Don't share your user ID & password, may be misused: I-T dept warns users

'If a password is hacked or stolen, it can result in information security breach', warns I-T dept

Latest news - The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.

It further said that "if a password is hacked or stolen, it can result in information security breach, leading to undesirable consequences, including privacy violations".

It asked taxpayers to exercise caution in use of log-in credentials at TRACES, which should not be disclosed to any unintended or unauthorised individual. "If shared, the person using login credentials shall also be liable to consequences," it added.

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TDS Reconciliation Analysis and Correction Enabling System (TRACES) helps easy filing of tax deducted at source (TDS) or tax collected at source (TCS) correction statements by deductors/collectors and related functionalities.

Breaking news is The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.

"Do not write your password on notepads or the whiteboard at your desk," it cautioned.

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Debit card scare: Why you need to change the ATM PIN immediately

Recently, many customers have got mails and messages from their banks to change the ATM PIN of their debit cards. We now know the reason, with reports suggesting 3.2 million accounts in five leading banks -- State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and YES Bank -- are compromised.

Bankers and cyber experts advise that ideally an ATM PIN should be changed every three to six months. Are they being overly cautious? Perhaps not. Several banks have already asked their customers to change their card security details and to stick to own ATM networks.

An ATM breach means the PIN numbers of not only that bank’s customers but all those who use that bank’s ATM network could be compromised.

“Once the malware is detected, the bank or payment services company will fix it but the problem is to identify the malware. While such incidents are common overseas, they are increasingly happening in India, too, as banks adopt more technology and transactions become digital. There is a need to be more pro-active and put the proper checks in place,’’ Khurana adds.

“While we have leapfrogged in digital technology, we still lag in digital security. Both banks and customers need to actively protect themselves. Going ahead, customers may ask a bank about its digital security and protection before opening an account and not only about services and rates. For banks, it is a question of their reputation,’’says Piyush Singh, Managing Director, Financial Services, Accenture India.

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From cloning to ATM passwords, learn how to save yourself from debit card frauds

The data breach that has led to an estimated 3.2 million debit cards getting compromised is only a small manifestation of a larger malaise called cyber crime. The breach occurred due to an introduction of malware in the network of a third-party payment processor.

Living in a digital world, we need to be aware of different types of cyber frauds and take steps to safeguard our financial well-being.

Password theft: Today, people have apps on their mobiles for almost everything - buying vegetables or furniture, booking a taxi, stock trading or anything else. Given the large number of apps, many people keep the same password and e-mail id for convenience - a wrong move.

Precaution.............

Cloning: An SMS that your debit or credit card has been swiped in Amsterdam while you were sleeping in Mumbai could happen because of cloning...

Precaution.............

Vishing: A call from a bank executive that your account is under threat and he needs your CVV number to ensure safety should be ignored. No bank executive is authorised to seek your CVV numbers...

Precaution.............

Phishing: An email saying you have won $500,000 in a lottery and need to share bank account details for the transfer snared many people in the past. Now that most people ignore such mails, they use other methods, such as sending an email supposedly from the income-tax department. 

Precaution.............

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