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What Is a Phishing Scam and How to Protect Your Bank Account?

May 29, 2025

In today's technology-savvy world, where virtually everything from shopping to banking is done online, it is important to be aware and educated on online safety. One of the biggest threats to online safety is phishing scams. They are basically schemes geared to entice someone to give up their own personal, or financial information such as bank account numbers, passwords, or OTPs. The rate of online frauds over the last couple of years, in India, has rapidly accelerated, and often phishing plays the major role in it.

What Is a Phishing Scam?

A phishing scam is when someone pretends to be a trusted person or organisation like a bank, mobile operator, or government agency to steal your sensitive information. These scams usually come in the form of fake emails, SMS messages, phone calls, or even fake websites. They may ask you to "verify" your bank account or tell you that you've won a prize, only to trick you into giving away personal information.

How to Identify a Phishing Scam?

Knowing how to identify a phishing scam can save you from a lot of trouble. Most phishing attempts follow a pattern; they create a sense of urgency. For instance, you may get an SMS saying your bank account will be blocked unless you click a link and update your KYC immediately. Or you may receive a call claiming to be from a bank executive asking for your OTP.

Here are some common phishing scam examples:

A message saying your ATM card will be deactivated unless you click a link to update your details.
An email asking you to log in to your "bank account" to confirm a transaction you never made.
A caller claiming to be from your bank is asking for your debit card number and CVV for "verification".

Signs of Phishing Email or Message

Recognising the signs of phishing emails or messages is key. Look out for:

Spelling mistakes or poor grammar
Suspicious links that don't match the official website
Requests for confidential details like your OTP or password
Emails from unknown senders or addresses that look odd
Messages creating fear, such as threats of blocked accounts or legal action

How to Detect Phishing Emails or Calls?

Understanding how to identify phishing emails or calls can protect you from falling into a trap. Phishing emails often look like they're from trusted sources but usually contain small but noticeable errors. Always check the sender's email address carefully because it may look official at first glance. But it often has strange characters or slight spelling changes like an extra letter or a different domain name. The content of such emails may ask you to confirm a transaction you didn't make or urge you to log in to your account through a link.

These emails often contain urgent language, pushing you to act quickly. Similarly, phishing calls may come from someone claiming to be a bank official or government representative. They may ask you to "verify" your account by sharing your OTP or card details. A real bank will never ask for this over a call. If the caller is pushy or the request feels odd, hang up and call your bank directly using the official number.

How to Prevent Phishing Attacks?

Learning how to prevent phishing attacks is all about building safe online habits. First and foremost, never share your OTPs, passwords, or PINs over calls, emails, or texts—no matter how genuine the person sounds. Always type the full website address into your browser instead of clicking on links sent via message. Avoid downloading attachments or apps from unknown sources. It's also important to keep your phone and computer updated, as security patches fix known weaknesses.

How to Protect from Phishing Attacks in India?

With online banking and UPI payments becoming the norm, learning how to protect yourself from phishing attacks is essential. Here's what you can do:

Use trusted banking apps downloaded only from official app stores.
Monitor your account activity regularly and report suspicious transactions.
Contact your bank immediately if you suspect fraud.
Do not respond to unknown or suspicious emails and messages.
Follow news updates on common fraud tactics in India to stay aware.

Many Indian consumers fall victim to phishing simply because they are unaware. Staying informed is your first step toward protection.

FAQs

I received a call asking for my Aadhaar and bank details. Could this be a phishing scam?

Yes, it could be. Never share sensitive information like Aadhaar numbers or bank details over the phone unless you're sure of who you're speaking with.

What should I do if I clicked on a phishing link?

Immediately disconnect your device from the internet and change your passwords. Contact your bank and report the incident. Keep a close eye on your account for any suspicious activity.

Can phishing happen on social media platforms?

Yes. Scammers often send fake messages or links through social media to steal your information. Be cautious even when messages come from known contacts—they might be hacked.

How do I report a phishing scam in India?

You can report phishing scams at the cybercrime website (cybercrime.gov.in) or contact your nearest cybercrime cell or bank helpline.

Conclusion

Understanding phishing scam and being cautious while dealing with emails, calls, or messages can protect your hard-earned money. Always remember, banks or genuine institutions will never ask for sensitive information over messages or calls.

For individuals who engage in online trading or investments, partnering with a secure and trusted platform is just as crucial. Indiabulls Securities Limited offers a robust trading environment with safety measures to ensure your personal and financial information stays protected. Stay informed, stay alert, and keep your accounts safe.

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