Go to the NPCI app or website to verify banking apps: Amit Relan, Founder and Director, mFilterIt

Fraud can range from accessing your wallet balance, stealing/using your card credentials, and misusing your identity on other e-commerce portals. Sharing OTP while calling, texting or WhatsApp can be a major source of disaster.

As cell phones have become our wallets, individuals should never click on unverified links promoting investments or selling financial products. Parallel applications are used to run concurrent service and are used to compromise OTPs and other account credentials leading to cyber fraud attacks, says Amit Relan, Founder and Director of mFilterIt, a cyber fraud detection company , in an interview with Saikat Neogi. Excerpts:

How can installing anti-fraud apps harm people doing online banking or other digital financial transactions?
As only 36% of internet traffic is human and the rest is a mix of good and bad bots, the banking and financial services sector is one of the hardest hit in terms of installing anti-virus apps. fraud. As cell phones have become our wallets, individuals should never click on unverified links, whether on emails, text messages or WhatsApp promoting investments or selling financial products. Parallel apps are used to run simultaneous service on the same device and they have access to SMS without permission. Often these apps are used to compromise OTPs and other account credentials and lead an unwary consumer to become a victim of financial fraud. Fraud can range from accessing your wallet balance, stealing/using your card credentials, and misusing your identity on other e-commerce portals. Sharing OTP while calling, texting or WhatsApp can be a major source of disaster.

How can individuals verify the authenticity of applications for financial transactions and what security measures should be taken?
People should be digitally savvy and check the app on the Google Play Store before downloading it. For banking needs, one needs to go to the NPCI app or website to check the app. Never share card identifiers like CVV (which are used for online transactions) with anyone.

Also, opt for hard-to-guess passwords for financial transactions such as accessing banking services or online shopping, and avoid storing family member names or birthdate combinations when setting passwords. ‘a password. We have seen many scammers scam users by texting links to update KYC. Never click on the embedded links in such SMS, WhatsApp messages and/or share their details like name, mobile number on any form. These text messages are often credential theft scams disguised as an “urgent KYC update”. Similar discretion is recommended for sharing any biometric information like thumbprint or access to Aadhaar number or Aadhaar OTP validation.

Despite the best of the technology behind digital, why is there a lack of trust when it comes to digital transactions?
Currently, there are tools/repositories of information with government, banks and financial institutions, payment gateways, and investigative agencies, but all operate in silos, which benefits fraudsters. There is a need to put in place a proactive framework to identify financial fraud (hard fraud defined by RBI) and non-financial (soft fraud not defined by RBI) by consolidating these repositories into one and also performing social listening for develop people risk profiles that will help define the threat levels of a transaction before the transaction actually takes place.

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