Netbanking or banking apps — 5 tips to keep your bank account safe

While internet banking and using banking apps to transfer money or checking account balance is an easy process, it becomes highly imperative to ensure the safety of your bank account. Especially, in the wake of numerous hacking, phishing and vhishing attempts that target sensitive account-related data.

On April 5, 2017, mobile apps of seven banks in India were compromised and infected with a malware that can steal sensitive financial information, a study of US-based cyber security firm FireEye said.

However, there are ways to keep your online banking transactions safe. Here are five tips for securing online banking transactions.

Bank on Secure WiFi Networks

Public WiFi networks like the ones you find at the local coffee shop, library or railway station are not secure. Lower security measures make such networks them prime targets for hackers.

It is recommended not to access netbanking over a public WiFi network. Only do the transactions over a secure and password-protected networks.

Use Official Banking Apps

Prefer using a bank’s official smartphone app for netbanking. These apps are regularly tested and ensure that all the data is secure and encrypted.

They are more secure than some text messaging apps, making them one of the safest portals for online banking.

Third-party apps must be avoided as they can provide a gateway to hackers to steal the private information.

If you are in doubt with the legitimacy of an app, call the bank.

Never click on suspicious links

If you have received an email that seeks your personal data such as netbanking password, account number, or date of birth for banking purposes — don't click on the links in the mail.

It may be linked to the malicious website trying to impersonate your bank.

For example, if the suspicious email asked to change your banking password and gives you the link to follow, trash it. Always enter your online banking information into your bank’s online website or app.

Do not send online banking information over email or text for security purposes.

Keep the software updated

Updating apps and operating system of your smartphone is one of the best ways to make your phone hard to hack.

Log out when the session is finished

When using public or home computers, log out of netbanking after completing your online banking session. This minimises the chances of getting hacked.

Most online banking applications automatically log out after a set time but it's good practice to log out after finishing the session.

In addition, you can also opt for banking services that notify you about account transactions. Banking notifications can alert you to an unauthorised transactions.