Tips for Avoiding Online Banking Fraud

 


Original Content- Business Upside India 


What is Online Banking Fraud?

Online banking fraud can be committed in different ways. The most common form is phishing, the fraudulent practice of sending emails or text messages to potential victims to trick them into giving away personal information. Another form of online banking fraud is by using malware and spyware, which are types of malicious software that can be installed on a victim’s computer without their knowledge. These are the reasons why you should know about bank fraud prevention.

What is Bank Fraud Prevention?

Fraud prevention in banks is a process banks and credit unions use to reduce the risk of financial loss due to fraud. It also includes e-banking frauds.

The process typically involves:

– Monitoring account activity for unusual or unauthorized transactions.

– Checking personal information against databases of known fraudulent activity, such as lists of stolen or lost credit cards.

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