Tips to Identify Suspicious Transactions on Bank Accounts

Tips to Identify Suspicious Transactions on Bank Accounts

14 December, 2023

Digital transactions have become an important part of our daily lives. Though the rise in online banking and electronic payments has brought convenience, it has also given rise to various forms of financial fraud. This necessitates that you ensure the security of your financial transactions.

You should always remain aware of any suspicious transactions. This detailed guide will help you identify suspicious banking transactions. We will also discuss the key steps for identifying suspicious bank transactions.

What is a suspicious transaction?

Suspicious transactions are financial activities that raise doubts due to their unusual nature. It also involves the potential to involve illegal or illicit activities.

As a customer, this includes unauthorised debits from your bank account. In the case of banks and financial institutions, suspicious transactions can raise doubts about money laundering, fraud, terrorist financing, tax evasion, and other criminal endeavours.

To prevent financial losses and maintain the integrity of the banking system, it is crucial to immediately identify such transactions.

Ways to identify suspicious transactions

Identifying suspicious transactions is important to stop them at the earliest. Below are some key steps to identify suspicious bank transactions:

  1. Regular monitoring: You should regularly review your account statements and transaction history. Be aware of all unfamiliar transactions that you did not initiate.

  2. Know your transaction patterns: Try to be aware of your typical transaction patterns. These patterns can include the frequency, amount and type of transactions that you usually conduct. Any deviations that you observe from these patterns could be a red flag.

  3. Be cautious of unsolicited communications: You should be sceptical of e-mails, calls or text messages that claim to be from HDFC Bank, especially if they request personal or confidential information.

  4. Check for unauthorised access: You should monitor the login history of your bank accounts for unusual login attempts or access from unfamiliar devices. If you notice any, change your password immediately.

  5. Review payee information: Before initiating fund transfers, you should double-check the details of the payee. This includes the account number and name. You should also verify the authenticity of the receiver, especially for large transactions.

  6. Scrutinise e-mail and SMS alerts: Verify the legitimacy of transaction alerts you receive via e-mail or SMS. Criminals may send fake notifications to deceive you into taking action. Do not click on any link that you receive as SMS alerts.

  7. Secure your devices: Ensure that your devices are protected with up-to-date antivirus software, firewalls and security patches. You should avoid using public computers or unsecured WiFi networks for banking transactions.

  8. Be cautious of social engineering: Stay aware of unsolicited requests for sensitive information such as your passwords, PINs or one-time passwords (OTPs). HDFC Bank never asks for such information through e-mails or phone calls.

What to do if you identify suspicious transactions?

If you identify any suspicious transactions, you should immediately take the following actions to secure yourself from any potential losses:

  1. Contact your bank: If you identify any transactions that you did not authorise or find suspicious, immediately contact HDFC Bank customer service or visit the nearest branch. They will guide you through the necessary steps to secure your account.

  2. Block your card: If your Debit Card or Credit Card information is leaked, immediately request the bank to block the card to prevent further unauthorised transactions. Additionally, you should request to issue a new card immediately.

  3. Change passwords and PINs: Change your HDFC Bank online banking password, ATM PIN and any other relevant credentials to ensure your account's security.

  4. File a complaint: If you suspect fraud, you should file a formal complaint with HDFC Bank and report the incident to the local police cybercrime unit.

How to protect yourself from suspicious transactions?

Suspicious transactions show that your bank account and login details are under threat. Here are some key steps that you should take to protect yourself from suspicious transactions:

  1. Keep a close eye on your account statements and transaction history.

  2. Immediately report any unfamiliar or suspicious activity to your bank.

  3. Set up alerts for transactions above a certain threshold.

  4. Use strong, unique passwords for your online banking accounts.

  5. Enable two-factor authentication for extra security.

  6. Verify the requests that you receive for funds or transfers through alternate channels.

  7. If you receive requests to change account information, double-check via official channels.

HDFC Bank plays an active role in educating its customers about fraudulent and suspicious activities. HDFC Bank’s Vigil Aunty is one such initiative that spreads awareness about fraud and ways to prevent it. You can seek her assistance anytime you find yourself in trouble related to suspicious or fraudulent financial activity.

​​​​​​​*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.

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