Internet banking is a digital form of banking. The user can access bank account on the bank’s website or app through login ID and password. Online banking enables the customer to handle accounts online and manage transactions directly using the internet. Internet banking allows customers to monitor their accounts, make transactions and transfer funds including checking, saving, investing, handling loans, providing complete details on loans, account balances, repayments and transactions.
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In the age of digitization, everything goes digital from grocery, shopping to banking. With the advent of mobile banking apps, more and more users are going digital with banking. The benefits of online banking cannot be contested, but here are a few tips to enhance the safety of using internet banking:
There are times when you might receive calls or emails from unknown numbers or contacts. But, it is always advisable to ignore such calls or emails. Banks never asks for personal details over a call or email. Banks have pre-specified information for users. Never share your password or account number or any other details regarding your bank account like PIN number, password and username with anyone.
A key rule to follow is to check if you are on an encrypted page. Look for a padlock to the left of your page’s URL, which itself should start with “https,” indicating a secure site. If you don’t see either, the site you are on may not be legitimate.
There are times when you need to transfer funds or use funds immediately. In these times we often use unsecured WI-FI connections to get the job done. But, internet banking should never be accessed through public WI-FI hotspots, as logging into net banking through shared internet connections or public computers enhances the risk of leaking of personal information. Scammers can use these opportunities to hack your online account or use your data to make transactions.
To avoid such instances you can establish a virtual private network on your laptop or computer. If you are accessing net banking through your smart phone, then consider using the mobile data rather than public WI-FI network. You can directly type the URL of your bank rather than being redirected to websites via third party links or emails.
SEE ALSO: Best Ways to use Internet Banking Safely
You often choose passwords that are easy to remember, or are either related to your name or year of birth. These passwords are easy to guess and can be misused to make transactions.
To avoid such instances, make sure you set a password that is not easy to guess. Generally, it is advisable to create passwords that are a mix of letters and numbers (alpha-numeric’s). For passwords of important accounts like bank accounts, you must think of a password that is more than 10 characters long. You can also make it a mix of upper case and lower case letters or use numbers and special characters. Making use of the same login credentials for all your online accounts makes it easy for a hacker to steal sensitive financial information and puts you at risk. In addition, it’s wise to make it a habit to update password frequently.
Sometimes you receive notifications for update of apps. But, you neglect them either because you are happy with the previous version or due to lack of time. Neglecting the latest version of your mobile banking app may put your device in danger. It may feel like the developers update apps too often, but this is necessary. The longer you put off your app update, more is the risk to your smart phone apps. Your login credentials and personal information are vulnerable if the apps are not updated on time. In addition to necessary security patches, many app updates offer bug fixes along with new features and security updates.
This is one of the best options you should subscribe for if you use credit/debit cards or net banking, often. Link your mobile number to your bank account and get notifications and OTP on your mobile for each transaction. These notifications keep you updated and alert quickly in case of any suspicious transactions. You will also get notifications on your account balance and unsuccessful login attempts to your net banking account. So, if you have not subscribed for mobile notifications for bank account, do so now.
Check and Use third Party Apps:
There are many apps and online wallets available in the market, today. You can easily download any of these from Google Playstore and link them to your account. These sites can access information from your account. However, they need your permission. Digital wallets can be used to safely transfer money from your account to some other accounts or pay for the services availed, without having to login to your bank account.
To make transactions safe and protect your computer from new viruses, you must install or use licensed anti-virus software on your system. There are many antiviruses available in the market today, that you can choose from. However, be careful of the pirated versions of anti-virus software. You can easily find them for free, but they do not have the capacity to prevent viruses like malware, spyware or Trojan virus. Make sure your anti-virus hasn’t expired. This can be done by periodically updating your system and getting your software and anti-virus updated to keep personal information protected.
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