5 Practices for a Safe Net Banking Experience

The digitalisation of banks has made our lives easier allowing us the opportunity to perform banking related activities sitting at home. Internet banking allows us the opportunity to pay bills, transfer money, open fixed deposit accounts, etc. in a fast and hassle-free manner. However, it has raised the question about how safe our online transactions really are. India has the highest number of Internet Banking related frauds in the world and most of the cases are due to user negligence or unsafe practices. Phishing, which is a fraudulent way of getting someone’s confidential banking details, is one of the major causes of banking related fraud.

The Reserve Bank of India registered over 900 cases of fraud involving internet banking, debit cards and credit cards in 2018. In the previous years, the RBI registered 1,191 cases in 2015-16, 1,372 cases in 2016-17 and 2,059 cases of fraud in 2017-18. These numbers serve as a reminder to remain alert while making online transactions to ensure that we do not fall for phishing scams and other forms of theft.

The risk of net banking can be cut down greatly if users are aware of and employ safe net banking practices. Here are a few practices that will not only protect your data but also help in the prevention of fraud. Taking some precautions and inculcating these habits can help you have a safe net banking experience every time.

Safe Net Banking Practices

1. Change your Passwords Regularly:

The first time you access your net banking portal, you are required to use the password provided by the bank. Every bank will instantly ask you to change the password to a new one, which you must always keep confidential. It is advisable to change passwords at regular intervals. It is also advisable to keep a strong password, which is not very obvious. You should also avoid numbers like date of birth, phone number, and pin code to ensure safety.

2. Do not use public computers to log in:

Public computers like the ones in cafes or libraries are not always safe and can be tracked easily. They also lack authentic antivirus and protection measures that are necessary for safe banking transactions. You should avoid accessing your net banking services from a public computer. You should also avoid using public Wi-Fi to access any confidential information. These networks lack security and can easily be used to access the data shared over the network.

3. Keep your security questions confidential:

Security questions are an added layer of security on the servers that prevent unauthorized access. In case you forget your password or have trouble accessing your account, these questions help identify the user. Keeping these questions confidential will prevent anyone from getting access to your account. Additionally, try using answers that are not too obvious to avoid anyone from guessing your answers and getting access to your account. Without these answers, you will not be allowed to change the credentials, which make it safer and prevent any unauthorised person from gaining control of your net banking account.

4. Check your accounts regularly:

Checking your accounts regularly will give you an idea of every transaction in your account. It will help you track any discrepancies and report it to the authorities. This is a simple yet useful precaution, which can help prevent larger damages.

5. Use licensed anti-virus software:

Antivirus software is very useful when it comes to detecting malware and bad URLs that might be used for phishing. Most licensed antivirus software is designed to track and block such URLs that can be used to steal your confidential information. It is also essential to keep your antivirus updated to ensure that your computer is safe from the latest threats. Antivirus software regularly prompt you to get the latest updates to counter viruses and threats that might be in effect in recent times.

Observing these simple practices whenever you use net banking facilities will ensure a safer experience and reduce the chances of fraud. Being aware of the threats and practicing safe net banking habits is the only way you can keep yourself safe in this predatory environment. Additionally, banks also provide helpline numbers and reporting stations where you can report any fraudulent transactions.