Know how to safeguard your money against digital frauds

In case you receive any amount that was mistakenly transferred into your account, you should refrain from using them as the bank will likely correct the error

- MONIKA YADAV

WITH the increasing incidents of cyber fraud, there is a growing need for people to be more aware of securing their bank accounts and UPI IDs. This need has become even more evident after UCO Bank experienced a significant digital fraud. Between November 10 and 13, an incorrect transfer of R820 crore was made to certain account holders using the IMPS facility, attributed to a “technical issue.”

The bank has managed to recover approximately R649 crore, accounting for 77% of the total amount. In response to this incident, Finance Minister Nirmala Sitharaman has urged banks to enhance their efforts in safeguarding depositors’ money. During the meeting, it was noted that 70 lakh mobile connections involved in cybercrime/ financial frauds reported through digital intelligence platforms have been disconnected so far. Around R900 crore defrauded money has been saved, benefitting 3.5 lakh victims. Experts, however, suggest that individuals also need to increase their awareness and knowledge on how to protect their accounts effectively. According to experts, with the advancement of technology, financial institutions offer various services to track and secure financial profiles. Immediate detection of suspicious changes helps prevent fraudulent acts. Familiarising oneself with available services and promptly reporting any cyber financial fraud is essential.

Familiarise with the process