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6 Tips to Use Internet Banking Safely

IndianMoney.com Research Team | Posted On Thursday, February 27,2020, 12:23 PM

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6 Tips to Use Internet Banking Safely

 

 

What is Internet Banking?

Internet banking can be understood as a process of using a website or application via personal computer or mobile phone, for the purpose of carrying out banking activities.

Digital revolution has made our lives easy and hassle free. Daily activities like grocery shopping, ticket bookings are all possible with a single click. The same applies to the banking sector. Almost all the banks offer internet banking facilities. It includes activities like fund transfer, bill payments, viewing bank statements, transaction history and much more.

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6 Tips to Use Internet Banking Safely

Advantages of Internet Banking:

  • With internet banking, the speed and efficiency of banking activities are enhanced.
  • Facilities for online bill payments.
  • 24/7 services are accessible.
  • Various activities can be done without being physically present at the bank.
  • Low overhead costs, which will be transferred to customers resulting in low fees.

See Also: Net Banking - Internet Banking

Tips to Use Internet Banking:

Just like the saying every coin has two sides, so does internet banking. Cyber crimes and banking frauds are very common these days. If internet is not used cautiously, it can have adverse effects. At times banks and financial institutions are taking up measures to ensure protection, but it is customer’s negligence that leads to these unpleasant happenings. To avoid this, we have discussed a few tips to use internet banking safely:

1. Keep Away From Public Wi-Fi:

Wi-Fi facility is provided in most public places like theatres, shopping malls and so on. Due to easy access, people often carry out online banking activities irrespective of the location. Isn’t it common that we pay a bill instantly from a shopping mall on getting a reminder from our house owner? Hackers can easily trace personal information and data from a public network. They can easily install a malware in the device, which will extract personal data.

To avoid this, use a Virtual Private Network (VPN). It makes sure the transactions are encrypted, and the hacker is unable to trace the IP address. This will protect and safeguard personal data.

See Also: Know About Internet Banking

2. Change The Password Regularly:

Changing passwords might seem difficult, as most people cannot remember their passwords.  But this is the most effective way to shield you from banking frauds.

Make sure not to share passwords or OTPs with anyone. Each bank warns customers that bank officials will never ask for passwords, and hence it should not be shared with anyone. In spite of this, frauds often take place in the form of false calls and messages requesting the customer to share the password for administrative purposes.

While changing the password, make sure to choose strong characters or phrases that are difficult to imitate.

See Also: What is Internet Banking?

3. Use a Good Anti-Virus Software:

It is very easy for hackers to install software into a customer’s device, without their knowledge. When a person uses unknown websites or downloads applications or data from such websites, software like “Trojan” can be easily installed in the device. Once installed, it becomes difficult to remove. That’s why it is advisable to install good anti-virus software to safeguard information from hackers.

4. Constant Monitoring of Your Accounts:

Ensure each account transaction is monitored. If you find any unusual transactions, immediately contact your bank and get things sorted. Most times, people are unaware on fraudulent account transactions and by the time they realize, it would be too late. This will reduce or eliminate the chances of getting a refund. To avoid this, keep a constant track of your transactions.

See Also: Best Ways To Use Internet Banking Safely 

5. Two Factor Authentication:

A two factor authentication or multi-factor authentication is a superior authentication process in which the user must give two factors for proving authenticity. It provides an added security cover. It is difficult for hackers to get access to such profiles. This improves the safety of online banking.

6. Avoid Sharing Login Details with Anyone:

It is common to use friends or relatives devices to complete a transaction during urgent situations. However avoid doing this, or make sure you remove your login details from other devices. Sharing your login details with others is not advisable. As mentioned earlier, bank officials never ask for personal information and if anyone claims to do so, make sure to crosscheck with authentic sources.

Conclusion:

By following these simple tips, you are able to safeguard your account from theft or fraud. Although technology has made our life easy, to fully benefit from this, use it wisely.

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