Important Tips for Safe Internet Banking

Digital advancement has made your lives way simpler. Today you can order food or buy anything from the convenience and comfort of your home. Such quickly evolving advancements are even transforming the financial and banking sector in India. Whether you are transferring funds, repaying a bill, or placing an application for a loan, the advancement of such technologies has allowed you as a customer to conduct your online transaction in an effective and efficient manner. Moreover, note that the number of Internet banking users has even doubled by the year 2020, making our country a very essential spot for financial innovation. Net banking service prevents you from approaching bank branches as per the banking time. For instance, suppose you have an account with HDFC and BOB, then previously you had to approach the bank as per HDFC bank opening time and BOB timings to make the transaction. However, now technological advancement and digitisation have made it possible for you to conduct all your banking transactions with ease at the click of a button. 

However, net banking service just like other online options if not performed with high precaution can come across as risky. There are various scams like phishing associated with net banking which makes the 3rd party access as well as misuse your information. Financial institutions and banks, all through the years have been taking up innovative strategies and techniques to protect the data of the customer from banking frauds. However, sometimes it is your own negligence as a customer that makes you fall prey to certain thefts. While both the government and financial institutions ensure to do their part, you must also ensure to adopt some cautious attitude to protect your personal details. So, to assist you in this procedure, gathered here are some important tips for safe net banking that you must ensure to factor in. 

Changing your passcode on a periodic basis – 

This may sound like a very tedious task to conduct but changing passcodes at periodic intervals is considered one of the best ways to protect yourself against online banking fraud. Also, ensure never to share your passcode or OTP with anyone. Remain away from any email or message-seeking passcode as financial institutions or banks will never ask you to provide your personal details through message, phone, or email. Whenever you decide to change your passcode, you must always ensure to set strong characters as the passcode and avoid using any popular phrase or setting your name or date of birth as a passcode. If you are one such customer who tends to always forget the banking passcode easily, then ensure to write it down in a secret diary or save it in the drive or cloud. Always keep your passcode in a place where no one can access it. 

Avoid making use of WI-FI – 

Public WI-FI is a good free service offered to you by many outlets. However, at times this great service tends to become the reason behind the information leak. Note that it is very simple for someone to track all personal details and information while you are using public WI-FI. Scammers or hackers view an unsecured server as a great opportunity or chance to install malicious malware on your electronic device, which later extracts all your important personal information and details. 

The prudent way to face such issues is to make use of a VPN. By using a VPN (Virtual Private Network), you can create an encrypted and safe network while on public WI-FI. So, by using a VPN connection, you can protect your personal information and data from hackers. 

Avoid sharing your information with anyone – 

For sure, this is a no-brainer that you must avoid sharing your important personal information or details with anyone. Whether it is your close friend or relative, sharing personal information like OTPs, passcodes, etc., can push you into a scenario that you may regret falling into. Financial institutions or banks will not ask you to fill out the details over email or phone. If you get a message or email from your bank asking you to fill out your personal information, view it with high suspicion and ensure to cross-check the same with your financial institution as someone may be phishing around with you. Never ever sign in to your credentials using a suspicious link. Always ensure to use an authentic website URL to sign in. 

Use genuine anti-virus software – 

There are various kinds of viruses that any scammer or hacker can install without you getting to know about them. There are viruses like Trojans that may be installed when you browse around through any anonymous site, which later can be utilised for extracting your personal details or information. Once the trojan is installed into your electronic device, it becomes very difficult to remove the same from your device. Thus, it is recommended that you install software to safeguard your device from such viruses. Additionally, you will even receive notifications if someone tries to look past your info. 

Go for the two-factor authentication – 

Two-factor authentication is one of the best ways of protecting your personal details without going through or facing any hassle or stress. Most financial institutions and banks nowadays are offering services like two-factor verification to their users for protection against fraud. A two-factor verification offers an additional security layer and makes it tough for attackers to enter any foreign device. Anytime someone tries and log in with the credentials, you are notified. This allows you to take the necessary steps to protect your account and your personal details. 

Avoid logging into an Internet banking account via email – 

Just imagine, one day, you are sitting at your home calmly when you get a sudden email. It is asking you to log into your Internet banking through a link. You may think it to be an authentic online link but on hitting on the link and inputting the credentials, you are phished. Such a link may appear original, but they are not authentic. Signing into the link makes the scammer hack your personal information and passcodes. 

So, in the case, you hold an HDFC bank account, and cannot visit the HDFC bank opening time to make a specific transaction. Worry not, you can instantly make your transactions by logging into the bank’s authentic site. However, always remain cautious about any suspicious activities, follow the above tips, and ensure to periodically change your net banking passcode to keep your account protected.

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