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Things to keep in mind for Cyber Security

Mar 14, 2019
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One out of four consumers have experienced cyber security breach, says a study. This suggests that online breaches are more rampant than you think and fraudsters are waiting behind the shadows to pounce upon unsuspecting victims. Online banking, debit or credit cards, apps, digital wallets and a whole host of ways have been previously used to commit frauds. A financial loss is terrible. But, the emotional side of the situation holds the key to the future. Fraud victims are swamped by feelings of hurt, anger, and disappointment, often at the same time. Our response to a situation shapes our experience. In such situations, the best thing to do is to immediately report the issue. Here is an easy guide to reporting a breach.   

1st step - Fast, and first

The moment you come to know that you are a victim of security breach online; immediately note down the date, time, and amount involved. Next, get in touch with your bank or financial institution through a call centre. Take a complaint reference number. Also, send an email to the official customer care department containing the suspected breach details.

Prevent future transactions

Once you suspect you are a victim of cyber breach, do not keep the door open. Bolt the door. Even after getting notifications about an unauthorized transaction, many individuals helplessly watch repeated frauds being committed. So, hotlist your banking accounts, cards or wallets etc. where the fraud has been committed. Temporarily block transactions. It is best to change your login credentials like password immediately. 

Report to authorities

The cyber crimes unit of police run online cell. If you are a victim of such a cyber breach, you should approach the cyber cell and file a detailed complaint. The complaint should have all the details about the financial institution name & branch, account name, account number, your mobile/broadband service provider, your mobile wallet company, any mention of third-party vendor or any other party you suspect could’ve been the route of the fraud. Always mention the date and time of the incident.

Follow up complaint

A financial loss due to any breach can be damaging. After reporting it properly, many lose hope. As a result, they forget to follow up. You should never forget to follow up on your complaint. While money getting deducted through procedural lapses is quickly credited to your account, in cases of any online cyber breach, the process can be lengthy. However, you need to pursue it diligently and patiently.

Legal recourse

If you have been a victim of a breach online and there is no fault of yours, the IT/security system of the institution may be having weaknesses. To hide this loophole, many institutions do not cooperate. Unfortunately, this means you have to get ready for a long battle. In such a situation, you may take the legal route and file a case in the appropriate forum. You may get some form of judicial relief. Keep all the correspondence with different institutions, including official authorities, on official written record and use them as evidence in court.

Tips to maintain cyber safety

The onus falls on to you to keep yourself safe in the digital world. Here are 4 tips to maintain your cyber safety.

  1. It all begins by never sharing your credentials with any other individual or institution. Even when you are asked, don't share those credentials. 

  2. Next, set the privacy settings carefully on your computer or mobile's internet web browser so it is safe to browse without sharing data where not needed. 

  3. Always ensure that your internet connection is secure. Sometimes, fraudsters may get access if your internet network is not well protected or secure. 

  4. Lastly, be careful of what you download and from where. Harmful software downloaded on your computer/mobile is like handing over keys to your house to thieves.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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