Whether it is fund transfer in the middle of the night or paying bills sitting on the bean bag, the internet has made banking simple and convenient. The cash in our pocket has been replaced by plastic cards and smartphones. We no longer need to stand in the long queue in banks to withdraw or deposit cash, as cash is no longer the only mode of payment these days, thanks to online banking.
Keeping cash in pockets is risky, and internet banking is undoubtedly safer, but it too has risks, if you are taking it for granted, or you are not following the safe net banking tips. Well, if somebody takes your cash away, literally it’s gone! However the same is not applicable to internet banking. As long as your smartphone or other electronic gadgets are locked, theft of such devices will not make you bankrupt. But there are other risks, and I will talk about some useful suggestions for internet banking or some safe banking tips on InkedFreedom today.
I will talk about the top 10 tips for using online banking safely. So let’s get started.
Use your personal gadgets for banking online
Well, this really deserves the first position on the list of safe banking tips. Never login to your internet banking portal from a cybercafe or a public computer as you don’t know, whether such devices are infected by malware, and you don’t know whether they have certain programs that can steal your personal information. In a cyber cafe, several people use the same computer, and some users might deliberately infect the computer with malware to steal sensitive user information that also includes your internet banking credentials.
Never share internet banking details
Sharing username and password is never a good idea, no matter whether it is your internet banking credentials or your other log in details. However, when it comes to internet banking, a transaction will be incomplete without an OTP that will usually be sent to you through SMS. But if somebody knows your internet banking login details, he can see your transaction history or request your bank statement, see the saved beneficiaries, electronic mandates, or other details that can reveal your financial habits, which can be used against you. If somebody already has your login details, and that person can get hands-on with your phone, he can also do transactions without your consent which isn’t something that you will want, or in the worst case, can change the login and authorization credentials leading to complete loss of control over your account.
Change login and authorization passwords frequently
Among the several precautions to be taken while using Internet banking, one more thing to take care of is to change the login and authorization passwords frequently, besides changing them for the first time. You should change the password every 3 months, and if that’s too frequent, you should change it every 6 months at least. Most internet banking portals will send reminders to change the passwords every 3 or 6 months. Changing the passwords frequently will revoke access to your internet banking portal from all the previous devices that also include public devices or devices that you have used to log in because you were out of choices. If your internet banking credentials were leaked through some data breaches, changing the password will also save you from the menace of losing access to your bank accounts forever.
Use a browser free from addons
Google Chrome or Chromium-based browsers are pretty popular today, and one reason behind the popularity is the abundance of extensions to enhance the ability of the browser, and in fact the user productivity. But, most extensions have no transparent policy on how they collect and treat user data, or what type of user data they have access to. So, you can’t trust them blindly, and some might even come with keyloggers that can record your keystrokes, and hence your bank details. But, there are several extensions that come from trusted sources, and having such extensions will not be a hassle. However, the next among the safe banking tips is to have an extra instance of browser without any extensions as that small task to secure your hard-earned pennies will cost only a few seconds, but that will be worth it. Most extensions are defaulted to not run in the incognito mode, and thus, you can also use the same for safe internet banking.
Memorize internet banking credentials
Noting down the card details and the CVV might be very convenient when you are about to do some online transaction, and you don’t have the card with you. But, noting down the card number, internet banking credentials on a piece of paper is risky as anybody can get access to that note in some unprecedented situations. Keeping the same online can also be risky if other members of your family or your friends have access to your laptop or smartphone. My advice is to memorize the card number or banking credentials as accessing your memory is not easy as accessing your wallet, flash drive, or cloud storage.
Manually type in the internet banking portal address
Well, this might seem trivial, but it is one of the safe internet banking tips. If it is the first time you are visiting the internet banking portal, refer to the internet banking kit or the manual that has been given by your bank or branch for the URL. If the URL is not present, which is highly unlikely, contact your branch for the URL. Never ever search for the URL on Google or any other search engine, as you might land on an unscrupulous website, the URL of which, or the interface might look very similar to the original one, but that can steal your credentials or hijack your funds. After you get the URL, try memorizing it, or you can bookmark the URL, which is again not the best practice, but you can.
Use wallet services
This might not be among the most useful safe banking tips but can come in handy. Adding money to the wallet before making any payment is annoying in the present age when we can pay for services and goods right from our account. But if you are making payment to a vendor you don’t trust do that annoying task. By using wallet services, the vendor will not know your bank details and most wallet services will refund the amount if you don’t get the service you paid for. Well, it might not be the case with every single payment gateway or wallet service, and some might also have a timeline within which you have to request a refund, but it is at least better than having no failsafes at all.
Avoid public places for using internet banking
Most major internet banking portals use high-level encryption standards for data transactions, and thus, using public Wi-Fi will not lead to eavesdropping on the data that is being sent between your devices and the internet banking server. However, try not to use public Wi-Fi, or if you need to use it, combine a trusted VPN. But that is not the real concern. In public or crowded places, the man standing behind you or in public transport, the person sitting beside you can see what you are typing, and that is indeed a breach of privacy. So if you have no option but to use the internet banking portal in a public, the safe banking tip is to find a place that is not crowded.
Check your bank statement regularly
As the convenience of internet banking goes, you can get your bank statement right on your phone or laptop at any time. So, check your bank statement regularly for any discrepancies, and contact the branch if you find one. Furthermore, also check the debit mandates, and if you find one that hasn’t been added by you, delete it right away or contact your branch before any amount is debited. As we all enjoy the convenience of auto-debit functionality for our favorite services, checking the bank statement regularly will help you maintain the minimum balance for all the transactions, and your bank will not penalize you for incomplete transactions due to insufficient funds.
Uninstall unnecessary apps and never share OTPs
Coming to the most popular channel of banking, and this combination of a few safe banking tips is mostly applicable to mobile banking. Well, if you are looking for safe mobile banking tips, all the above tips apply, but there are a few more. If you have certain apps like TeamViewer, AnyDesk, or other apps that can be used by others to control your smartphone remotely, uninstall them, if you don’t use them. If anybody asks you to download such apps for tempting prizes or cashbacks, simply hang up the call. Never share the OTPs too, as that can be used to authorize a transaction. Bank officials will never ask you to install such apps or ask for OTPs over a call.
So, those were some internet banking safety tips that you should always follow. However, the bad guys or the cyber snatchers are always finding out new ways to dupe your money, and thus, you should keep yourself informed, and take appropriate steps to keep yourself safe. I will also write these types of topics on InkedFreedom in the future.
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