The days of standing in long lines in a bank to make a banking transaction are over. Technology has made banking services much more accessible; digital banking has become our go-to friend, whether shopping online or making a payment. Even though technology has made banking easier for us, it has also made online banking fraud more likely. To protect yourself against such threats, you must know how to do so.
The following are 7 tips to protect yourself against online banking fraud:
1. Be sure to change your passwords regularly
To protect yourself from hackers, you must change your password every two to three months. Additionally, whenever you update your password, create a strong password that includes a mixture of upper and lowercase letters, numbers, and special characters. It goes without saying that you should not share your password with anyone.
2. NetBanking should never be performed on public computers
Whenever possible, avoid accessing public computers to access your NetBanking account. Using a public device to conduct your banking will make your details more susceptible to threats. If a hacker gains access to your secure information, you could lose money in your bank account. Make using public computers for online banking a golden rule in life, so you can avoid fraud and hassle.
3. Make sure you only use apps or websites that are verified
Any monetary transaction online should always be performed using a secure app or verified website. Fraudulent activity can happen through the use of an unauthorized app or website. Ensure you consistently access trusted apps or websites that make transactions straightforward and safe.
4. Ensure that you are using only secure connections on the internet
Free internet will be used if we can get it! The free internet provided in public places is often used for various reasons, including banking and paying bills. While free internet may seem exciting, it can significantly threaten your sensitive banking information since it may be unsecured. While making payments online, be sure to use a secure connection. You should also use a strong password to secure your home wireless internet connection.
5. Avoid scams such as phishing and vishing
The people who try to get your financial data from you have sent you emails, called you, and sent messages. Fraudsters may pose as bank employees to ask for your bank details or OTPs under the guise of cashback, rewards, etc. Your bank account can be accessed without your knowledge once they get the required information. To prevent hackers from getting a hold of your bank account, please do not click or answer any suspicious links or calls.
6. Make sure your computer is secure
Computer antivirus software is essential, with cyber-attacks on the rise. It is as important to keep your antivirus software up-to-date and enabled on your computer. As a result, you are protected against threats and malicious activities that may threaten your sensitive information.
7. When using a credit or debit card, be extremely cautious
Several instances of fraudulent card use have been reported involving travel packages, benefits, and more. Report the loss and have your card blocked immediately by the bank. Moreover, do not give out your credit/debit card information over the phone or text to an unknown individual. Use only genuine POS machines to conduct transactions.
Summary
In light of how a hacker may threaten your online banking experience, it is essential to learn how to outsmart and prevent them.