The recent financial breach in the Indian banking system which led to details of over 3.2 million debit cards being compromised, has put a question mark over the security of 'convenient' electronic transactions. Technology has made banking very easy: Many banking functions are now available to you 24X7 and at your finger tips via the mobile. But the flip side of the coin has now shown up. With all the advantages that the world of internet banking offers, there are certain risks involved, which remain huge concerns for the users.
1. Always use genuine anti-virus software
To protect your computer from phishing, malware, and other security threats always use genuine anti-virus software. Anti-virus helps in detecting and removing spyware that can steal your sensitive information.
2. Avoid Using Public Wi-Fi or Use VPN software
The biggest threat of an open Wi-Fi network is that the hacker can sit in between the end user and the hotspot and can trace all the data without any difficulty. Hackers see unsecured connection as an opportunity to introduce malware into your device. So, usage of public Wi-Fi hotspots for internet or mobile banking and making payments on ecommerce sites should be avoided.
However if you are a regular public Wi-Fi user, consider setting up a VPN software on your computer. It creates a secure tunnel between the computer and the internet and prevents hackers from intercepting the traffic.
3. Check for latest updates of your Smartphone's operating system
Smartphone users should make sure their operating system is updated with the latest security patches and updates. They should also not remove the security controls from the phone often called 'jail breaking' or 'rooting'. They should always look to restrict access that apps ask for when being installed to only what the app really needs.
4. Change your password regularly and ensure it's a strong one
This might sound clichéd but, it is important to keep your account safe and helps you maintain confidentiality. And needless to say, don't share your details with anyone. Your bank will never ask for your confidential information via phone or email. If you have written your banking passwords in a notepad or a dairy, make sure it remains confidential.
Further, be sure to choose strong and long passwords. For additional security to financial transactions through Internet Banking, create and maintain different passwords for log-in and for transactions.
5. Subscribe for mobile notifications
If you haven't done it already, do it now. These notifications will alert you quickly of any suspicious transaction. Whether the transaction exceeds the specified limit or is within it, you'll get an alert which will tell you the remaining account balance. Not just the transactions, the bank will alert you of the unsuccessful login attempts to your net-banking account.
6. Avoid signing-in to your net-banking account via mailers
It is always safer to type the bank URL yourself than getting redirected to it via a promotional mail or any other third party website. As mentioned earlier a bank will never ask you to for the login credentials to your account. So if there's a fraudulent email which offers to redirect you to your bank's website and you enter your personal details on landing page after clicking it, there's a huge risk of your login credentials being stolen. Hence, if you receive an email from a bank asking for login details, treat it with suspicion.
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