Internet Banking functions are now available to you 24X7 and at your fingertips via the mobile. But every coin has the opposite site. Many advantages the world of internet banking offers. But there are certain risks involved, which remain huge concerns for the users. With banks improving their security, frauds are also coming up with innovative ways to trap victims.
If you are a regular user of internet banking, here are a few safe banking tips that would surely help you –
1. Strong Password
Your online banking password should be alphanumeric and should a combination of uppercase and lowercase letters also add some special characters to it.
Never use common phrases or words as your password. That means your name or date of birth or your home location should be avoided. These type of passwords are easy to guess. Also, change the password regularly for better safety.
2. Never share your password
A strong password is useful until no one gets access to it. So, you should not share your banking password with anyone. Also, many people have a habit of storing their password in their computer/laptop or mobile phone. But if the computer/laptop is hacked or mobile is stolen, someone can easily get access to your password. So, make sure that you remember your password and never write it down anywhere.
3. Always Log Out
When you complete the work with internet banking then always you should log out from your account. In addition, you can add also another layer for security by clearing cache from your browser. In case of your phone or laptop get stolen then your account would be safe.
4. Use Official Apps
Some malicious malware or Trojan horse can damage your account if you download some unauthenticated Apps. So, make sure that which App you download from Google Play or Apple store that is an official App. And don’t forget to install update with latest security feature whenever it comes to Google Play or Apple store.
5. Use your own device
For internet banking, you should always use your own PC/laptop or mobile for online transactions. Transaction from public computer or someone’s other device is not safe. Similarly, always use a trusted internet connection for online transactions. Public Wi-Fi and hotspots are prone to hacking and should be avoided for banking transactions.
6. Use licenced anti-virus software
To protect your computer or laptop always use licenced anti-virus software. Don’t go for pirate version. Pirated versions are free but they not able to fully protect your files and also they might fail to protect your browser from some malicious malware. Make sure that you keep your anti-virus updated so that your confidential information is always protected.
7. Avoid phishing e-mails
Phishing is one of the most popular types of online banking frauds. Fraudsters send you an e-mail which has a link that you are asked to follow and that link comes from the name of your bank or other reputed websites.
Once you click on the link, you will be redirected to a page where you will be asked to enter your banking details.
Always remember that no bank will ever send such e-mails where they will ask you to provide your banking details. So, avoid such e-mails as you can be an easy victim of a phishing scam.
8. Register for account notifications
Nowadays most of the banks offer account notifications through e-mail and SMS. You should register for this service to receive alerts for every debit and credit transaction and it will be easy for you to monitor the transactions. If you found any unauthorized transaction on your account, then you will be notified. Then you can instantly get in touch with your bank to get the account blocked.
9. Enable multi-factor authentication
You can prevent identity theft by having multi-layer of protection in your online banking platform. Many banks offer two-factor authentication. Whenever you try and log in, the bank sends you a text message or email with a unique verification code. Along with your username and password, you have to give that unique verification code to log in.
10. Type your internet banking URL
It is safer to type your bank URL in the address bar of the browser than clicking on links given in an email. Fraudsters might send emails with fraudulent websites links that are designed exactly like the bank’s original website. Once you enter your login details on such a website, they may get access your account and steal your money. While logging on, check ‘https://’ in the URL and ensure that it is your bank’s authentic website.