Losing money to cyber criminals? Know from experts how to protect your hard-earned money, credit cards and data from scammers

Financial cybercrime is on the rise. People have lost their hard-earned money to scammers in various ways after falling into the trap set by the scammers. The scammers have now switched to Phishing, Smishing and Vishing. They use new tricks to fool people. You may receive a nude video call from unknown numbers or they may pretend to be your distant relative in financial need. You can get a call from them pretending to be a bank manager who would claim that your debit or credit card needs to be upgraded.

However, as experts say, you should never disclose your confidential information like OTP, Credit/Debit Card Number, CVV Number, Aadhaar Number, etc. to anyone. You should also not transfer money to unknown numbers without verifying.

You can rest assured that your assets and money are protected as long as you remain vigilant and aware of threats. While bringing your finances online offers convenience and accessibility, it also carries risks, including malware/ransomware, malicious bots, and phishing.

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“To protect finances digitally, you should only use verified apps and enable Multi-Factor Authentication to keep password prompts private. If you’re a business person, a security assessment is especially important so you can establish a baseline and identify existing vulnerabilities. Advanced endpoint security tools protect your computer data from malware, viruses and cyber attacks. Try to create an offline backup for your data every month,” advised Linson C Paul, CTO, Muthoot Microfin Ltd.

Karunya Sampath, co-founder and CEO of Payoda Technologies, warned users against phishing emails. “Stay away from phishing emails and think before you click. Over 90% of successful cyber attacks start with a phishing email. Use strong passwords. You can use a password manager to generate strong unique passwords You also need to update software regularly. Whether it’s a phone or your PC, updating the software is quite essential and important to keep the threat actors at bay,” said Sampath.

Experts also advised that precaution is better than cure, as there is no better way than awareness to protect yourself from cyber threats.

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“If a user is not aware of the threats and tools that scammers use to deceive unsuspecting consumers, then this certainly affects the unsuspecting user. Therefore, keeping yourself informed and vigilant is half the battle.” says Balaji Jagannathan, co-founder and director. Paycorp.io.

Experts also recommended installing a real antivirus on their phones or computers to protect against any vulnerabilities.

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