NRI Banking Scams: How to protect your foreign banking transactions?

What is a scam?

A scam refers to an illegal act, generally put forth by an entity or entities with the intention to earn money or other valuable possessions. However, banking scams have been a common occurrence, not only in India but also other countries. Innocent customers have been deceived by scammers, improving on their methods day to day. However, with the government and private banks raising awareness on the issue and providing guidelines to safeguard your account, we have observe lesser of such cases.

Current Scenario

NRI banking and its security measures’ demands have marked up over the past decade. Fraudsters have victimized many account holders, especially NRIs. Their techniques to entice you have also improved over time and so has their operational level. A few bank managers have also been involved in scams recently, associated with unusual channeling of money in NRI held bank accounts. These accounts are mostly handled by individuals in India, although each financial institution undertakes personal monitoring of the account themselves. This is because even if your Indian associate handling the account is not involved in perpetrating a scam, they might be the victim of one.

Banks have identified such schemes on their websites and blogs on social media are full of information on how to adhere to precautionary measures in order to safeguard your bank accounts and monetary possessions from such fraudulent schemes.

Types of Scams

The fact that we have identified and understood how to tackle them signifies our progress. Two typical banking scams prevalent in today’s world include:-

Phishing – This type of swindling involves customers receiving emails from accounts that seem to be originally from their banks, because they direct them to similar web pages and beguile them to expel sensitive information. They allure customers who do not have a keen eye to detect minor differences from emails belonging to their bank. Those customers who give out information such as their passwords, usernames, atm pins, etc. end up falling prey to these scammers. The only way to protect yourself would be to observe the differences in these mails and the original ones from your bank. Before spelling out personal information, it is suggested to confirm the scheme from the bank.

Malware – Trojans, viruses and other web associated platforms can be downloaded on your computer with minimal requirements from your end. All it takes from your end is to open an email and on the other hand your computer downloads the virus which provides a hacker with all your personal information saved. Regularly checking your device and its functions and monitoring whose emails you receive can help you tackle this menace.

NRI services in India have provided efficient knowledge on other such schemes which include:- money mules, card cloning, SIM frauds etc.


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