How much do you love your hard-earned money? More than your life? Yes, many people say so! So, by association, it becomes highly important to protect your money. Well, let us tell you that your money is under constant threat! Mostly because of mistakes bank account holders themselves make. There are a number of ways through which fraudsters can attack your bank account and rob you off your money. The Central bank believes that the move will boost customer confidence in the payments systems. And every day you hear of a new scam that has robbed even VVIPs of their money in their bank accounts.

While most people are aware that sharing their bank account details or clicking on suspicious links makes opens them up to attack by fraudsters, it is surprising that even a small, innocent mistake can lead to money disappearing. It will shock you to know that even sharing your date of birth could land you in trouble! Yes, you read that right! So, never share your date of birth with anyone, not even with distant relatives, if you can help it.

The situation is so bad that even the Reserve Bank of India (RBI) has proposed to set up a central payment fraud registry, which will monitor digital payment frauds in real-time. “In order to carry forward these efforts and ensure quick and systemic responses, it is proposed to facilitate the creation of a central payment fraud registry that will track these frauds,” the RBI said, in a statement released on Wednesday.

Zee Business Online spoke to cyber security expert Amit Dubey, about the importance of not sharing date of birth. Dubey explained why. he said that fraudsters can use your date of birth to access your bank account details.

“People should not even share their date of birth. The fraudsters could use this information to get your account details from the bank. There are many ways through which you could be robbed, so the customers need to be very careful with their information,” he said.

At present, banks report all frauds in the system to the central fraud monitoring cell of the RBI.

However, the Central Bank says that after the introduction of the new cell, payment system participants will be provided access to this registry for near-real time fraud monitoring. “The aggregated fraud data will be published to educate customers on emerging risks,” the central bank said. It added that a detailed framework will be finalized by the end of October.

 

Source:- zeebiz