Safety Tricks for Online Banking

Undoubtedly, online banking has emerged as one of the revolutionary banking innovations in the recent times. It is a matter of mouse click to complete your money transactions.Safety Tricks for Virtual Banking

However, as online banking gained popularity, with time, various kinds of banking frauds and malpractices also emerged. Hence, it’s important for you to follow safe ways while using the facility of online banking.

Here are some safety tricks for online banking.

1. Strong passwords

Your password plays the most important role here. It’s through your password that you can access the funds in your account. Therefore, it becomes important for you to use extra strong security passwords. Your password must include combination of alphabets and letters. Also, you write down your password in a secure place, so that it’s not accessible to anyone easily. Experts advise not to share your account data on web or social networking site with unknown people. You are also advised not to use internet cafes for performing online transactions or internet banking. There is a greater chance of potential data theft at these places.

2. Careful With Mobile Banking

As mobile banking is catching craze in the country, an increased number of people are taking to it enthusiastically. It’s important, you use mobile banking facility carefully, and lock your phone when it’s not in use. This can help you in restricting unauthorized user access to your banking account.

3. Phishing

Recently, RBI released a press release stating that an email is doing rounds in the country in its name, promising monetary returns at some initial cost and hence, must be ignored. There are others congratulating you winning a prize in a competition you participated in, that you can’t recollect at all. Similarly, there must be various emails appearing on your email ids on regular basis promising attractive deals, which seem impossible at the first look. You must not click on any link and enter your security details. On closer look, you will find these unsolicited mails carrying various spelling mistakes too.

4. Update Your Details

In case your mobile number and residential address changes, you must update it in your bank records. It’s important as information of any debit to your account is sent by banks to their customers in form of SMS alerts.

5. Cloning

In addition, there have been cases reported where debit card’s magnetic strip was cloned by the fraudsters. It’s important that your card is always swiped in your presence.

There are also chances of your losing your credit/debit cards. There is a plan named card protection plan that can assist you in safeguarding you debit, credit and ATM cards. As soon as you lose your card, you must inform your service provider. Thereafter, your service provider will inform all issuers and get your cards cancelled. Also, you can avail cash for your emergency needs from your service cash provider. The cash assistance is subject to a limit. This cash advance is interest- free but must be returned within the fixed number of days. The service also provides bank fraud protection cover to a certain limit.

Ashish Pandey

I am a business and finance journalist who is currently employed at Financial Express and previously at Zee News. My areas of interest include business and foreign policy. You can reach me on Twitter at @ashuvirgo1984 or @eFundsPlus.

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