How to Protect your Demat Account from Fraud?
Demat accounts are used to hold securities. They come with a few associated risks, and one has to be careful while dealing with these accounts. It is always better to share your Demat account details with anybody only with authorized people so that it doesn’t get hacked.
Never share your PIN, Password, or OTP with anyone
You should never share your PIN, password, or OTP with anyone unless it is absolutely necessary to share with trusted close family members or friends.
Never give any personal details over the internet to anyone.
Avoid suspicious messages and links from unknown numbers and emails that claim to be from banks or financial institutions.
Never give any personal details over the phone.
Never give any personal details over the phone. Give details only to a trusted person. If you are unsure, hang up the call and call back the bank using their official number. Ask for their name and contact details when calling a company or bank that you use frequently. Never provide personal information through email such as banking passwords, ATM PINs, etc., even if they ask you to send it via email as a PDF file or attachment!
Don’t keep any hard copy of your PIN, Password, or OTP.
The first step to protecting your account is not keeping any hard copy of your PIN, password, or OTP. This means you should never keep them in a wallet or purse with other personal belongings. You should also avoid carrying these items around you at all times. If you ever lose these pieces of information, it should prove to be difficult for anyone to access your account.
Once the security features are set up on an account, they cannot be changed. Therefore, if someone gets a hold of the PIN code and password while they’re still accessible through an app (such as WhatsApp) or text message, then there’s no way to change these details afterward. The only option is resetting each device separately every time someone forgets their login info.This isn’t just because it’s inconvenient—it’s also dangerous because hackers can use these sensitive details against vulnerable users.
Always log out after you finish trading.
One of the most prevalent ways an account can be hacked is by leaving it open when you’re away from your computer. This makes it easy for someone to access your account and make unauthorized trades, or even transfer funds out of it.
It’s important to always log out after trading on a public computer so that no one else can access your account. You should also avoid using shared computers, such as those at libraries or Internet cafes: these are prime targets for cybercriminals because they offer easy access to many people’s personal information at once.
Even if you think that no one else will ever use the computer where you were previously logged in, remember that websites store cookies in browsers’ history—even after closing them! This means that if anyone accesses your browser history (which they can do with just two clicks), they could find evidence that you had been using the machine before them—and potentially discover where all those delicious cookies came from!If possible try not to trade with any broker who requires authentication through SMS verification; this method is less secure than other forms because there is no way of knowing whether someone has intercepted text messages before they reach their intended recipient.
Always check your bank account for abnormal activity.
Always check your bank account for abnormal activity. It’s better to be safe than sorry — and being proactive about protecting yourself will also help keep your money safe.If you notice something unusual on your bank statement, report it to your bank immediately so they can investigate it further. The sooner you report suspicious activities, the easier it will be for them to help verify whether a transaction is legitimate or fraudulent. If you are unsure about something, ask your bank! If this doesn’t work out in the long run, call their fraud hotline immediately and let them know what happened so they can take action immediately.”
Secure your Delivery Instruction Slip (DIS) booklet
The Delivery Instruction Slip (DIS) for your Demat account equals to your bank chequebook. You must sign the DIS before transferring your shares from one Demat account to another. Therefore, it is important to safeguard your Delivery Instruction Slips always. Make sure not to leave your signed DIS booklet with your broker or anywhere else.
Power of Attorney
If you have given power of attorney to your broker, don’t worry you can give a limited purpose power of attorney which will require your broker to take your permission before selling or transferring funds or securities from your Demat account. You have the authority to revoke the power of attorney without any notice except in the case of outstanding dues.
Follow the above-mentioned tips to be safe from fraud
Following the above-mentioned tips can help you stay safe from fraud. However, these are not exhaustive and you should follow the guidelines given by your bank, broker, and trading platform as well.
You should always be cautious when it comes to your money. You never know when someone may try and scam you out of it or steal it. If you can follow all the above tips, then there is no way anyone will be able to steal from you because they won’t even get close enough!If you have lost your Demat and Trading Account in a scam please contact your depository participant and close your account. Then you can make a new account with Goodwill. Get Free Demat and Trading Account opening in just 5 minutes. The best part is that you will be trading with the lowest equity brokerage charges in India. There are other benefits such as the round the clock support for offline and online trading. You can also download the Goodwill GIGA app to experience a smoother flow in trading. So why wait?, register today and start trading!
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