Safety tips to keep in mind while you opt for moratorium
The coronavirus outbreak has impacted our lives. In order to help their customers, whose cash flows may have been impacted due to lockdown, many banks are extending the facility of the moratorium (deferment of EMIs). However, it is advisable that the customer, who has not been financially affected by the Covid-19 outbreak, should pay EMIs regularly as deferment of instalments would attract interest. Since a large number of customers are opting for deferment by using the internet banking sites of their respective banks, a new breed of fraudsters are working overtime to dupe unsuspecting customers.
In some cases, fraudsters are calling customers, asking them for an OTP to avail the moratorium announced by banks to defer their EMIs. Once the OTP is shared by the customer, the fraudsters siphon off money from their account immediately.
To create awareness and protect customers from such fraudsters, ICICI Bank has come up with a safe banking advisory which includes key safety tips that customers need to keep in mind while transacting through mobile banking.
- Do not share OTP to avail EMI moratorium: Your bank will never call you or send you an email for your OTP or password details to postpone your EMI or interest payments (moratorium). Never share any confidential or private information like OTP, debit/credit card numbers, CVV numbers, netbanking/mobile banking password, customer id, UPI PINs etc. with anyone asking for verification including bank employees.
- Disable the ‘Auto Save’ or ‘Auto Complete’ features on your mobile banking app: Do not enable auto-fill or save user IDs or passwords for mobile banking and internet banking transactions. Though it’s convenient, it can be risky.
- Don’t respond to phishing texts: Do not follow URL which you receive from unknown sources or disclose personal information or online banking credentials via e-mail or text message as these can be used for identity theft.
- Beware of verification calls: The caller usually pretends to be a bank representative or someone from the bank’s technical team. After giving a false sense of security, the caller then tricks the victim into giving away their personal and confidential data. When in doubt, always call or email the Bank or financial service institution related to your bank and ask them about the call.
- Conduct account check-ups: It is equally important to be aware about your financial health. Regularly check your bank accounts to keep a track of your money. Each time you make a transaction, go back and check the balance to ensure that right amount has been paid or received. In case of any discrepancy, immediately contact your bank.
- Turn on notifications: Keep the email and SMS notifications from your bank turned on. It will inform you about any transactions made from your account. This will help you identify fraudulent transactions and inform the Bank in time.
Safety tips to keep in mind while you opt for moratorium
- Safety measures while doing UPI transactions: To do safe and easy banking, NPCI has introduced UPI payments system. Several banking features, fund routing, collection requests and payments request can be done seamlessly. While doing transactions, a customer should know that a pin is needed only to make payments and not while receiving. S/he should restrict access to screen-sharing apps and never share pin, card and OTP details. S/he should download only the trusted apps and treat M-PIN exactly like ATM PIN and not disclose or share it with anyone. To be on the safer side, one should put a lock on the payment apps. One should read the text on the screen carefully and check if someone has sent an unwanted money request on the UPI app. If there is a suspicion of fraud, simply decline the transaction.
Lastly install an effective mobile anti-malware/anti-virus software on your smartphone and keep it updated. Stay Safe! Bank Safe!
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