How to Keep Your Account Safe and Secure: Lessons from a Recent Banking Scandal

I recently stumbled upon a chilling piece of news article that sent shivers down my spine. Bank of Baroda customers fell prey to a meticulously planned cyber fraud, raising alarms in the entire banking sector. An internal audit report revealed that 362 customers were defrauded of ?22 lakh.

The scam unravelled when, during the registration process of the bank's net banking app, several accounts were linked to the mobile numbers of outsiders rather than the actual account holders. The alarm bells rang louder when RBI put a halt on Bank of Baroda's onboarding process for its ‘bob World’ app.

Shocking, isn’t it?

That made me wonder what steps we all can take to ensure that we don't have to go through the same ordeals.

I found some really helpful insights

1. Linking Mobile Number: Ensure your mobile number is linked to your bank account and net banking. Once established, a new number cannot replace the original unless the account holder changes it.
2. Duly Reflecting the Balance: Any withdrawal, be it from an ATM or a fund transfer, should trigger an immediate alert to your phone. Monitor these messages keenly.
3. Guard Your OTP: Never, under any circumstances, should you share the OTP received on your phone. Even bank officials shouldn't request this. If they do, it's a red flag.
4. StayVigilant: Report any unusual or suspicious activity linked to your account to both your bank and the cybercrime cell. If the bank's negligence causes an unauthorised transfer, they are obligated to rectify the error.

The banking sector, the backbone of our economy, is undergoing rapid digital transformation. While this brings convenience, it also reveals vulnerabilities. The recent Bank of Baroda incident is a testament to the growing need for robust cybersecurity measures in the financial sector. As consumers, being informed and vigilant is our first line of defence. After all, in the digital age, knowledge truly is power.