In order to avoid falling prey to fraudulent or unauthorized transactions or activities in this digital age, we need to adhere to ways so as to protect our personal credentials, information and transaction.
On similar lines, BSE or the Bombay Stock Exchange on its official twitter handle has posted a video on How to keep check on unauthorized transaction in your account.
So, let’s understand how to keep a tab on unauthorized or fraudulent transactions:
1. Update depository participant and broker for any change in communication modes. Investors must update their DP and the broker of any changes in their current phone numbers/e-mail address or communication address. This is highly important as all the updates, OTP etc. are received over these provided channels of communication.
2. Protect your login details and password. Do not share them.
3. Do not carry out financial transactions from any public wireless access points or public WiFi.
4. Get your account freezed in a case if you are not active or using the account. But remember even if the account is freezed it shall still be active and will be entitled to receive all the corporation actions such dividend, split, bonus etc.
5. Weekly reconciliation of transactions is a must. Though there is a digital record of all the transaction that we keep on executing, reconciliation of transaction once every week is surely called for. In the statement we will get the debits and credits in the account. Also we may extract the statement copy by calling the back office. So, we can track and monitor if there are any fraudulent transactions in your account.
6. Keep an eye on your SMS and email which you receive from your DP on a daily basis.
7. Cross check your personal trade sheet, your order book and your trade book on a regular basis to avoid any misappropriation.
8. Check the contract notes which you receive and reconcile it with your bank account and demat account at least once every week.
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Story first published: Wednesday, November 24, 2021, 14:06 [IST]
Original news source Credit: www.goodreturns.in