In today’s tech-driven era, online banking has become the preferred way for most people to manage their finances. However, with cyber threats, following practices is key to safeguarding your money in the virtual world.
This article discusses key tips that account holders should observe for stress-free digital banking.
Table of Contents
Understanding Online Banking
Online banking allows accessing banking services over the internet via websites or mobile apps instead of visiting traditional branches. Top banks like AU Small Finance offer net banking, video KYC, chatbots, and other digital solutions that enable completing transactions seamlessly within clicks. While such technologies usher unparalleled convenience, they also warrant more responsibility on users to leverage in-built security features.
Using Strong Login Credentials
One of the foremost online banking safety measures is using strong user IDs and passwords instead of easy-to-guess details like birth dates or names while creating their online FD.
Experts advocate passwords with a minimum of 8 characters, using a mix of upper- and lowercase letters, numbers, and symbols for complexity. The credentials should be unique for net banking and not used anywhere else. Changing passwords every 60-90 days boosts safety further.
Activating Multi-Factor Authentication
Two-factor or multi-factor authentication requires furnishing additional proofs like OTPs and login passwords upon accessing net banking. AU Small Finance Bank offers options like MPIN, OTP, fingerprint login, facial recognition, and AI features on its mobile app for enhanced security. Such measures mitigate risks from password leaks and remain among the top global digital payment security standards.
Avoiding Unethical Requests for Account Details
Fraudsters often contact targets posing as bank representatives and coax them into revealing confidential information like card numbers, net banking passwords, OTPs, etc. However genuine any call or email looks, banks never ask for account details they already possess. Users should refrain from “verifying” their data and instead directly call up bank helplines to report suspicious requests right away before losses occur.
Monitoring Account Activity Frequently
Online banking and SMS alerts enable tracking transactions closely on a real-time basis. Apart from sporadic checks, users must thoroughly review detailed monthly account statements for unusual entries or unauthorized withdrawals and immediately flag concerns to banks. Early detection facilitates urgent corrective actions like stopping payments or blocking access temporarily.
Identifying and Avoiding Phishing Attempts
Phishing denotes scammers posing as trustworthy entities like banks to trick users into clicking links that capture confidential information from login pages they redirect to. Scrutinizing the sender address in emails can reveal spoofing, while grammatical mistakes and urgent unrealistic calls to click on provided links are common giveaways. Visiting official websites directly by entering addresses rather than clicking implanted links prevents such hacking efforts.
Being Alert of Browser Autofill Requests
Web browsers may prompt offering to store or recall saved passwords for online banking logins to allow swift sign-ins upon revisits. Although autofill enhances convenience, it also raises risks of credentials theft through malware. Experts strongly recommend users maximize protection by manually entering login details each time and not permitting browsers to store banking passwords.
Reporting Security Issues Promptly
Online banking incompatible device alerts, unexplained transfers or surges in account activity should be promptly flagged to banks’ 24×7 toll-free helplines available via call/email/chat. Users must restrict further transactions until investigations are complete to maximize recovery of unauthorized transfers, catch perpetrators, and avoid expanded losses.
Maintaining OTP/MPIN Secrecy
OTP denotes a one-time access code issued for authenticating specific transactions. At the same time, MPIN allows the execution of restricted requests as per user rights. Under no circumstances should such codes be shared with anyone, as they may facilitate financial fraud. Banks never seek MPIN/OTP details from customers for any purpose. Even close family must not know such credentials.
Updating Contact Information
To enable prompt alerts and reminders on mobile numbers and emails during security events, users must keep contact data updated with banks via net banking or by intimating branch representatives. Any changed phone numbers where SMS alerts are sent must be informed without delays to prevent risks from transaction confirmation messages landing with a third party.
Using Cyber Cafés Occasionally
Shared computers in public places like cyber cafés have elevated risks of storing keystroke recorders and screen capture malware. Such compromised machines make accessing sensitive online platforms, including net banking, highly unsafe due to the potential of password thefts. Connecting via personal mobile devices or home networks better secures digital banking.
Installing Robust Antivirus Solutions
Leading cybersecurity companies have identified banking as the primary financial malware threat today. Robust antivirus software updated in real-time is crucial for detecting such sophisticated attacks, even by advanced persistent threat actors and ransomware campaigns targeting online bankers. The latest identity protection and website screening tools add further armor.
Conclusion
Digital banking empowers customers with round-the-clock access to finances, but it also warrants alertness to security measures. Banks such as AU proactively protect user interests through cutting-edge technologies like AI. Still, customers must exercise all precautions, too. One can securely take advantage of digital banking channels by using strong, unique login credentials on updated devices, setting up transaction alerts based on risk, and limiting access to account information.