Essentials of protecting your finances

By Sahaj Palla

In recent times, there have been increasing reports of people being conned of their money online, fraudulent withdrawals from their accounts, and scammers asking for money to provide loans. One of the primary reasons behind such incidents is a lack of awareness and ignorance of financial safety.

Banks suggest following some fundamental safety guidelines to safeguard your money and prevent falling victim to such scams. Moreover, in case you have any doubts regarding the validity of an offer, it's advisable to contact the source directly and verify it.

Here are some essential financial safety tips to keep in mind:

  • Don't share your banking details such as credit/debit card numbers and pin codes, with unknown callers or numbers. This practice, called "Vishing" in the cyber world, can lead to a financial disaster.
  • Be cautious of offers you receive via emails SMSes, or any other type of communication from unknown sources. They are designed to trick you into thinking they are from genuine sources like your bank or card provider. The main objective is to extract your confidential information to use it against you.
  • Avoid engaging with callers who direct you to download apps to direct you on your phone or computer. Through this tactic, the caller can gain remote access to your devices, personal and confidential information, including banking details.
  • If you receive a call or SMS saying that your bank account will be blocked due to unverifiable reasons, do not believe it. This is a common tactic used by scammers. The best way to handle such communications is to call your respective bank directly and inquire.

In today's digital world, it's easy for anyone to pose as genuine and show up in your search results. For instance, fake banks and websites on social media are commonly displayed in search results. Therefore, it's crucial to educate yourself on safe digital banking practices issued in public interest by regulatory bodies like the RBI.

Finally, it's important to note that axio doesn't ask for upfront payment to provide loans or similar financial services.

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