Email is one of the most prevalent ways of communication used by several companies and financial institutions. They use this medium to promote their brand, inform clients about new products and special offers, and so on. However, in recent years, scammers have been increasingly using email as a medium for
financial fraud; they are sending spam links to deceive customers. Today, we will discuss the potential risks of clicking on spam links as well as what to do next in case you accidentally click on one, and how to conduct
secure online transactions.
What if I Accidentally Clicked on a Suspicious Link?
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Data and Identity Misuse
If you accidentally click on a spam link, your sensitive data becomes vulnerable to cyber scams. Scammers use such data or your identity to target you for phishing scams. They may also demand extortion money for not making your data public.
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Fake Loan Application
If you click on a suspicious link, scammers may hack your email address and use it to file a loan application in your name but for their own gain. There is also a possibility you will be led to a website that seems like it belongs to a legitimate lender. You will be requested to share your details on that page. Once you have done that, the scammer may urge you to pay a hefty processing fee to disburse the loan quickly.
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Access to Your Smartphone/Desktop
There are some spam URLs that, when clicked, provide scammers direct access to your computer or smartphone. They then maintain track of all of your personal information, financial transactions, and so on. These spam links are often meant for loan scams or for demanding extortion money.
What to Do if You Click on a Hacked Link?
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Backup Your Device
Viruses can be swiftly transmitted to other connected devices when you click on phishing URLs. Thus, the first thing you should do is turn off your device's Internet connection. After that, make a backup of your data right away. Malware has the potential to erase your data. Use an external device to save your data that doesn't need to be connected to the Internet. You must first transfer irreplaceable data and other sensitive information.
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Scan Your System
The next step is to scan your device for any viruses that may be present. Remove any suspicious or duplicate files you discover on your computer. It is suggested that you seek professional assistance. Remember that malware might disguise a genuine file as a virus, causing you to delete it.
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Change Passwords
After scanning your device, immediately change your login credentials. Password change is usually recommended for the specific account where you have received the mail with a spam link. If the link is sent to a chatting app or a text message inbox, you must change the password for any sensitive apps on your device.
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Notify the Concerned Authority
Inform the concerned authority as soon as you detect spam mail or click a hacked link. For example, if you have received spam mail in the name of your banking institution or a lender, and you accidentally click a dubious link, notifying them will save you from financial loss.
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Flag the Sender as Spam
Finally, mark the sender's email as spam. This will not only prevent you from receiving mail from that sender in the future, but it will also alert others to the fact that the sender is a scammer. You must also enable the web filtering feature on your system. Even if you have clicked on the malicious link, the function prevents it from infecting your device.
Safety Measures for Online Banking
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Create a Strong Password
The first measure to secure your banking transactions is to create a strong password. Your password should be a mix of numbers, lower and upper case, and symbols. Never keep your birth date, mobile number, or nickname as a password. Such passwords are easy to crack by scammers.
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Keep Track of Your Account
It is a foolproof method of protecting oneself from money fraud. Tracking an account allows you to look for unusual charges and credit or debit balances. If you find any suspicious transaction, immediately notify your banker.
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Banking Notifications
Enable notification alerts if you are using a mobile banking app or a lender's loan application. It will keep you up to date on all small and significant updates. Similarly, opt for a monthly or quarterly loan statement on your registered email address to avoid any possible fraud.
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Always Log-out
Make sure to log out of your account after performing any online transactions such as making EMI payments or paying other bills. If you keep your session open for a long period and visit other websites at the same time, your account is at risk of being hacked. To add an extra degree of security, always clean the cache after each session.
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Use Authentic Apps
You will find various lending apps or fake banking apps on the Google Play Store. Before downloading them, always conduct extensive research. Check to see if the virtual lender is registered with the Reserve Bank of India (RBI). You should also look to see if the digital lender has a physical address.
Make sure the address bar starts with HTTPS when using a website; if it doesn't, this could be a red flag.
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Use Secure Desktop and Sites
Always use a private browser for secure banking. Avoid performing sensitive transactions using public or free Wi-Fi. Such networks are not encrypted and are vulnerable to cyber scams.
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Enable Multi-factor Authentication
To ensure secure banking, use a multi-factor authentication system. A login process like this isn't like usual logins. For example, when you enter your password, an OTP will be sent to your registered mobile number and email address. You might also be asked to answer the security questions you chose at the time of registration.
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Update Your OS Timely
Software updates may appear to be a time-consuming operation, but they are necessary if you want to protect yourself against scammers. Software updates come with several advanced security features. Hence, it is never a smart idea to skip them.
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Beware of Email Scams
Financial institutions have no interest in learning about your personal details, and they have already completed a KYC for any vital information. So, if you receive a call, message, or email asking you to disclose information about your recent transactions, credit card information, or other personal information, do not answer.
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Install Antivirus
Always install an antivirus on your laptop/desktop to avoid any malware. Make a scheduled run and double-check that it scans the entire file. You can also give a trustworthy antivirus software access to your email so that when you download something, the antivirus will inform you if the file is virus-free. For additional security, look for some reliable suspicious link checker software.
Also Read: 6 Ways to Spot a Loan Scam
To Conclude
The number of cases of cyber fraud is rapidly increasing. It is vital to be aware of the potential losses and solutions to avoid them. When making any financial transactions, always use a secure browser and avoid giving sensitive data after clicking on any link.
