Online Banking – Security Concerns and Safety Tips

While online banking presents itself an extremely convenient mode for making monetary transactions, there are a number of security concerns and risks that come along with it. To minimize the risk of online banking frauds, I would like to introduce you with some really useful and effective online safety tips:

Never share Credentials

Your online banking passwords, bank machine Personal Identification Number (PIN), credit/debit card numbers and other such credentials if shared with anyone can put your finances and personal identity at huge risk. In case you feel that someone knows your password or credentials, change it right away.

Follow Password Guidelines

When creating a password, it is important to keep in mind certain rules as mentioned below:

• Keep your password between 6 to 12 characters
• Use a combination of uppercase and lowercase alphabets, numerals, accented letters, etc.
• Don’t create a password that you have used previously for same or another account
• Do not include common words, phrases, your personal information like birth details, spouse’s name, telephone number, address, etc.

Use a Security Antivirus

When your computer or mobile phone is connected to the internet, it gets vulnerable to online attacks. You can protect your device from such threats by installing a security antivirus software for PC and mobile. An antivirus software with anti-spam and anti-phishing technology can further add a layer of protection over your device and data.

Always install security updates

Windows and Mac Operating systems push security updates time to time. These updates are quite crucial to be installed on the systems as they protect devices from new and emerging threats. You can manually install these updates on regular intervals or choose the option for automatic updates through settings of your OS.

Safety Practices

Whenever you are about to use online banking on a computer, remember these tips:

• Only use a trusted computer while travelling
• Never leave your computer or mobile unattended
• Always log out of your online banking accounts when done with its usage
• Always use an updated version of browser when browsing your online banking account

Clear Cache

If you are using a public or shared computer, it is vital to clear the browser’s cache in order to ensure that your login credentials are not stored by the browser. Once you have logged off from your online banking account, simply clear the browser cache.

Avoid Email Frauds

Several attackers mask themselves with names similar to your Bank and send fraud emails asking your online banking credentials for some official processing or rewards. These emails ask for user’s immediate action and in the hurry to get things done, many of the online banking users end up losing their crucial financial details to hackers. Ensure that you don’t  share such information with anyone over the mail as banks never ask a customer for their personal financial figures.

Opt for Mobile/Email Notifications

A majority of the online banking services now offer the notification facility on mobile or email for certain type of transactions and activities. This way you can keep yourself up-to-date about the activities that happen through your online banking account and can immediately take action if something happens without your permission.

Add your security tips for online transactions in the comments section. In the meanwhile, you can read our post on Online Transactions- Ever thought what happens to your information?

Have a safe web banking experience!