IndiaLends Advisory

By IndiaLends Advisory

Jul 19, 2018

Tips For Safe Internet Banking

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 a personal loan 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.


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.


Changing password regularly


This might sound like a tedious task to perform, but changing passwords at regular intervals is the best way to protect yourself from online banking fraud. And needless to say, don’t share your password or OTP(one-time password) with a third-party. Stay away from any message or email seeking your password, as banks or financial institutions will never ask for any personal information via phone, message or email. Whenever you’re changing your password always make sure to choose strong characters and avoid using popular phrases. If you’re one such user who tends to forget the password easily and have written passwords on a book or a diary then make sure to put them in a safe place.


Avoid using public wifi


A public wifi is a great free service provided to us by many outlets. But sometimes this great service can become the reason behind an information leak. It’s very easy for someone to trace all your data while you’re on a public wifi. Hackers or scammers see an unsecured server as an opportunity to install malware on your device, which can later extract all your personal information. The best way to tackle this problem is to use a VPN. A VPN is a virtual private network that can help create a safe and encrypted network while on a public wifi. While on a VPN network, the hacker won’t be able to trace your IP address, thus, protecting your personal information.


Do not share your details with anyone


This is a no-brainer, avoid sharing your personal details with anyone. Whether it’s your relative or a close friend, sharing your details like passwords, OTPs etc can land you in an unwanted situation that you might regret later. Banks or financial institutions won’t ask you to fill-in details over phone or email. If you receive an email or message from your respective bank asking to fill in your personal details, take it with suspicion and cross-check with your bank for the same, as someone might be phishing you.


Never log in with your credentials through a suspicious link, always use the authentic URL or website to log in.


Related Article: Handling Identity Theft: What Is Fraud Alert And How To Use It


Use genuine antivirus software


There are several types of viruses that a hacker can install in their target prospects. Without them ever knowing about it. Viruses like Trojan gets installed when you surf through an unknown website or install something from it, which can be later used to extract your personal information. Once a trojan is installed on your device, it becomes hard to remove it from the device. Thus, it is always advisable to install an authentic software for protection against such viruses. In addition, you will also get notifications if someone is trying to look past your information.


Go for a two-factor authentication


A two-factor authentication is the best way to protect your personal information without going through much hassle. Most banks and financial institutions these days are providing services like two-factor authentication to its users for protection against frauds. A two-factor authentication provides an additional layer for the security. And makes it harder for an attacker to enter a foreign computer.


Anytime someone tries to log in with your credentials, you will be notified. And then you can also take the necessary steps. Two-factor authentication is becoming prevalent across all the sectors because of the safety it is providing.


Avoid signing in to your Internet Banking accounts through mails


Imagine! One fine day, you’re sitting at home calmly when you receive a sudden mail. It is asking you to sign in to your net banking account through a follow-up link. You might think of it as an authentic link, after all that looks like your respective bank has sent you. But hold on before clicking on that link and following up with credentials. There might be someone who’s phishing you. Such a link might look original but they are not. And if you log in through these link, the hackers will have access to your personal details and passwords.


It’s always safer to access the original URLs for any financial transaction than to trust on an anonymous server.


Check your accounts at regular intervals

Check your accounts at regular intervals for a safer internet banking experience. If you find something fishy or irregular then immediately change your password or contact your respective bank. It’s imperative to monitor each and every transaction made through your account. Maintain a proper due diligence to check your account regularly and take necessary steps if something is suspicious.


Related Article: Identity Theft and Fraud Protection of Credit Cards


By following these few tricks you can protect yourself from frauds or any other thefts. The technology is rapidly evolving and so as the threats associated with it. It’s time for you to become cautious in the process, and ensure safe internet banking.