How to avoid scams and keep your online transactions safe

Internet has become an inseparable part of our daily lives. While it has brought convenience, it has also a host of cyber threats, including scams that can cause significant financial losses.

Here's a real scam that occurred on LinkedIn and explore ways to avoid such scams and keep your online transactions safe.

The LinkedIn scam:

Recently, a LinkedIn user shared that their account had been debited with an amount of Rs 12.6 lakh, which they had not authorised, and they had not shared any OTP either.

Even after blocking their account, an additional Rs 9 lakh was withdrawn. The bank involved in the transaction responded that a series of transactions took place through internet banking because someone had installed an unauthorized APK file on the user's smartphone.
While the blocked account recovered Rs 9 lakh, the remaining amount was still in dispute.

Precautions to take:

To prevent such scams from happening to us, we must take necessary precautions.

1. Firstly, never download any unauthorized applications, and always download from trusted sources like Play Store and Apple Store. Today's generation of smartphone users install various APKs to earn money while playing games, but this should be avoided. Also, avoid using malicious or suspicious websites.
2. Secondly, set withdrawal limits and transfer limits for your internet banking, and turn off international transactions unless required. This can be done through your bank's internet banking portal, and if you're not using it, visit your bank's office to limit your withdrawal accounts.
3. Thirdly, avoid keeping all your savings in one account. This will limit your losses in case of any account compromise.
4. Finally, never save your bank account details or application passwords on your phone or laptop. Enter them manually every time to prevent unauthorized access.

Scammers are always looking for new ways to exploit unsuspecting victims, and it's essential to stay vigilant and take the necessary precautions to protect ourselves from such threats.