In today’s digital world, safeguarding your online banking security is more crucial than ever. Hackers constantly look for ways to exploit vulnerabilities, so it's essential to take proactive steps to protect your financial information. From creating strong, unique passwords to being vigilant about phishing scams, here are five key practices that can help you secure your online banking and keep your financial data safe from cyber threats.
Select Strong and Unique Passwords
You give out information about yourself online without even realising it. Hackers have access to your commonly found information, like name, current address, date of birth, etc. If you are using this information in your passwords, it is only a matter of time before someone cracks it. Using the same password for other logins means that a number of your accounts can be at risk.
Choose longer and different passwords to ensure that they cannot be easily guessed. Select passwords that contain phrases rather than a word. Do not use sequential such as “1, 2, 3, 4.’
This particularly applies to systematized and stored login information in your online banking or on mobile applications.
Use different passwords for different accounts, and change the passwords from time to time. It is best to change them once in every 3 to 6 months so that chances of the password being hacked or cracked remain minimum.
Never write passwords at the back of a debit, credit or any card or even keep it in the wallet.
Consider using a password manager to store and protect your passwords. This will ensure that even your longer and more complicated passwords are easily accessible to you.
Enable Two-Factor Authentication
Consider adding a second layer of security verification, especially for your banking and UPI apps. Try options where you need to verify your account through an automated phone call, use biometric verification or identify an image. This makes it difficult for a hacker or thief to unlock your account or access your information in case your phone is stolen.
Never Use Public WiFi
Although a convenient option for when you’re on the go, public WiFis are no secure. Hackers can easily access your banking information or other online activity or send malware or spyware to your phone or other electronic device.
If you must access public Wi-Fi for online banking or mobile banking, disable public file sharing, stick with sites that are secure. This includes looking for “https” sites that triggers the lock icon on your browser.
Make sure your laptop’s firewall is up to date so it automatically flags sites that are unsafe.
Consider using a virtual private network (VPN) service, which creates a private network that only you can access.
Sign Up to Your Banking Alerts
Hackers oftentimes pose as your bank and alert you through text messages or emails about your balance status, scheduled maintenance, failed login attempts, password changes or prosomal information updates. Make sure that you are signed up to your bank’s alert system so that in case any fraudulent activity happens, you will receive an instant notification from your bank about it. The quicker you take action, the more likely that the fraud will be detected and stopped.
Be Wary of Phishing Scams
Phishing scams can take different forms but they all have one thing in common – they are attempts to gain access to your personal and financial information. They can look like an email or a text from your bank, telling you that you must log in to your account and update your information. Or even a message from your friend or family, saying they need money urgently.
When you click on the link, you log into what appears to be a legit site but is a dummy site. Often, clicking a link downloads tracking malware to your computer, allowing identity thieves to observe your keystrokes and steal your passwords.
Scrutinize closely any emails that request financial or personal information. Verify the sender’s email address. Call your bank and ask if it sent you an email. Verify the email address that was used.
Be calm when responding to a call from your family or friend requesting money. If you are unsure or something doesn’t sound right, hang up and check with your friend or family to see if they actually made you the call.
Hover over links. Hovering over a link inside an email can reveal where it will take you.
Don’t share personal details. If you get an email from your bank asking for information, call your local branch or customer service to verify that it’s legitimate before sharing any details.
Do not take video or voice calls from numbers you don’t recognise on WhatsApp or any other social media platforms.
In case you suspect a fraudulent activity, report it immediately.
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