Internet banking – a facility that is a phenomenon in the West, has recently started to get the prominence that it deserves in India. After Government’s initiatives like ‘Digital India’, it became obligatory for people to use the internet for monetary transactions, which they were apprehensive about earlier.
Are you one of those who get baffled when they open the portal for internet banking and wonder where to click? Well, after reading this write-up, all your doubts and anxieties will take a back seat as you will know all about internet banking.
Internet banking technology gives customers access to their bank, anytime and anywhere. Internet banking authorizes customers of financial institutions to carry out a range of financial transactions by using financial institution’s website. Nowadays internet banking is widely used to verify account statements, paying bills, making purchases etc. Security of these transactions has become a major concern as internet banking frauds have gained momentum in this age. One needs to be very cautious of the cyber criminals by keeping few things in mind which will prevent you from falling into their trap.
10 ways to secure online funds transfer:
Here are ten simple ways to keep your user identity (customer identification number and password) secured which will enable you to make safe online transactions and will keep your money secure while you make a transfer to certified accounts.
1. Keep your account secured:
Stay away from internet banking on wifi systems that are unsecured and make use of only desktops (preferably) for online transactions whenever at home. Never disclose your password to anyone. Also, make sure that the password is alphanumeric and that you change it frequently to ensure its security.
2. Use anti-virus programs:
Run virus scans on your computer at regular intervals. Use a spyware detection program and an ad-blocking software program. Keep all software updated at all times.
3. Secure e-mails:
If any e-mail, message, chat request or website appears distrustful, close your browser and email and shut down your computer for a while. When the system is restarted, run a full virus and a spyware scan before surfing the internet.
4. Make use of Virtual Private Network:
A Virtual Private Network (VPN) keeps your online information safe. VPN network ensures your transactions’ privacy and security as it maintains the confidentiality of sender’s details and message integrity by using encryption techniques. So, add a VPN on your WiFi network at home and for your smartphones, you will have to secure your web browsing sessions by installing a VPN app.
5. Avoid disclosing personal details:
We are all very doubtful of the internet and wish to keep our personal information confidential. One should not put up excessive information into the Internet unless you have a valid reason for doing so. If you are suspicious of sharing your residential address with any online portal, you can rather choose not to reveal such info or give a virtual address instead.
6. Protect mobile passwords (fingerprint scanning):
Many of the mobile banking apps offer two-factor authentication. Fingerprint scanning is an additional method of verification which is unique for each user and this factor gives high-end security as well. Some banking apps also makes it mandatory that phone should be password protected if fingerprint scanning is to be used.
7. Websites must be secured with SSL (Secure Sockets Layer):
Any website which supports a financial transaction must also have the option of secure communication. Search for the padlock icon at the left of URL. If it’s present, it means that your information is private between your browser and your bank’s server.
8. Distrustful activity should be reported immediately:
One of the most important facilities of mobile banking and internet is that a user can check the account balance at any time of the day. It is recommended that customers should watch their account activity to quickly identify and report any suspicious activity. Banks can access and take action on recent transactions, and give you the required control to recover any losses.”
9. Log out after completing the online transaction:
Soon after completing the financial transaction on your e-banking platform, always log out, don’t just close your web browser. This will give protection to your personal details as your account is locked with a strong password.
10. Install authenticated banking apps:
To manage financial transactions using digital mediums, install the official and authentic mobile application of your bank. Contact your bank or access their official website to assure that you have the official app.
Above mentioned precautions are easily identifiable and doable at the same time which make for a hassle free and trustworthy online transactions. Next time when you transact online, just following these steps will ensure a seamless online transaction experience.