how can I protect my online banking?

My clients and users often tend to ask me “How can I protect my online banking”. To answer this question and of anyone looking for a safe banking experience can take advantage/ benefit of this useful safe internet banking tips.

In today’s digital era, all of us are moving towards the internet. Payments banks, e-commerce transactions, mobile wallets and Online banking is one of them.

Especially, after demonetization of Indian currency Rs.500/- and Rs.1000 notes. The impact was huge overnight. No one was prepared or ready for it.

This resulted in the emergence of going online or cashless.

One of the biggest ways of going online is the internet or online banking.

While there are many benefits of going online banking such as:

Saves time

Saves visits to ATMs and banks

Secure transactions

Immediate payments/transfer of funds

But in addition to above benefits, there are responsibilities also on the part of the user.

As per reports and data available, there has been a surge in online frauds or cheating cases.

Today, I am going to share some simple tips to keep your online banking transactions absolutely safe and secure.

So, let’s start with this simple and yet powerful online banking safety tips

Internet banking security tips

Internet banking security tips

Let’s first understand certain basic terms which you may hear daily in newspapers or televisions

What is Phishing?

Phishing is one of the oldest types of cyber crime. In this tactics, email is sent to you seeking your personal information such as debit card/credit card numbers, passwords/pin numbers. The email will be deemed to be sent from a reputed company in order to win your trust.

What is Vishing?

This is the latest type of internet crime. Many people fall prey this. You receive phone calls/messages from unknown persons posing as representative/employee of your bank. This is their major modus operandi. With their sweet and polilte talk they induce people to reveal their banking account information.

 

Tip #1

Banks never asks you for your account details

There have been cases reported, that call has been received from unknown persons, imposing as bank representatives seeking customer account details for verification.

Please remember this golden thumb rule BANKS WILL NEVER CALL THEIR CUSTOMERS VIA PHONE / EMAIL / SMS for account details.

In the case of any suspicious call, please immediately inform your bank about it.

Tip #2

Avoid online banking at public places

As far as possible don’t use cyber cafes or public places for accessing your banking transactions. There may me security vulnerability at these public places and your bank account details may be at risk.

cyber security tips for small businesses

Cyber security tips for small business

Tip #3

Use your debit/credit card in your presence

whenever you are out for shopping, dinner, visit petrol pumps make sure that the debit or credit cards are swiped in your presence.

Never tell them your atm password and ensure that the card is swiped only once.

Tip #4

Cancel your lost debit or credit immediately

Unfortunately, sometimes we tend to lose or misplace our bank cards. Never have a wait and watch policy. Immediately after you have lost your debit or credit card inform your bank by calling up at their call center and block or cancel your card.

Tip #5

Register or update your current mobile number/email id  with your bank

Another golden rule for your online banking and safety of your bank card.

By default, everyone of us should register their mobile number and email id with the bank.

The benefit is that whenever you or anyone uses it for withdrawal at atm or any online transaction you immediately get alerts via your mobile and email.

cyber safety tips

cyber safety tips

Tip #6

Never share your atm password

While making payments or withdrawing cash from atm points, ensure that your atm secret pin is not shared or seen to anyone.

Tip #7

Maintain your OTP – One Time Password with yourself

Again never share your OTP pins with strangers, OTP is a code for authentication of a bank customer’s online transaction.

Tip #8

Don’t share photocopies of your credit or debit card

Never share to unknown persons any photocopies of both the sides of your credit or debit card. The back side of your card has very important information i.e. The card verification value (CVV).

The CVV is needed for all online transactions and it is printed in three numerical digits on the back of your card.

Tip #9

Get regular monthly statements

Immediately notify your bank if you don’t get regular monthly statements. With it, you can easily keep a track of any suspicious banking transactions.

Tip #10

Install a good anti-virus on your computer. There are many free applications available but they come with limitations. Installing a paid one with premiums features will take care of all major threats/cyber crimes your computer may be prone to.

Above were some useful, simple and yet effective safe banking tips.

If you have some other useful tips, kindly share with us.

Till then safe banking!