Home / Industry / Banking /  Here is how to avert fraudulent transactions. BSE lists 8 points. Read here
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With banking becoming digital, though availing services today has become extremely convenient, at the same time it has become imperative to protect information and transactions to avert unauthorised of fraudulent activities. 

SEBI, RBI and other government organisations are constantly trying to create awareness around them. Similarly, BSE India has recently shared a video on its Twitter handle to make its followers aware of damages and how they can be averted. 

Here is what you should do to keep a check on unauthorised transactions:

  • Update depositary participants (DP) and broker incase there is any change in your current phone number/ email address/ communication address. These are important as you receive all the updates, OTP and other details here.
  • Protect your log-in details and password. Do not share them with anyone.
  • Do not do any financial transactions from any public wifi
  • Freeze your account if you are not active. When you are not using an account, for example when you are on a long holiday, you can freeze the account so that there is no fraudulent activity. However, the account will still be active so that you can continue receiving dividends, bonus and splits. Only thing is you won't be able to trade or make any transaction when it is freezed.
  • Weekly reconciliations of transactions. Even though we have digital record of the transactions that we keep executing, we should reconcile our transaction at least once a week. In the statement, we will keep receiving credits and the debits of the accounts. One can also call the back office and get a copy from them. This will help you to track in case- there are any fraudulent transactions on your account.
  • Keep a watch on your SMS and email which you receive from your DP every day
  • Cross check your trade sheet, your order book and trade sheet on regular basis to avoid any misappropriation of funds.
  • Check the contract notes which you receive and reconcile it with your bank account and demat account





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