Have you ever wondered what goes behind executing a monetary fraud? Well, you don’t have to, the Reserve Bank of India (RBI) has released a list of financial safety tips to protect oneself from scams and frauds. By sharing this information publicly, the RBI aims to empower people to safeguard their finances and become more aware of the fraudulent activities happening around them.

Here are some classic and innovative tactics used by fraudsters and how you can avoid falling prey to them:

• RBI never asks for money: Receiving a call from an RBI official saying that your account has been blocked? Don’t panic, instead, call your bank directly to verify the authenticity of the claim.

• Don’t send money to receive money: With modern technology, there's no need to pay extra to make transactions. If someone asks you to send money to receive a large sum of money, ask them to transfer it directly to your bank account or simply ignore the request.

• Keep your banking details confidential: RBI advises on keeping your banking details to yourself for financial safety. While it is understandable that you might share some details with family or friends, you should make sure that details like bank account number, internet banking user ID, password, credit or debit card number, CVV, ATM PIN or OTP are not shared with everyone. This will help you keep track of who has access to your details and who doesn't.

• Shrink from links: If you receive a link via SMS, WhatsApp, or email that asks for your banking details, verify that it's from a legitimate source such as your bank. Check for spelling errors and make sure the URL starts with "https". If in doubt, don't click on the link.

Other safe banking precautions that RBI recommends include:

• Thinking twice before clicking KYC updation links
• Refraining from downloading unknown apps
• Transactions regarding receiving money do not require scanning of barcodes or giving of OTPs
• Keeping strong passwords and avoid repeating the same passwords everywhere
• In case of uninitiated transactions, immediately connect with your bank and block all modes of debit.
• Keep an eye out for SMSes, emails from your bank
• Securing the transaction limit on cards to limit loss arising from fraudulent transactions

It's important to remain vigilant and keep an eye out for any suspicious activity in your account. Remember that the RBI is always there to assist you and ensure your financial safety. Stay safe and be alert.

Disclaimer: The information in this article is compiled from various sources and is an opinion piece only. This is not to be taken as a substitute for professional advice on managing finances, reader discretion is advised.