Online transactions are undoubtedly a very simplified and easy way of fund transfer but its risk factor cannot be totally overlooked. Through these digital years online fund transfer has amounted to considerable financial fraud. These frauds were possible due to the several loopholes present in the pathway of the transfer. 

However, in recent years a lot more security steps have been introduced to reduce and eventually eliminate the chances of the same. Here we will discuss the five ways of mitigation and prevention of the risk of frauds.  

Five Ways To Deal With Fraudulence 

Online monetary transactions play a crucial role in our lives today. But as it has harboured several frauds and other laundering cases, it is becoming difficult for users to avail its benefits. Also, you cannot afford to go back to the traditional way of banking. However, it is not totally impossible to diminish the percentage of frauds. As a result, they have launched more airtight tools to deal efficiently. Listed below are five ways to handle frauds. 

• Regular Monitoring

Monitoring is the most basic way of mitigating risk. Users need to keep a close eye to watch out for any suspicious activity in their account. Keeping yourself updated with the condition of your account is very crucial. This will help in the early detection of any kind of unwanted activity enabling you to deal with the matter and resolve them before it escalates. This is a very efficient way to keep away frauds

• Two-Factor Authentication

This is also known as the 2FA where the transactions go through two security checks before it is approved. It is mainly witnessed in UPI payment methods. The popular method is utilised by major reputed banks like IDFC FIRST Bank. This bank ensures the safety of its fund transfer with the help of 2FA. This helps in building trust and establishing a good impression in the banking sector. 

• Transaction Alerts

There should be two types of alert. Firstly, a confirmation alert to ensure that the user has genuinely opted for the transaction. Secondly, afterwards when the transaction has been done an alert for the successful transaction.These two will help in double checking whether the transaction has been initiated from the rightful owner. In case you receive a notification of some suspicious activity immediately call and report to avoid further complications. 

• Updated Softwares

The softwares utilised in the process of fund transfer should be updated. Since updated versions of the softwares come with a few stringy security systems it helps in dealing with cyber crime. If the softwares is not appreciably updated it will create loopholes easily accessible to fraudsters because their softwares is quite high-tech. Hence, maintaining an updated software is very crucial.

• Authentic Platforms

All online transactions are not conducted within a closed pathway. Rather, there are many UPI payment apps that use third parties as the payment gateway. Also, many banks use different upi apps in their transaction procedure. In such situations you are advised to use the tested and well-known sites and links to avoid any frauds

Final Thoughts 

Mitigating risks might be tricky but it is not impossible altogether. If users of various individual banking apps follow these guidelines it will be easier to identify the sources of the cause and thus resolve it as fast as possible. With the IDFC FIRST Bank app, topmost security is definitely an added advantage for users.