Online banking offers convenience but also presents risks, especially for senior citizens who may be less familiar with digital security. Cybercriminals often use various tactics to deceive individuals into revealing personal and financial information. These Banking scams can involve fake emails, deceptive websites, or fraudulent phone calls designed to trick you into disclosing sensitive details like account numbers and passwords.

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Here are some common online banking scams:

1. Personal Information Scam: This involves cybercriminals stealing personal information, such as usernames, passwords, and other confidential details, to impersonate the victim and gain unauthorised access to their financial accounts.

2. Malware: Malicious software, or malware, is designed by cybercriminals to breach and damage computer systems. In online banking, malware can access your banking credentials without authorization and withdraw funds from your accounts. Protect your devices with current malware protection software to guard against these threats.

3. Automatic Transfer System (ATS): This online banking scam involves fraudsters setting up automatic transfers to their own accounts without the victim’s knowledge or consent. These transfers can occur at regular intervals, leading to escalating financial losses if not quickly detected and addressed.

4. SIM Swap (Mobile Number Scam): In a SIM swap scam, fraudsters obtain a new SIM card from your mobile service provider using your registered mobile number. With this new SIM card, they can receive OTPs and alerts intended for you, allowing them to conduct unauthorized financial transactions from your bank account.

5. Fake Banking Alerts: Scammers send fake text messages or emails claiming an issue with the senior’s bank account and urging them to call a provided number, where they are tricked into revealing account details.

How Seniors Can Prevent Online Banking Frauds?

• Use Strong Passwords: Choose complex and unique passwords and change them regularly.
• Enable Two-Factor Authentication: Add extra security with a second verification step, like a code sent to your phone.
• Be Cautious With Emails: Be wary of emails asking for personal details. Verify their legitimacy before responding.
• Keep software updated: Ensure your devices and security software are up to date to protect against threats.
• Check bank statements regularly: Regularly review your statements for any unauthorized transactions and report them immediately.