Not so simple.
Last week one professor wihdrew money from an ATM and checked the balance too; he go a shock when a large sum has bees siphoned off. He complained to the bank immediately and found that there were seven transactions for which he did not receive sms alert.
The investigation has revealed this. Copies of applications people make for mobile connection are available for a price. The criminals use this personal information (address, etc.) to block the sim card. This is one explanation; there may be others.
I do agree that there is no 100% absolute fool proof system but one of my family members who work in a bank said that
most of fraudulent bank transactions that take place in banks ( right from old days before IT up to now ) mostly involve those accounts that :
1) Have large balances and never operated much
2) Have large balances and the owner is abroad for a long time without operating
3) People Careless wit their Cheque leaves in public places , talking loudly over the Cell Phone in Public places revealing their Credit Card details ( a few months back in one restaurant I found a lady loudly dictating her credit card details including the 3 digit security no over the cell to some family member on the other site for some online transaction may be buying flight tickets etc ) .Anyone could have noted that and done an online transaction immediately with those details then and there itself .
So from our side we must
1) Keep the accounts always operation and keep checking the statements regularly ( it is easy now as most banks have online facility )
2) If we are going abroad for extended time ,find a way to keep the transactions going on .One way is have 2 accounts in different banks with Online facility and just do a token online transfer from one bank to another to keep both accounts active even at a distance .
3) Avoid telling your Credit Card details etc loudly over phone in public places and do not store your PIN no in your wallet . Have a good 4 digit PIN No that you will always remember . Usually people use their Year or Birth as the common 4 Digit PIN No , this can be easily hacked . You can use the combination of your year of birth of yourself and your wife as a good 4 Digit PIN No .
Eg suppose your Year of Birth is 1960 and your wife is 1962 , instead of having a PIN as 1960 or 1962 ( as most people do ) , have it as 6062 or 6260 as you prefer and remember it always and some people make a mistake of noting down the PIN in a small paper and storing it in their wallet .
So these are some tips .
