10 Safety Tips for Safer Online Banking

Wed, 21 Apr 2021 11:10:23 +0000

The Buyt Desk

Online banking has showered a plethora of benefits to account holders. Immediate fund transfer, bill payments, 24-hour access to the account all this is available just a few clicks away. Those numerous bank visit, locating the nearest bank branch, standing in queues all this is passe now. Online banking has made it possible to carry out any transactions anytime anywhere.

But it has its pros and cons too. If online banking is making our lives easy but there is a constant fear of online fraud too. Your financial details/data can be compromised and you can become a target of cyber theft.

You need to be alert and cautious while conducting online banking transactions. Here are some helpful tips for safe online banking

1)Keep The Password Strong And Update It Regularly – The most important rule of safe online banking is to create a strong password for the account and changing it regularly. To make a strong password always use both lower and upper case letters, include numbers and special characters. With this, many experts suggest that using phrases instead of common words will make the passwords stronger. Never use personal details as your password, such as birth date, pet name, anniversary date, favourite food, etc. These are easily hackable details as available on social media platforms. And most importantly change your password at a regular interval of time.

2)Monitor Your Account Activity – It is pertinent to keep an eye on your account activity. When online banking is so easy and all details are at your fingertips, using this facility to monitor your account activity will safeguard your account. Check your transactions regularly and report any suspicious activity to your bank immediately. Change account password immediately if you find anything suspicious, before reporting to the bank.

3)Use Only Secure Network – The free and public Wi-Fi is a kind of honey trap. These networks are often not encrypted which makes you an easy target of hackers to steal your details. You should never use public Wi-Fi to open your bank account. In case you save all your banking-related data on the phone, it is better to stay away from public Wi-Fi. The network with password protection is difficult to pass through.

4)Never Save Your Login Details On Device – Some browsers and devices provide the option to save login details for future use. The challenge with this feature is that anyone using that device can access your bank account as well. The banking website, however, has taken measures to curb this situation. They automatically log you out in case of inactivity for a specific period. However, saving your financial details on any website, browser, or device is still not advisable.

5)Beware of Email Scams – None of the banks, ask account holders to share their sensitive account details over emails or text messages. If your bank needs any additional details about your account, it would ask you to visit the bank branch or verify your identity over the phone first by asking security questions.

You need to keep this fact in mind as email phishing scams are very common these days. The fraudsters send mails of the lottery winner and ask for account details to deposit funds. Never respond to such emails.

6)Always Use Official Banking App – There are apps present that when get on our device can sneak a look into the device to steal data. Never download unknown or unauthorized apps. Always install apps from authorized sources. Also, install updates and security features from these places only.

7)Keep Your Debit/Credit Card Pin Safely – Never share your card-related information such as card number, One-time password (OTP), card verification value (CVV) over the phone.

8)Never Share Details On Social Media – Social media is a platform where we share all types of information, but banking-related information is something that one should never be shared on this platform. Hackers get a clue of your account password with information you share on social media.

9)Always Log Out – Once you have finished your transaction, log out from your account. People often forget to log out after completing their transactions. The unlogged account is an open gate for hackers.

10)Never Do Transaction On Suspicious Website – Some websites steal card information by alluring shoppers. Never shop from websites that ask for personal details like card number, CVV number, PIN Code, etc. Shop only from secure sites and avoid clicking on hyperlinks in emails.

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5 Precautions that You Must Take for Safe Online Banking

Sat, 03 Apr 2021 07:23:30 +0000

The Buyt Desk

The world has seen many revolutions. The newest revolution has been worldwide connectivity via the internet. It has not only made talking to each other easy but also given access to services while sitting at home. Banking from home is the biggest advantage of the internet revolution. The safety and security of online monetary transactions are paramount. Many cyber thefts have taken place. Criminals use different ways to extract banking data, like login ID and password, of consumers. Some of these methods are hacking, phishing, and vishing. Criminals could easily execute cyber thefts because consumers do not take all the possible precautions while doing online banking.

Let us pay attention to the precautions necessary for making online banking transactions.

Do not use public computers for financial transactions: It is easy for criminals to hack into public computers and steal your banking credentials. The best practice for safe financial transactions online is to use only a fixed personal computer system for banking. Avoid using this computer system for random surfing or operating social media accounts. Also, use a good anti-virus like Kaspersky on this system. For operating your bank account online while you are outside, use your mobile network for the safety of transactions.

Safe internet browsing: Cyber criminals perform Black SEO that is they manipulate your search results to insert detrimental links. If you click on these links then your system can get corrupt, or a hacker can clone your system. Thus, be careful while browsing the internet. Be cautious to open websites with HTTPS addresses than HTTP. “S” refers to an additional layer of security.

Use a password manager: It is common knowledge to avoid using the same password for all your accounts. It is important to create a difficult password using letters, symbols, and numerals. If you find it difficult to memorize and recollect different passwords? There is an easy solution for it. Start using a password manager to store the passwords of your accounts. The manager will encrypt the passwords, thus, keeping them safe. Use a premium version of the password manager instead of free software. Free software will show free ads that can lead to malware. Use a password manager and neither write your banking credentials like ATM pin anywhere nor share them with anyone.

Check the authenticity of your bank’s communication: Any communication from your bank, such as an e-statement, will be password protected. First, the email from the bank will verify your account name and account number then only provide the account information. Beware of fake emails from spammers. Links in those emails will lead you to malware and ultimately your personal details will be stolen.

Keep track of your bank statement: After making a payment via debit or credit card, check that the correct amount has been debited from your account. Periodically your bank mails the account statement; moreover, you can give instructions to receive the statement periodically. Always go through your bank statement and immediately contact the bank in case of any discrepancy.

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Online Banking Archives -

10 Safety Tips for Safer Online Banking

The Buyt Desk

5 Precautions that You Must Take for Safe Online Banking

The Buyt Desk

Let us pay attention to the precautions necessary for making online banking transactions.