Don't Fall Prey to Cyber-Fraud in the Age of Internet Payments

12-Point Guide to Enhancing Senior Citizens' Digital Security: Implementing Crucial Precautions to Safeguard Against Cyber-Fraud in the Era of e-Payments

Introduction: In today's technologically advanced world, financial transactions have undergone a significant transformation, presenting new challenges for everyone, especially the senior citizens, in in relation to cyber fraud. I recently found myself in a precarious situation when a cunning cybercriminal attempted to exploit my trust and deprive me of my hard-earned savings.

A near-fraud— a real personal experience: A pre-paid internet purchase, being delivered through a reputed courier company, was returned undelivered since no one was at home. I checked the location of the courier company, through Google Maps and soon enough I had a mobile number of the company. I rung them up and they asked for the basic particulars, including the postal address and courier reference number purportedly to check the veracity and validity of my call/ claim.

“All good, sir. But you need to fill in this small form”, and they sent me by sms the link to a “Google Form” and asked me to fill in the same particulars but now also including my Credit Card details, as I needed to make a Rs. 50/- one-time registration fee. “Sir, you will now get an OPT, which is going to be valid for 10 seconds.”

The OTP did arrive and in my anxiety to key it before it expired, I almost overlooked that the amount being authorised by me was not Rs. 50/- but Rs. 50,000/-. I knew immediately that it was a close shave for me and in the meanwhile, my bank also rung up to warn me. The mobile of the fraudster was thereafter continuously off. They seemed to be a professional gang and I did inform the police in writing. They had mimicked the address/ location of a reputed courier company on Google Maps and also had a dedicated Google Maps format to get my credit card details, while making it look and sound like a professional and reputed company.

Moral of the story:

• Due diligence.

• Never fill in credit card details on any Google Forms.

• Don’t take Google Map locations as gospel truth.

• Disable and hot-list the credit card immediately after such incident.

Simple precautions to be taken: This incident serves as a stark reminder of the importance of taking precautionary measures to protect oneself from scams. The idea is not to spook you but to apprise you of some every elementary or rudimentary measures that can be taken. In this article, we enumerate 12 crucial points, in no particular order, that the senior citizens, particularly in India, should keep in mind to prevent cyber-fraud and safeguard their financial well-being. This matter has become both important as well as urgent in the present-day era where businesses, both online and offline, are increasingly relying on internet payments and e-transactions.

1. Beware of Phishing Attempts: Exercise caution when encountering unsolicited emails, text messages, or phone calls requesting personal or financial information. Fraudsters often pose as reputable organizations, seeking to deceive unsuspecting victims. Avoid clicking on suspicious links that may pop up anywhere— your emails, sms text messages, WhatsApp messages or just as pop-up ads on your computer or mobile phone. Never provide any sensitive personal detail, including your date of birth or mailing address, details without verifying the authenticity of the request.

2. Strengthen Password Security: One of the fundamental steps in online security is to create strong and unique passwords for all your accounts. Combine a mix of letters, numbers, and special characters, and avoid using easily guessable information such as birthdates or names. Regularly update your passwords and avoid using the same password across multiple platforms to minimize the risk of unauthorized access. Sedulously avoid using the 4 digits of your year of birth in your password. For instance, you will never find 1961 as a part of any of my passwords.

3. Enable Two-Factor Authentication (2FA): Take advantage of the added layer of security offered by 2FA whenever it is available. This feature requires users to provide two forms of identification to access their accounts, such as a password and a unique verification code sent to their mobile device. By enabling 2FA, you add an extra barrier to prevent unauthorized access to your accounts. The second factor is usually your registered email address or as a text message on your registered mobile. A word of caution. When travelling abroad, your subscription scheme for the mobile phone may not provide for international usage. Bear this in mind, or else you may be unable to login to something as basic as your own email account, when travelling abroad.

4. Secure Your Devices: Ensure that all your devices, including computers, smartphones, and tablets, have up-to-date antivirus software and operating system updates installed. Regularly check for system updates and install them promptly to address any security vulnerabilities that may have been discovered by the companies concerned. All these devices must also have their own passwords, including but not limited to your facial recognition

   

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5. Verify Website Security: Before entering any sensitive information, such as credit card details, ensure that the website is secure. Look for the padlock icon in the address bar and make sure the URL begins with "https" instead of "http." These indicators signify that the website has implemented secure encryption protocols to protect your data during transmission. Specially beware of websites that may have web-addresses that are deceptively similar to the regulars ones. For instance, fraudsters may try to mimin hdfcbank.com as hdcfbank.com. Doubly check the recipient identity as well as the amount of payment being shown, when using Universal Payment Interfaces such as Google Pay.

6. Be Cautious of Public Wi-Fi: Exercise caution when using public Wi-Fi networks, as they may not provide adequate security measures. Avoid conducting financial transactions or accessing sensitive information while connected to public Wi-Fi. If necessary, use a virtual private network (VPN) to encrypt your internet connection and add an extra layer of security. Conversely, guests at your home may request for your wife-password and it may not be considered polite to refuse. If you have guests or clients frequently, try and have a separate guest Wifi at home or in your office.

7. Exercise Discretion on Social Media: Be mindful of the personal information you share on social media platforms. Avoid sharing details such as your full name, address, phone number, or birthdate publicly. Cybercriminals can exploit this information to impersonate you or gain unauthorized access to your accounts. Many a time, we post the photo of our boarding-card to flaunt about our journey by air. Experts say, a lot of coded information is available thereon, which a trained hacker can easily extract.

8. Be Skeptical of Investment Schemes: Exercise caution when approached with unsolicited investment opportunities that promise high returns or guaranteed profits. If an offer sounds too good to be true, it probably is. Conduct thorough research, seek advice from trusted financial advisors, and only invest in legitimate and regulated avenues. For senior citizens, safety of the capital is perhaps more important than the rate of return on their investment.

9. Safeguard Against OTP Frauds: One-Time Passwords (OTPs) provide an additional layer of security, but it's essential to handle them with care. Avoid sharing OTPs with anyone and verify requests directly with the organization through their official contact channels. Fraudsters may attempt to deceive you into providing OTPs to gain unauthorized access to your accounts. Sometimes, the senior citizens may find it convenient to hand over their mobile to staff members, or even domestic help, for the purpose of receiving such OTPs. This should be a strict no, no.

10. Monitor Credit and Debit Card Activity: Regularly review your credit card and bank account statements for any unauthorized transactions or suspicious activity. If you notice any discrepancies, report them to your financial institution immediately. Prompt action can help minimize the potential impact of fraudulent activities. Most banks and companies, send you emails or sms text messages the moment there is any transaction. Be sure to check these regularly. RBI has recently made the process of regular monthly subscriptions using credit/ debit cards, by a one-time process quite cumbersome, if not entirely impossible. While many may find this a little irksome, bear in mind it’s not only for your safety but also helps in financial prudence, because many a time we tend to sign up for a monthly payment scheme for an app or a service that we may never really use much.

11. Be Mindful of Card Skimming: Exercise caution when using your cards at ATMs, point-of-sale terminals, or any card-swiping machines. Check for any signs of tampering, such as loose or misaligned card readers. Shield your PIN while entering it and be wary of anyone attempting to observe or distract you during the transaction. The CCTV cameras are invariably focussed on the cash-till and this is exactly where we use our credit card at the point-of-sale. Caution, caution caution

    

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12. Safeguard AADHAR and PAN Card Details: When asked to verify your AADHAR Card or PAN card details, ensure that you are using official and authorized channels for verification. Be cautious of unsolicited requests for these details and use secure methods for sharing them, such as verified government portals. Regularly monitor your AADHAR and PAN card activities and report any suspicious or unauthorized actions immediately. In any case, do not share these numbers, without a legitimate purpose and that too to the authorised personnel. Be mindful, that these are”confidential” and no unauthorised person can insist on your parting with this information.

Conclusion: By implementing these 12 crucial points, senior citizens can navigate the digital landscape with confidence, safeguarding their financial well-being and personal information. While technology offers convenience and efficiency, it is crucial to remain vigilant and strike a balance between leveraging its benefits and protecting ourselves from cyber fraud. By adopting a cautious approach, staying informed about evolving scams, and implementing the necessary precautions, senior citizens can embrace the digital world securely, enjoying its advantages while outsmarting cybercriminals. Conversely, the youngsters can be a little cocky and overconfident and may fall easy prey to the hackers-cum-fraudsters. They too would do well to skim through these points, even if they believe that they are already well-informed and well-protected.

Together, we can create a safer online environment for all of us.

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KBS Sidhu. The Author is an IAS officer of 1984 Batch of Punjab cadre, and retired from service in July 2021, as Special Chief Secretary, Punjab, after 37 years of service.

The images are created using Dream Studio #AI software.

He can be reached on kbs.sidhu@gmail.com or @kbssidhu1961 or https://www.facebook.com/kbs.sidhu