7 Commandments to Ensure Total Safety of your Financial Accounts

7 Commandments to Ensure Total Safety of your Financial Accounts

The risk of a fraudster hacking into your financial accounts, be it your Paytm Payments Bank Account or any other account, is very real. Although we take safety of your account very seriously, there may be times when you might be deceived by someone else into sharing sensitive information that grants unauthorised access to your account.

There are a few simple steps you can take to minimise the risk of losing any money. Here are some rules for keeping your money safe:

1. Never share your One Time Password (OTP)

Your One Time Password (OTP) is the first line of defense against potential fraudsters. DO NOT share your One Time Password (OTP) with any one other than loved ones under any circumstances.

Most banks and wallet companies will automatically send you SMS alerts when you make a purchase, pay or withdraw money using their payment platform. Please subscribe to these instant alerts — it can be annoying at times, but its important.

2. Never share your Account Password or Passcode

Don’t give your Password/PIN/Passcode to anyone and don’t write it down anywhere. If you must write them down, store your list in an offline format in a secure and private place as you would secure your other valuables.

Be vigilant when you shop online at public places to ensure you are not accidentally revealing your password to any body.

3. Never share your ‘Reset Password’ link

Your reset password link is a powerful tool for fraudsters who could use it to set the password as they like and locking you out of your own account. Please ensure the security questions for your account are strong and extremely difficult to guess.

A nifty tip to avoid fraudsters using brute force is to set answers which are difficult but have no relevance to the truth of the question. For e.g answering your favourite place to visit as “German Shepherd”.

This strategy is very useful and can make it impossible for fraudsters to logically bypass. However use this strategy only if you are sure you could remember your cryptic answers. A strong password is useless if a fraudster can answer all your security questions after a quick trip to your social media accounts.

Change your passwords and PINs regularly — that way you’ll make it harder for any fraudster to access your information.

4. Don’t make financial transactions on open public networks

Unsecured Wi-Fi connections provide hardly any anonymity when compared to secure and encrypted wireless networks or your telecom company’s data connection.

Most public hotspots in public areas like airports, hotels and restaurants lower their security standards so it becomes easier for guests and travellers to access and use these networks. That makes it easier for fraudsters to eavesdrop on these networks and try to intercept your information.

5. Set strong and unique passwords for every account

Great password security is one of the easiest ways to protect your account. Use strong passwords and PINs that contain both numbers, letters and symbols.

Create a unique password for every account. That way, one data breach won’t put all your accounts at risk. Specially use a tough, long and difficult to guess password for your financial accounts.

6. If it seems too good to be true, it is indeed

If a fraudster can’t get your credit/debit card information or account number, the next best thing is your name and email address. That’s exactly what they launch phishing/vishing attacks.

They will call/e-mail you claiming to be from a real company with fake offers, claims of you winning a luck draw or saying there has been a security breach at their end and they need your name and e-mail address. To know more about phising/vishing, click here.

Remember, no legitimate company will call you if you have not specifically raised a concern. Also, don’t fall prey to suspicious Facebook or WhatsApp messages asking you to transfer money to certain Paytm or Paytm Payments Bank accounts.

7. Use apps wisely

If you use mobile apps on your smartphone to access your financial accounts, be sure to password-protect your device.

Be wary of free software because it is usually accompanied by other software that may be spyware. Every time you download apps or files from an unknown source, you risk loading malicious programs on your phone. Only download legitimate and credible apps from the Google Play Store and Apple Store

The Bottom Line: Online payments are of great convenience. With just a little bit of vigilance you can enjoy its amazing convenience with complete safety.

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