A Guide to Cyber Safety Awareness for Customers

Cyber Safety Awareness - Guide to Staying Safe from Online Fraud

In today's time, with online transactions becoming a daily norm, fraudsters have found new ways to trick customers into losing their hard-earned money.

Fraudsters posing to be financial advisors or institutional representatives misuse personal information to gain unauthorized access to financial accounts to steal funds.

The first step to staying safe is recognising the warning signs. This blog will explain the most common online scams targeting customers and provide cyber security awareness tips to help you protect yourself.

Why is Cyber Safety Awareness Important?

Every year, thousands of people get scammed because they are unaware of cyber safety and security awareness measures.

Scammers are becoming smarter and increasingly sophisticated, by using new tricks to fool even the most cautious customers. Many of these scams seem so real that people only realise they’ve been cheated after losing their money.

Therefore, it is very important to be vigilant and safeguarding personal information in today’s digital world.

Knowing the risks and being cautious can prevent you from becoming a victim of cyberattack.

Most common Cyber Fraud Scenarios every Customer Should Know

The most common fraud scenarios in financial institutions include identity theft, fake documents, account takeover, payment fraud, and wire fraud, often facilitated by phishing or social engineering.

To create awareness on cyber safety, are some real-world scams that have caused financial losses.

1. Phishing/Vishing:

Phishing is a cybercrime where attackers trick victims into revealing sensitive information through deceptive emails or websites. Vishing, on the other hand, is phishing that uses voice calls to manipulate victims into divulging confidential data. Both phishing and vishing are social engineering attacks that aim to steal information for malicious purposes.

Phishing Example: An email claiming to be from a legitimate bank, asking the recipient to verify their account details by clicking a link.

• Vishing Example:

A caller claims to be from the customer's bank, stating a suspicious transaction and asking for OTP and CVV details to verify the account.

2. OTP Frauds

The Fraudsters pose as bank officials or service agents and call or message asking for your OTP

• The fraudster presents an ID that looks legitimate.
• They claim the financial institution needs for account verification, refunds, or rewards.
• Once shared, they use it to complete unauthorized transactions.

How to stay safe:

• Never share OTPs, even with someone claiming to be from your bank or company.
• Legitimate entities will never ask for your OTP.
• Report suspicious calls immediately.
3. Loan Top-Up Fraud

This is a scam where fraudsters pretend to be financial institution employees offering loan top-ups. They sound professional, making customers believe the offer is genuine.

Here’s how they operate:

• A customer receives a call from a fraudster posing as a financial institution representative.
• The scammer offers an attractive loan top-up, claiming lower interest rates or better repayment terms.
• To "process" the request, the customer receives a fake foreclosure letter asking them to clear an amount to a specific account.
• The customer unknowingly transfers money to a fraudster’s personal account, thinking it’s part of the loan process.

How to stay safe:

• Always verify loan offers directly with your financial institution.
• Never transfer money to a personal account for any loan process.
• Check the sender’s email ID and phone number before responding to loan-related messages.
4. Fake Apps

Fraudsters trick users into downloading fake apps that appear legitimate (e.g., bank, courier, or utility apps) The fraudster calls or messages the customer, claiming their EMI is overdue.

• Once installed, these apps gain access to sensitive data—like SMS (OTPs), passwords, and personal files.

How to stay safe:

• Download apps only from verified sources like Google Play Store or Apple App Store.
• Avoid installing apps from unknown links, websites, or forwarded messages.
• Check app permissions—deny access to SMS, contacts, etc., if unnecessary.
5. Malicious Links
• You receive an email, SMS, or WhatsApp message with a fake link. posing as a refund, delivery, job offer, or KYC update.
• Clicking the link leads to a fake site that collects your credentials or installs malware.
• The fraudster arrives with a team, pretending to be from the financial institution.
• They claim the vehicle has been repossessed due to non-payment of EMIs.
• The scammer then asks the customer to make a "release" payment to a personal account.
• The fraudster vanishes once the payment is made, leaving the customer without a car and out of money.

How to stay safe:

• Don’t click on suspicious links or download attachments from unknown senders.
• Always type official website URLs directly into your browser.
• Be cautious with calls that ask for urgency or secrecy—verify the caller.

The Warning Signs: How to spot a Cyber Fraud

To strengthen awareness about cyber safety, here are some clear red flags to watch out for:

• Requests for Personal Information – Financial institutions never ask for OTPs, CVVs, or login credentials over calls or messages.
• Fake Foreclosure Letters or Emails – If you receive a loan closure request out of nowhere, verify with your financial institution.
• Unverified Payment Requests – Scammers often ask for payments through QR codes, UPI links, or personal accounts.
• Urgency and Pressure – Fraudsters create a sense of urgency, making customers act without thinking.
• Unexpected EMI Collection Calls –Always check overdue payments through official website or app.

Tips to Secure your Digital Safety

To protect yourself from fraud, follow these simple cyber safety and awareness measures:

• Use Official Channels – Pay EMIs and loans through official apps, websites, or authorised branches.
• Check URLs Before Clicking – Fraudulent websites often look like the original but may have misspelt names.
• Verify Everything – If you receive a call or email about a financial matter & transaction, confirm with your financial institution before making any payment.
• Never Share OTPs or Login Details. FYour financial institution will never ask for sensitive information passwords, PINs or OTPs over the phone or via WhatsApp.
• Report Suspicious Activity – – If you suspect fraud, inform your financial institution immediately and file a complaint with cybercrime authorities.

Protect Yourself Online: RBI’s Guidelines on Cyber Fraud

The Reserve Bank of India regularly shares tips and guidelines to help individuals stay alert and protect from frauds & scams.

• Recognising Cyber Fraud – Learn about common scams and fraud tactics.
• Safe Digital Practices – Understand secure banking habits for net banking, UPI, and digital wallets.
• Identifying Fraudulent Communication – Differentiate between genuine and fake calls, messages, and emails.
• Fraud Reporting as per RBI Guidelines –
• Report fraud immediately through official channels.
• Never share personal details with unknown callers.
• File a complaint with the financial institution and cybercrime authorities.

You can refer to RBI’s official page on Digital Banking Cyber Security.

Be Cyber Smart: Recognize & Avoid Digital Scams

With growing digital transactions, being alert and aware is the best defence against fraud. This Customer awareness blog on cyber safety highlights real-world scams and the warning signs you should watch out for.

The more informed you are, the harder it becomes for fraudsters to succeed.

Remember These Golden Rules:

1. Never share OTPs, passwords, or PINs.
2. Use strong passwords and enable multi-factor authentication.
3. Keep your apps and operating system up to date.
4. Report suspicious incidents to IT or your bank immediately.

Always double-check before making a payment, and if something feels off, trust your instincts. Financial institutions are working continuously to strengthen cyber safety and awareness, but the best defence starts with you. Staying informed, recognizing red flags and taking preventive actions are the most effective ways to protect yourself in digital landscape.