Safeguards while banking digitally

After demonetisation, most of the transactions are happening digitally. Due to the pandemic, consumers’ spending style has changed completely. Many now prefer digital banking rather than using cash. UPI, Credit cards, Debit cards, Internet banking, are some elements of digital banking that are spearheading the change fastly across the country. In recent years, cybercrime cases have also increased drastically. It is better to safeguard while banking digitally. In this article, we will talk about do’s and don’ts while banking digitally.

Because of financial literacy programmes spearheaded by the Indian government, the Reserve Bank of India, public and private sector banks, and financial technology (fintech) firms, digital and online banking are becoming increasingly popular. The supply of safe and smooth financial services at affordable rates to unbanked and underbanked individuals and improved customer service are among the strategies aimed towards financial inclusion.

More people living in semi-urban and rural regions are now involved in the banking and financial system than at any other period since the country’s independence.

Do’s

• Set a strong password for your internet banking account.
• Lock your banking apps.
• Many smartphones have features to hide apps. Try to hide banking-related apps.
• Always use the official banking website to access your bank account.
• Verify the domain before entering login details.
• Install a firewall on your laptops to prevent them from being hacked.
• Always lock or shut down your PC while not in use.
• Change your banking related passwords and pins regularly.
• Use Strong passwords.
• Check whether you are using a secure connection or not. A secure connection website starts with “HTTPS://”
• Log in to your banking account using a private browser.
• Only download authentic content on your smartphone or laptop.
• Use “RFID” wallets. It prevents your credit or debit card from being cloned.
• Check your bank account statements regularly.
• In case of any suspicious transactions, contact your bank immediately.
• Lock your smartphone to avoid unauthorised access.
• While using the public internet, use the “on-screen keyboard” to protect your details from keyloggers.
• Before entering banking details, do look for the lock icon.

Don’ts

• Do not share your passwords with anyone.
• Avoid using internet cafes for doing financial transactions.
• Don’t use wifi at malls or railway stations.
• Don’t save your passwords in browsers.
• Never save your card in the shopping apps.
• Don’t download content from suspicious websites.
• Do not use crack software.
• Do not attend spam calls. Use caller id app to know fraud calls.
• Do not click on phishing emails – Remember, banks do not call or email you for online banking info.
• Don’t disclose sensitive banking details like passwords, CVV, OTP, 3d secure pin with anyone.

According to a recent Telenor report, Indians are losing more money to Internet scammers than their Asian counterparts. According to data, 36% of Indians have been defrauded online, resulting in an average financial loss of Rs 8.19 lakh per person, compared to Rs 6.81 lakh per person in Asia. According to the poll, 17% of respondents had been victims of fake bank email fraud. Follow the do and don’ts to safeguard while banking digitally.