For sure, mobile and internet banking applications make banking and financial transactions fast, easy and convenient. However, with those benefits also come the risks. And while the financial and banking institutions keep fine-tuning and hardening their applications and security measures to keep us safe, fraudsters and scammers are also not sleeping!
And with the recent move by the Central Bank of Nigeria to fast track the tempo of its cashless policy implementation, there is bound to be many more victims of online banking fraud and scams.
Online and internet banking fraudsters and scammers succeed mainly because their victims left undone those things which they should have done; or have done those things which they should not have done.
Here are key scam prevention and damage control tips you must know to be able to protect yourself, or quickly recover from online banking fraud or scam, before too much damage is done.
Scam Prevention and Damage Control Tips
1) Keep the basic Safety and Security Rules of Online Banking
- Never connect to public, free, or unknown Wi-Fi networks while executing banking transactions.
- Never, for whatsoever reason, disclose your Internet Banking login details (username and password) or ATM Card PIN to anybody. Even when you absolutely have to, remember to change your password and PIN immediately after, or as soon as possible.
- Never give your PIN, OTP, Account Number, Date of Birth or other sensitive details to anyone, even if they claim to be from your bank. Authentic bank staffs will never ask you for such information (they already got them when you opened your account).
- Do NOT reply to emails asking for your personal banking details, even if they seem to come from your bank or people you may know, as they could be phishing emails.
- Never click on links or attachments contained in unsolicited emails, as they may contain harmful ransomware or virus.
- Keep your banking and other Apps updated always. Install antivirus software, and activate personal firewall on your phone or device. If you suspect fraud, contact your account officer or bank’s helpline at once.
Related: Common Tricks of Internet Scammers and How to Stay Safe
2) Set up SIM Lock on the SIM Card linked to your Bank Account
If you have a bank account, secure your account and other information by setting up SIM Lock on the SIM Card associated with your bank account. With this done, you will always require a PIN (4 digit code) to activate and use your SIM Card in any device.
This helps to curtail fraud because the PIN you setup follows your SIM Card from one device to another. That means anytime your device is switched off, and switched on again, or anytime your SIM Card is removed from your device and inserted into another device, whether by you or a fraudster, that device will request for your SIM Pin before it can be fully powered-up.
And if you (or anyone else) make three unsuccessful attempts (enter wrong pin thrice) to unlock the SIM Card, your SIM Card will be blocked by your Network Provider; and you will need to visit their Service Centre, to authenticate and unblock your SIM.
Thus if your phone is lost or stolen, SIM lock prevents the use of your SIM Card in another device. SIM lock also prevents access to those banking information that is usually sent to you via the SIM card linked to your account.
Related: Learn How to Setup SIM Lock on Your Phone
As a general rule, whenever your phone is lost or stolen, or your ATM Card is lost or stolen, or your PIN and other banking details are compromised, notify your bank at once!
3) What to do if your ATM Card is Lost or Stolen
If your ATM card is lost or stolen, immediately do any or all of the following:
- Deactivate your ATM Card using the mobile banking App on your phone.
- Call your Account Officer or Customer Care to request Card de-activation, and block all debit transactions on your accounts.
- Send an email to your bank’s Support Desk requesting Card de-activation, and block all debit transactions on your accounts.
- Visit your bank to obtain a new ATM Card.
4) What to do if only your Phone is Lost or Stolen
If your Phone is lost or stolen, immediately do the following:
- Contact or visit your Network Service Provider to de-activate your phone-line.
- Contact your Account Officer to block all debit transactions on your accounts.
- Contact your Bank’s Customer Care to block all debit transactions on your accounts.
- Email your bank’s Support Desk to block all debit transactions on your accounts.
- Visit your bank and block all debit transactions on your accounts.
- Make a Police Entry (to protect yourself from identity theft and its repercussions).
5) What to do if both your Phone and ATM Card get Lost or Stolen
If both your ATM Card and Phone are lost or stolen, immediately do the following:
- Block your Accounts and Cards from another phone using your bank’s account blocking CODES and instructions.
- Visit or Report to your Bank immediately.
- Visit or report to your Network Service Provider immediately.
- Report to the Police immediately (to avoid identity theft issues).
Related: SCAM Alert - Bros Shine Your Eyes!
Related: Card and Account Blocking CODES for Major Nigerian Banks
Stay Smart, Wealthy and Wise!
