ANALYSIS BY ONLINE-TRANSACTION-TIPS.BLOGSPOT.COM REGARDING TYPE OF FRAUDS AND METHOD TO TACKLE SUCH FRAUDS

1. Fraud can be classified into two : Offline fraud and Online fraud.
2. Most offline fraud incidences happen as a result of theft of your mail, sensitive information related to your bank or credit card accounts, stolen atm/debit/credit cards, forged/ stolen cheques etc.
3. You can protect yourself from such instances by exercising caution while receiving, storing and disposing your account statements as well as your cheques, atm/debit and credit cards.
4. Online fraud occurs when someone poses as a legitimate company (that may or may not be in order to obtain sensitive personal data and illegally conducts transactions on your existing accounts.Often called “phishing” or “spoofing”, the most current methods of online fraud are usually through fake emails, Web sites and pop-up windows , or any combination of such methods.
5. The main objective of both offline as well as online fraud is to steal your ‘identity'. This phenomenon is commonly known as "identity theft". Identity theft occurs when someone illegally obtains your personal information — such as your credit card number, bank account number, or other identification and uses it repeatedly to open new accounts or to initiate transactions in your name.
6. Identity theft can happen even to those who do not shop, communicate, or transact online. A majority of identity theft occurs offline. Stealing wallets and purses, intercepting or rerouting your mail, and rummaging through your trash are some of the common tactics that thieves can use to obtain personal information.
7. The more you are aware about identity theft the better prepared you will be.
8. Phishing Emails: Every user of the Internet should be aware about the common attempts of fraud through means like ‘phishing' or 'spoofing'. 'Phishing' is an attempt by fraudsters to 'fish' for your banking details. 'Phishing' attempts usually appear in the form of an email appearing to be from your bank. Within the email you are then usually encouraged to click a link to a fraudulent log on page designed to capture your details. Email addresses can be obtained from publicly available sources or through randomly generated lists.
9. Therefore, if you receive a fake email that appears to be from YOUR Bank, this does not mean that your email address, name, or any other information has been taken from their systems.
10. Although they can be difficult to spot, ‘phishing' emails generally ask you to click on a link which takes you back to a spoof web site that looks similar to your bank's website, wherein you are asked to provide, update or confirm sensitive personal information.
11. To prompt you into action, such emails may signify a sense of urgency or threatening condition concerning your account. The information most commonly sought through such means are: Your PIN numbers Your Internet Banking Passwords You Bank Account/Credit Card/Debit Card number Other verification parameters, like; your date of birth, mother's maiden name etc.
12. Some fake emails may also contain a virus known as a “Trojan horse” that can record your keystrokes or could trigger background installations of key logging software or viruses onto your computer.The virus may live in an attachment or be accessed via a link in the email.
13. Never respond to emails, open attachments, or click on links from suspicious or unknown senders.
14. If you're not sure if a email sent by your Bank is legitimate, report it to bank without replying to the email. Counterfeit Web sites Online thieves often direct you to fraudulent Web sites via email and pop-up windows and try to collect your personal information.
15. One way to detect a phony Web site is to consider how you arrived there. Generally, you may have been directed by a link in a fake email requesting your account information. However, if you type, or cut and paste, the URL into a new Web browser window and it does not take you to a legitimate Web site, or you get an error message, it was probably just a cover for a fake Web site.