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A Safety Measure To Adopt To Avoid Illegal Transfer Of Money From Savings Account

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Increasingly we are seeing credit cards used for fraud international transactions or illegal transfer that happens in your savings account. Various educational programes are being conducted by the authorities in the light of phishing scams. We discuss you one additional measure that would be helpful for you in creating an additional safety measure in your savings account.

 

Fixing the limit on the banking app or through internet banking

Fixing the limit on the banking app or through internet banking

One of the additional safety measures that you can use is creating a limit for internet based transactions. For example, you can use the app and click on limit management. You will be asked for the limit and you can set the limit to a small amount. Let us now explain this with an example. Let us say that you have fixed the limit for transfer for Rs 500, but, you wish to transfer Rs 1,00,000. You can reset the limit to to Rs 1 lakh, transfer the amount and again reset the limit for Rs 500, so there is no illegal transaction that takes place.

After setting a low limit if you try to transfer a bigger amount the transaction does not go through. However, this is an additional line of safety, which investors can apply.

Having said that fraudsters can break into that as well, however, they now have to go through one more layer. Sometimes the same can be done for the debit cards transactions as well, where you reduce the limit of the amount on the transactions that can even be done on the point of sale outlets. This means if you are swiping your card for beyond the limit it would simply not work.

Block international usage of credit cards
 

Block international usage of credit cards

In all cases what also needs to be done is create a safety net. Even for credit cards, you can prevent a purchase fraud by simply debarring international usage.

One of the highest frauds on credit cards take place from an illegal use of credit cards by fraudsters located outside the country. By blocking international usage it would be helpful, if a user is not going to use to buy products internationally.

Avoid keeping large balances in savings account

Avoid keeping large balances in savings account

One of things to do is to avoid keeping large balances in the savings account. In case you see large amounts move the same to a fixed deposit. That is the safest thing to do for investors. Ensuring protection of your own resources is possible with a little bit of time and effort. The amount of fraudulment transactions that are done are increasing by the day.

Read more about: credit card savings account
Story first published: Monday, December 13, 2021, 8:53 [IST]
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