The digital era has created a revolution. We all are accustomed to making payments on the move, thanks to the presence of net banking. The biggest boon being anyone can transfer money from anywhere to anyone. However, there is one major concern behind the blessing, and that is “Security”. Today we will be covering 7 Tips for Safe and Secure Online Banking, to help you understand and ensure safety and security across Internet Banking and have the best internet banking experience.
Technology has made banking very easy. Many banking functions are now available to you 24X7 and at your fingertips. However, there is a flip side. The flip side is the risk faced with respect to the security of our data. This still remains a huge concern for many users.
We are all aware of phishing and a number of scams that have happened online as well as that there are so many fraudsters and con men out there. They have looted money from several account holders of various banks across the globe. Even though all of us are aware of this, there are still new people who fall prey to such scams or fraudsters. So what is the reason for this? It is not a lack of awareness but a lack of taking precautions. So what are the precautions to be taken while using Internet banking?
Here are some Safe Banking Tips I would like to share, for a safe internet banking transaction:
1. Keep your passwords safe:
When I say passwords I mean log-in credentials; only you are supposed to know it and not anyone else. Never write down passwords in the same book or page where you write all your other data as that can be very obvious for one to know where you save your data. So always keep it safe. How? if you are using a personal laptop or desktop then it is okay to save passwords but if there is someone else sharing the same then be careful about it and never save or share passwords.
2. Avoid using public Wi-fi :
Sometimes you may be going out on work or perhaps for any other purpose and you may use the wi-fi service of the venue you are at since you have to work.
A big threat posed by open Wi-Fi networks is that the hacker can sit in between the end-user and the hotspot and can trace and access all the data without any difficulty. Hackers see the unsecured connection as an opportunity to introduce malware into your device. So, usage of public Wi-Fi hotspots for internet or mobile banking and making payments on eCommerce sites should be avoided.
P.S. You can watch the series called Control Z on Netflix to better understand this threat.
However, if you are a regular public Wi-Fi user, consider setting up VPN software on your computer. It creates a secure tunnel between the computer and the internet and prevents hackers from intercepting the traffic.
3. Change your passwords regularly and ensure it is a long and strong one:
Remembering passwords is a difficult task but it is a necessity and when you keep a password never keep it as something that can be easy to guess say your mobile number or a common name. Always use a symbol or number for making a strong password to not allow others to guess it easily, by doing so it makes the password strong.
4.Keep checking your account regularly:
This method helps you know the balance in your account and also it will help you to keep the banking facility in check. If your bank offers you an SMS facility to know the transactions in your phone or email then always use it. If you see any discrepancies the inform you’re bank right away.
Infact, this habit helped me identify when there were unauthorized transactions done on my card. I immediately reported it to the bank and blocked my card. The bank looked into the issue and refunded my money. This experience only made me take more precautions on my transactions especially not saving my card data in any caches.
5. Never share your bank details
Most fraudsters call you and ask for your log-in details or bank details. Never ever say it on the phone even if your bank needs it. You can always visit the branch and give the details when time permits or send someone close to do the same. As per studies many people have shared their information on the phone call and have lost huge amounts from their bank accounts. So avoid answering spam calls and be aware of such calls, In case you do share any such information do not panic immediately call your bank and ask them to freeze or block your account or card, by doing this you can avoid losing money.
6. Use a good anti-virus software:
If you are using internet banking from a mobile or a computer then always have good anti-virus software installed as it prevents malware and bugs.
To protect your devices from new viruses, make sure to always use licensed anti-virus software. Pirated software may be free, but they may fail to protect your computer from any new viruses that may come up in the online world. If you use a paid antivirus, know that it will keep getting updates on a recurring basis and thus you shall be more secure. Make sure that you keep your anti-virus updated so that your confidential information is always protected.
7. Be aware of whom you share the information with:
As a general tip, never talk about your bank balance or anything related to it, to anyone over a phone call, in public. No one needs to know about your money. I have experienced colleagues and people from my social circles, who like to show off their earnings, wealth and discuss their large transactions. This is truly not recommended and it has more to do with your safety than jealousy. Also to add, it is quite funny that they discuss it because not all care about it and it is opening doors for trouble. Imagine if some stranger in the vicinity might overhear it and scheme a way to take your money. So just be aware and careful. Better safe now than sorry later.
When it comes to banking through mobile then yes, all the above tips are still relevant but to add on always see your phone updates and get accustomed to the new updates your smartphone provides you for better performance and security.
I hope you enjoyed reading 7 Internet Banking Safety Tips for Safe Online Banking and hope these tips will help you as well as make you more aware of the need for your internet banking security and safety. Check out Your Rich Freedom for more interesting content.
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