Previously, people had to stand in long queues to make transactions in any bank. But emergence of advanced digital technology has enabled people and businesses alike to carry out banking transactions from anywhere. Digital banking has made lives easy like shopping on the web and making payments online. However, advanced technology has only increased the fear of facing web-based banking frauds. Hence, you need to know how to safeguard yourself from Cybercriminals who otherwise could wipe your bank balance in a couple of seconds.
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5 ways you can protect yourself from online banking fraud
1. Avoid performing NetBanking using public computers:
If you need to perform NetBanking to make transactions, even trivial ones, do not do it from public computers. Otherwise your sensitive banking details will be open to threats. Hackers will be able to gain your vital information and use it to take out your hard-earned savings from your bank account. All this will occur without your knowledge. The young fraudsters are quite talented, experts and may attack you from any corner of the world! Hence use virtual private network for the same.
2. Change your banking passwords frequently:
Be it your netbanking password, ATM password or even email password and phone password, make sure to change them frequently. It should be done every 2-3 months to enhance protection and avoid keep at bay Cybercriminals. Always use strong password for all your accounts. It needs to have 8 characters at least in length. It is better to have a mixture of special characters, numbers, lower and uppercase letters. Never share your password, even those close to you.
3. Secure internet connections:
Many people prefer to use free Wi-Fi network if given a chance just to save their own. A good number of public places are found to offer free internet services with the intention to promote their business and engage customers. Although it might appear exciting, such networks are generally unsecured and danger might be lurking somewhere. Your banking information including Social Security number could be under severe threat and you might not even know about it. Do not make any online transaction or give out sensitive privacy details using public net. Also, home wireless net connection should be secured properly using strong password.
4. Verified websites and apps:
There might emerge a need to input your banking details or Social Security number If so, make sure you do it using only verified sites or apps. This is vital and should not be neglected. Unauthorized website/app might only cause banking frauds, something you need to protect yourself from. The websites or apps used for making banking transactions should be safe, easy and fully secure. It should also come with two factor authentication along with 3rd security layer to provide additional protection. This way, you can be assured that your precious money is not deducted without your consent from your account.
5. Avoid vishing or phishing scams:
There can be noticed many messages, calls or emails that might lure you to disclosing your sensitive financial information. Fraudsters might pose as bank employee trying to verify your OTP or bank details to provide offers like rewards, cashback, etc. On deriving essential information, they will get full access to your banking information. This is inspite of you having installed virtual private network. You should not answer suspicious calls or click links that might assist hackers to derive your banking details. Discuss with the banking officials to provide you with message alerts before your account gets deducted of any amount.
Thus, following the above will help you to avoid online banking fraud and safeguard your money.