online fraud in order to ensure that your money is in safe hands. Some of the key measures include:

• Awareness through tele callers: Whenever you contact your bank over the phone, the tele caller will advise you to not share your confidential banking details.
• SMS facility: Banks provide an SMS facility to notify you about all the transactions related to your account. In most cases, this facility is mandatorily provided by the bank. 
• 2-step verification: Banks now require a two-step verification before processing a transaction.
• Email service: Banks do their best to educate customers about the latest trends in cybercrime by spreading awareness through emails. 

To read more visit : How to Relax Despite the Rise in Online Payment Frauds (futuregenerali.in)

1. Other than banks, even insurance companies that provide investment products ensure efficient and secure services to customers and investors. 
2. Suggested Read: FG Life - Customer App | Your One - Your One-Stop Insurance Destination
3. Funds
4. Keeping large balances in your bank account will only depreciate your wealth against inflation. Investing this money will allow you to build long-term and generational wealth.
5. One such product is unit Linked Insurance Plans (ULIPs), which provide investment benefits along with insurance protection. ULIPs can be instrumental in helping you grow your wealth.

Conclusion

Banks, RBI, and the Central Government are doing their best to reduce the instances of online and digital payment frauds, and educate citizens and stakeholders. You can protect your life savings from being phished by fraudsters. By educating yourself and investing most of your funds, you can secure your wealth and future. To speak to our financial advisor, click here.