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6 Tips for Safe Online Banking

If you have chosen your bank account and have a new mobile banking app, you might still be at risk of compromising your banking information. Read this article to know six tips to follow safe online banking in India today.

1. Choose a Reliable Mobile Banking App

Selecting a secure mobile banking app is a good start to practicing safe online banking. You must opt for popular mobile banking services offered by well-known banks. IDFC FIRST Bank’s mobile banking app, for instance, offers robust security and instant, easy access to all necessary banking services. The bank also offers the option of a biometric login to customers. Such features can help customers practice safe online banking.

2. Do Not Use Public Wi-fi

Avoid using public Wi-Fi while transacting using your bank account. If you absolutely must use public Wi-Fi to transact online, follow these tips:

  • Hackers can eavesdrop on unsuspecting customers using public Wi-Fi for online transactions. These attacks are called “man-in-the-middle” attacks. Customers must disable public file-sharing to practice secure mobile Internet banking.
  • You can also use a VPN (Virtual Private Network) to create a network solely for your access.

3. Choose a Strong Password

Think of a ‘pass-phrase’ instead of a password for your password to be strong. You must use upper and lowercase letters and include a few special characters. Avoid disclosing personal information through your password (for example, your date of birth). Furthermore, avoid including predictable sequences in your password (for example, 12345). You must also avoid writing your passwords on pieces of paper.

4. Beware of Phishing Scams

A phishing scam is generally a case of online identity theft where an online hacker gains access to a person’s personal and financial information by sending them an email or a text. In the said email, the hacker requests sensitive information such as the person’s bank account number, or their IFSC code. You can avoid a phishing scam by verifying the sender’s email address, checking whether the link is legitimate by hovering over it, and by NOT sharing your personal details immediately after receiving such an email or SMS.

5. Purchase a Licensed Anti-virus Software

You must also take steps to protect your phone from new viruses. You can do this by installing licensed anti-virus software. Be sure to opt for a paid version of anti-virus software instead of pirated ones that are available for free. Your anti-virus software must also be updated regularly for a secure mobile net banking experience.

6. Opt for Two-factor Authentication

Banks generally recommend that customers choose a “two-factor authentication” to practice safe online banking. A two-factor authentication entails logging in to your bank account by passing through two online ‘security checks.’ In the first security check, you must enter your username and password as always. As a second security check, you can either choose to enter a code sent by the bank to your phone via SMS or to your email ID; or opt for a biometric login. IDFC FIRST Bank’s mobile app offers a biometric login option to customers.

Customers must change their passwords periodically to make their online bank accounts more secure.

Joel Gomez
Joel Gomezhttps://www.gadgetclock.com
Joel Gomez is an Avid Coder and technology enthusiast. To keep up with his passion he started Gadgetclock 3 years ago in 2018. Now It's his hobby at the night :) If you have any questions/queries and just wanna chit chat about technology, shoot a mail - Joel at gadgetclock com.

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