Practices To Keep In Mind To Make Specific Safe Online Banking

by Arjit Chalmela Finance Student

With the Indian e-commerce space developing due to constant spree of purchases along with more and more Indian customers shopping online. This, along with demonetisation, has led to a swift rise in the number of digital mode of payments in recent years. These consist of several forms of payments, such as net banking, debit/credit cards, mobile wallets, UPI, etc. This also calls for an increasing requirement of recognising on how to safeguard online payments.

While technology has made it simple for us to manage our daily expenses, but every great innovation has drawbacks too. This wave of online mobile banking has also opened doors to risks of cyber theft as new users, and the less tech-savvy do not take all the adequate safety measures while using internet banking.

Lot of us tend to save personal financial information on various digital payment platforms for quicker payments. While it does make our lives easier, it also causes a severe security threat.

While doing transactions online, we are subject to various risks of scams such as – loss of money and financial data, phishing scams, and identity theft. Since most of us now use net banking to make online payments, one must take safety measures to protect your money, both offline and online.

Here are few rules to follow to ensure safety while indulging in financial transactions on the internet.

Use a dedicated email address for online transactions

If you are a regular online shopper, we propose that you create a separate email address just for online shopping. Keep this email account clean and uncluttered. This way if you receive any harmful email, on your primary ID, with dubious promotion offers in it you will be able to spot them right away.

Keep an eye on payment alert messages

In case, you do not have the SMS alerts facility active, we advise you should get it as soon as possible. The SMS alert facility will inform you of any bank account activity. Hence if you do not initiate any transaction can be reported to the bank immediately and cancel all your cards. If informed on time, your money is safe, and the bank will compensate you for losses, if any, as per RBI guidelines. You should go to the best banking app suggested by your bank.

Avoid public computers and Wi-Fi

Never do any online mobile banking transactions publicly. Also, avoid using Wi-Fi for financial transactions as they are unsecured networks. Anyone can join the network as there is no key or password to access it. Such networks can easily fall prey to hackers who can steal your details.