From immediate money transfers to quick online payments, there are many perks to online banking. It comes as no surprise that India, and the world, is becoming increasingly comfortable with online banking. However, with so many people going online to manage their money, threats have arisen at an even faster rate. Hackers and cybercriminals are better equipped to commit financial fraud with these increased vulnerabilities. So, you need to be better protected and prepared for the consequences.
Don’t resign yourself to a world of unsafe banking. And obviously, you can’t move away from it because honestly, it’s convenient and super-efficient. Also, it reduces our carbon footprint by removing all the paper that would otherwise be required in traditional transactions. Now, let’s learn how you can protect your money.
Here are some simple online-banking security tips you can practice to increase your data protection and money security.
1) Don’t Use Public Wi-Fi Networks
Public Wi-Fi networks or shared networks have reduced security and are not remotely as encrypted as your home networks or mobile data. Hackers and cyber criminals work at exploiting exactly these network vulnerabilities. And once they gain access, your data is as good as gone.
2) Verify the URL for “https”
This should become a practice in general when browsing online. Always, always, ALWAYS look for ‘https’ when doing online money transactions, along with the little lock icon in the beginning of the URL bar / website address bar. This means the website is encrypted and converts data into undecipherable content before sharing over the internet. So, if a hacker/cyber-criminal intercepts the data, they won’t be able to make sense of it.
3) Automatic Login is Like Begging to be Hacked!
Automatic login, though not recommended, it still okay for your social media accounts, e-commerce accounts like Amazon, streaming platforms like Netflix, but it is a DEFINITE NO for anything to do with finances. For any online transactions, make sure the browser isn’t automatically saving your data, even on your personal devices!
4) Email and Text Scams
Your bank will NEVER call you for any private details like ATM PIN and net banking password. Even to verify your account, your bank will only ask you for details like your phone number and birth date, maybe address at best. Be wary of such phishing attacks. Any notification for a free iPhone or a lottery in exchange for bank details should be deleted and forgotten. And if you do make a mistake, immediately notify your bank!
5) Strong Password. STRONG Password.
At this point, we’re starting to sound like parrots. Or stuck tape recorders. Anything you do online should have a strong password. Anything you do online with money should have a password stronger than Hercules + Zeus + The Avengers + Wonder Woman too!
Remember, a strong password doesn’t have to be complicated. It just needs a little effort. Apart from alpha-numeric with symbols, mix it up with uncommon words or use languages other than English. It’s really time we smarten up.
6) Banking Apps and Websites
Though the market has apps and websites that offer to control all your bank accounts using a single platform, don’t take them up on their offer! Some of these apps may even be verified, but their encryption and safety standards will never compare to the bank’s own app/website. Banking should be done only and solely on the verified application or website of the concerned bank.
7) Turn off Bluetooth and Hotspot
Using these features reduces your encryption ever so slightly to allow easier connectivity. Though marginally, your phone is more vulnerable than it would otherwise be when these are switched off. Especially if you’re in a café or any place where there are many open channels. You can always turn them back on after you have finished your online banking.
8) Check your Account Statement
Check your account statement as regularly as you check your mail / Facebook / Instagram or whatever else. It takes about 3 minutes to open the banking app and just glance at the last 4-5 transactions. If anything seems odd or suspicious, immediately verify with your bank. It is better to be safe than sorry!
9) Be Vigilant
If you’re using your laptop, never conduct banking transactions with multiple tabs running simultaneously. On your mobile, close all apps before launching your banking app. And this goes without saying but – do NOT leave your laptop or phone unattended with any banking apps / websites open. In fact, if you’re going to walk away from your laptop / mobile, always lock the screen!
In the unfortunate circumstance that you are a victim of any financial fraud despite all the steps discussed above, here’s what you can do.
Reach out to your bank immediately. In the case of online banking, they will immediately lock your account till further notice. If it’s an issue with cards, they will disable the cards immediately. Next, file a complaint (FIR) with the nearest police station. If it’s a cybercrime issue, the police station is obligated to forward your case to the cyber cell. If the police station refuses to take your complaint and pushes you to go to the cyber cell yourself, stand your ground and insist on the FIR. However, if you want, you can file a case with both.
But, don’t depend on these systems to ensure you will get your money back. It is always better to prevent crime altogether. Small precautions can go a long way in protecting your money.
Do you have any cases you would like to share with us?