Do you fear if someone gets hold of your bank login credentials he would be able to get away with your entire balance amount? Let’s crack this MYTH!
Even if your login credentials of a bank gets stolen, not much can be done by this person as for him to take away all your money he will first have to register himself as a payee in your account.
To get this done a SMS with a PIN will be triggered to your mobile and an email also (in a few banks). Unless you enter this PIN on the site, the payee will never be activated. This will also work as an alarm for you to change the credentials ASAP in case you have not requested for this payee registration.
Assume a situation where your cell phone is also stolen by the same guy (highly unlikely), and you are ignorant enough not to block that SIM (highly highly unlikely), then he would be able to register himself as a payee but to transfer funds to this account he would need a transaction password plus 3 random digits from your debit card number (in few banks)! Looks like its an impossible task for anyone to play with your online bank account!
Physically your cards are as good as cash, so keep them safe with you, as soon you realize you have lost any of your cards please call up the bank’s customer care and report the loss.
More to come in this series.