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Safe Banking- How to protect yourself !

Essential Tips For Safe Online Banking

Online banking has revolutionized the banking and finance sector by adopting the latest advancements in the digital world.  Whether it is fund transfer, adding money to the Paytm Wallet, online shopping, paying utility bills, ordering food, checking bank statements, or changing the ATM pin, online banking has almost eliminated the need to visit a bank or an ATM by ensuring 24 x 7 availability of all the required functions at your fingertips. However, we know that a coin has two sides. Irrespective of all the measures that banks and other financial institutions take to prevent the customers from fraudulent activities, online banking can still be a risky affair. Therefore, it becomes important for you to keep the following preventive measures  in mind.

Create a strong, unique password: A strong, unique password helps in maintaining the confidentiality of your personal information. You must have a long password that is a combination of upper and lower case letters, characters, and numbers. Avoid having a password covering any details related to your name, vehicle number, house number, home phone number, mobile number, initials, or date of birth. Let’s assume, if your password is ‘edward95’, a hacker will hack it within seconds but if your password is long and unique like ‘CoffeeandCake@6583‘, this strong combination will make it difficult for him to crack it. Also, do not put the same password for different online accounts otherwise a single hack can easily leak information of all your accounts.

Prefer two-factor authentication for your account: Two-factor authentication works as an extra layer of protection that is offered by most of the banks. Whenever you or the hacker tries to login, the bank automatically sends you an OTP either through an SMS or an email. You are required to mention this code (available only for a few seconds or minutes) first, apart from your login ID and password.

Never share your details with anyone: It may happen that you get a call from an imposter pretending to be a bank agent who could ask for your login details or could ask you to login through a link. Always remember that all the banks including Paytm Payments Bank never ask for your login details or other personal information through phone, SMS or any email. You must ignore such fake calls or you can call your bank immediately and cross-check with them. Also, use your ID and password to login only on the official website or app of the bank.

Go for Video KYC Facility: It is a very unique feature that is introduced by Paytm Payments Bank for the security and convenience of its users. If you require to complete the KYC process before proceeding with online banking, you can simply complete it online over a video call with an agent who will be assigned to you. All you need to complete your Video KYC process successfully is a smartphone, stable internet connection, Aadhaar card and PAN card.

Use licensed anti-virus software: Use only licensed anti-virus software to protect your computer from viruses. The pirated version may be easily available but it is not enough to protect your computer when a new virus attacks it. Also, ensure that you update anti-virus on your computer whenever you receive the latest notification. This helps in keeping your information safe and confidential.

Subscribe to mobile notifications: Banks offer an important facility to subscribe to mobile notifications that work as an alert when any transaction or activity like “a failed login attempt” is suspected. These notifications not only keep you updated regarding the status of your account but also give you the power to react immediately if you feel suspicious about any activity.

Never use a public computer or Wi-Fi to login: Make sure that you do not use a public computer or Wi-Fi to login to your online banking. If you login from a public computer, it gives a chance to the hacker to trace or see your password. Therefore, even if you login from a public place, never allow the browser to save your login ID and password. Remember to log out before you leave and clear the browsing history too. If you use public Wi-Fi, the hacker may take advantage of an unsecured server and may install malware on your device. Later, he may easily extract all your confidential information. Nothing to worry about though. You can use a Virtual Private Network (VPN) that helps you to create a safe network when you are using public Wi-Fi as the hacker will not be able to track the IP address.

Secure your phone: Whether you are using online banking on an android or an ios phone, ensure that your phone has a strong password protection. Even if you lose your phone, a strong layer of password protection will give you time to ask the respective bank to block your account immediately.

Yes, technology is evolving at a rapid pace but so are fraudulent activities. Hence, it is very important for you to stay vigilant while using online banking. The above mentioned points will help you on your digital journey. These essential tips  will make sure your personal information is completely safe and any bank related activity online will be a cakewalk for you.