How to Spot Authentic Bank Communications

Received a message saying, “₹1,00,000 credited to your account from an unknown sender” and not sure whether it’s fake or real? It’s natural to be curious, but before you take any action, it’s essential to verify the authenticity of the message. Scammers often use enticing offers or alarming notifications to trick you into responding without thinking. They can appear to be from your bank or other trusted sources, but they are designed to deceive you. To help you stay protected, we want to share some critical tips on identifying authentic bank communications and avoiding falling prey to scams.

A guide to identifying whether a message is fake or genuine

Here are some different ways to determine whether the message is genuine:

Banks never use 10-digit phone numbers

If you receive a message from a standard mobile number, it is a big red flag that it is not genuine. Banks usually use special numbers, such as AD-BANK, to send your savings account updates. 

Fake messages contain prizes/threats

‘Urgent, your KYC has expired, kindly update here’ or ‘Congratulations, you have won a reward of ₹50,000, provide details to claim’ are the exact kinds of messages you should ignore. They are sent by scammers and fraudsters to get your personal information. 

Asking for personal information on call or message

Generally, scammers pretend to be your bank and ask for your personal information, such as OTP, savings account number, card number, CVV or personal IDs. Never share your details with any person, not even a bank representative. 

Never address e-mails from unknown senders with suspicious links

E-mails from your bank only come from the bank’s official domain. So, check this before you click a link or respond to the mail. Usually, legitimate e-mails include your name and don’t start with generic greetings like “Dear User”. Bank mail also does not have unusual attachments or links. If it is a genuine message, it will redirect you to the bank’s official website.       

What should you do if you receive a suspicious message?

If you have received a suspicious message and are not sure what to do about it, check the following action plan you should consider: 

Never click on links

Steer clear of clicking on any links or downloading any attachments from e-mails that seem dubious. These could infect your device with malware or direct you to fraudulent websites. 

Get in touch with the bank directly

Use official contact details to confirm the message’s legitimacy. Do not use the contact information included in the dubious message, as it could lead to the con artists themselves. 

Report any unusual messages

If you receive shady messages, notify the appropriate authorities and your bank. By reporting these occurrences, banks can take action against con artists and alert other clients. 

Keep an eye on accounts

Check and monitor your bank accounts regularly for fraudulent activity. Notify your bank immediately if you see any questionable activities to reduce possible losses.

What if you clicked the link in the message?

If you have clicked the link present in the message, take the following actions immediately:

Do not share personal information

If the link redirects you to a form where you have to fill in the details, don’t provide any information. Submitting these details will lead to compromise on your data. 

Turn off the internet

If the link has led to downloading malware, disconnect the internet before it gets completely installed. Whether you are connected to a WiFi or mobile network, disconnect the internet to prevent the malware from moving across the network and transferring to other devices.

Back up your data

This step is only required if you don’t have a device backup. If malware had been installed, it could have wiped out your data. 

Scan your system

You should scan your system for viruses whether you suspect malware or not. This way, you can identify if you haven’t downloaded anything unnecessarily when you click on the phishing link. 

Change the passwords 

To avoid damage, if you think you have clicked on a suspicious link, you should change your password immediately. Choose a stronger and unique password that you have never used.  

Endnote

It’s easy to mistake a scam for a legitimate message from your bank. But staying alert is more important than ever. Always double-check where the message is coming from before you react and be careful when clicking links or sharing personal details. Most banks have secured portals for accessing the bank’s official app and website, such as Kotak811. Other than that, you can set up two-factor authentication and keeping your devices updated can help keep your information safe. The more you know about these scams, the better you can protect yourself and those around you.