Tips for safe internet banking

All through the year, banks and financial institution are taking up innovative measures to protect its customers from such banking frauds. But sometimes it’s our very own negligence that makes us fall prey to such thefts. Whilst, both the banks and financial institutions are doing their part, we should too adopt a cautious attitude to protect ourselves. So, to help you out in this process, we have a gathered a list of some tips for safe internet banking that you can consider doing.

Digital advancements have made our lives much easier, we can now order food or purchase things in the comfort of our homes. These rapidly evolving advancements are also transforming the banking and financial sector in India. Whether someone is transferring funds, paying a bill or applying for such loans such technologies are enabling customers to do it in a more efficient and effective way. The number of users opting for internet banking is expected to double by 2020, making India an important hub for financial innovation. However, internet banking, just like like any other medium if not done with utmost precaution can prove to be risky. There are scams like phishing( fraudulent means for attaining confidential information) associated with internet banking which enables a third-party to access and misuse your personal information.

Banking online has made managing money a lot more convenient than it used to be. We don’t have to visit the bank to transfer our funds, or wait for the next paper statement to know what the balance is. All that information is at our fingertips. But while online banking has made things easier for us, it’s also made things easier for thieves.

Criminals don’t need to plan a heist to rob someone’s bank account anymore. All they need to do is wait for you to let your guard down and expose your personal information, or send out a virus that will collect the information. The only way to avoid becoming a thief’s next victim is to carefully guard your personal information and always practice these online banking safety tips. 

1. Don’t access your bank accounts on public Wi-Fi

When you’re on public Wi-Fi, hackers can more easily access your computer and steal personal information from it. You should never access your bank’s website through a computer, tablet, or mobile phone unless you’re on a secure Wi-Fi network with a password, or using your own cell phone data connection. This is much more difficult for thieves to hack, so it keeps your information safer.

2. Avoid saving your login information

Some websites give you the option to save your login information for future use, but if someone uses your computer or mobile device after you, they could gain access to your bank accounts. To at least help prevent this from happening, many banking sites now time out after a certain number of minutes of inactivity, and do not save your information.

3. Use strong passwords and change them often

Strong passwords have a mix of upper- and lowercase letters, numbers, and symbols. Many banks now require your online accounts to carry a password meeting these requirements. You should also change your password every couple of months, and use different passwords for all of your online accounts so that hackers will have a more difficult time gaining access to your information.

4. Use two-factor authentication whenever possible

Two-factor authentication is the next level of security that many banks are now offering. Usually, you give your bank your phone number, and it texts a code when you log in online. Some banks also enable you to request a code via email or a phone call. You must enter this code in addition to your password to log in. This way, even if someone has stolen your password, they cannot access your accounts. It’s another hoop to jump through, but it could help keep your money safe, so set it up if your bank offers it.