Security Tips for Safe Online Banking & Transactions

Gone were the days when banking was a headache. People used to visit the bank even for a little transaction, but now with digitalization and online banking, it became very much easier to do banking without visiting the bank.

With the ease of internet banking, online fraud and scamming are increasing day-by-day. The clever hackers don’t miss a chance to target innocent people and keep trying to steal hard-earned money.

Almost every one of us does online transactions daily for various purposes like shopping, mobile recharges, bill payments, buying app subscriptions, etc, but we can’t live without internet banking. 

Some basic precautions listed below may save your money from attackers. Here’s an overview:

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Strong Password

Using a strong password is the most basic thing for security over the internet. But many of us use our name, surname, date of birth, phone number, etc. in various passwords, which is unsafe and easily predictable. To make a strong password always includes upper case and lower case, numerals, and characters. The password should be long and different for different accounts.

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Two-Factor Authentication

Two-factor authentication increases the security level. Two-factor authentication enabled account can’t be accessed by password only as it also requires OTP, sent every time to your registered mobile number whenever someone tries logins to it.

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Enable SMS service

Nowadays, almost every bank provides alerts via SMS service. This will ensure that you will get to know about every transaction done on your account. Many banks provide this service for free, and even if the charge, go for it without any hesitation.

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Beware of Fake Calls, SMS, and Calls

With the increase in ease of money transfer with the help of internet banking, the number of scammers also increasing. They are so many scam calls asking you about your bank details or OTPs. You should always ignore such calls as no bank will ask about your bank details and passwords on calls, emails, or SMS.

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Use only trusted devices

Never use someone’s mobile phone or public PCs for internet banking as they may save your login details, which may leak your passwords, and this creates a big risk. If there is no other option, then make sure to log out of your account and always use incognito mode.

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Secure Your Devices

Always put app lock on banking Apps and screen lock on your mobile. Set a password on your PC too. Never use banking apps on rooted devices as it becomes easier for a hacker to target such devices.

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If you receive any link via SMS, email, or on social media platform and the address seems unknown to you and asking some personal details, avoid these links as they may steal your account details and never log in to your account on these sites.

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Check Transaction History

Regularly check your transactions and keep updating your passbook. Nowadays, every bank shows the whole transaction history on the internet banking webpage or their apps. You should check bank statements regularly.

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Avoid Using Public Wi-Fi

Never log in to your bank account on public Wi-Fi, as it becomes easier for a hacker to steal data from the same network. If urgent, use a VPN first to encrypt the connection. But sometimes even a VPN may not be helpful if the whole network is infected.

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Shop Safely

Always shop from trusted sites. Never save your account details on commercial sites. Always set false answers to security questions to make them unpredictable. Always remove credit and debit card details after shopping.

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Use Antivirus Software

Use trusted and verified Antivirus Software. Keep updating your antivirus and firewall. Regularly scan your computer or mobile for viruses. Use ad-blocking and spyware detecting software.

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Do Online Transaction via Trusted Sites

Use verified third-party payment services like PayPal, Gpay, PayTM, or App provided by your bank for online transactions. The transaction must be done only on websites starting with “https://.”.

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Install Verified Applications Only

Always install applications from verified sources, they may steal your data in the background. Never give irrelevant permissions to apps as this may cause full damage and loss of your data and files. Many hackers steal data via such apps.

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Check whether your Connection is Encrypted or Not

The most basic security that your bank can provide you is encrypting their websites. To ensure the encryption, look for a ‘green padlock”, this indicates that a particular site is Encrypted and you are secure to fill in your login details.

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Final Words:

Internet Banking made your daily life so easier. The world demands cashless transactions now and the COVID-19 outbreak made us realized that internet banking is a perfect way of money transferring without human contact and mobilization. But hackers on the internet are a step away from stealing your money and data, so to be on the safe side and do follow all the above steps carefully whenever you do any online transaction. Some small steps can save you from a big loss. With these security tips, there are very fewer chances of such loss.

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Thanks for reading. Do share this article with your friends and family and help them keep their digital footprints as well as digital banking experience safe altogether. If you have any queries just let me know, I will be happy to help.

That’s all for now. I will be back soon with another interesting update. Keep visiting HiTricks. Don’t forget to join our Telegram Channel to get the latest tech updates.

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I'm a freelancer and like to write on the newest technologies and topics around it. I also have experience in graphical works too.

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