Fraudsters hack the email account of a customer, sending out instructions to the bank acting as the customer.
They create a new email ID (very similar to that of the beneficiary party) or hack the beneficiary's email. They then communicate with the remitter to send the payment to the fake (fraudster's) account and later siphon off the remitted amount.

Call the beneficiary to securely cross-check and validate the beneficiary/bank details
Check the email ID of the beneficiary carefully
Share your fund transfer instructions in password protected file, rather than instructions sent via mail to the bank
Follow the basic security practices of laptops/desktops for protecting data
Change your password regularly

Share passwords/email IDs/communication sources with anyone
Share PIN / OTP / Debit card credential over E-mail to anyone.

Remember, there can be other applications of a similar nature and same modus operandi. Hence, kindly be aware and vigilant.
Report the suspicious activity in your account to your bank immediately. 

To report a fraud, write to us at -

Mile yahan, Dono Jahan

True to its new tag line, "Mile Yahan Dono Jahan", Saraswat Bank is committed to bridging the gap between technology and tradition by bringing to its customers the best of both worlds.

Keeping tradition intact and embracing technology, the Bank has matched strides with India's digital revolution by offering various digital banking services designed to make banking more easy and convenient like mobile banking, internet banking, international VISA EMV and RuPay chip cards, etc. Simultaneously, through its emphasis on personalized attention, the Bank has maintained its personal touch with customers. Agility of the small bank with the ability of the large bank has been Saraswat Bank's enduring heritage new.

Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 6600 5555