Digital banking comes with its pros and cons. If we notice closely, several other countries have started eliminating cash systems and are becoming more reliant on Digital or internet banking. And, with all the digitalisation, hackers and cybercrime have also increased in recent decades.
Therefore, keeping money safe while performing online transactions is a crucial aspect to consider. Opting for secure platforms becomes even more important when applying for an instant cash loan online.
Here’s detailed information about the basic banking tips and strategies to establish online banking security:
Use Secure Passwords
Passwords are an essential line of defence when it’s relevant to all your accounts. So, try to keep different yet strong passcodes for banking access.
Enable Two-Factor Authentication
Some major banking applications and online social media sites follow multifactor authentication to add a step between entering a password and granting access. This two-factor authentication process offers an extra layer of security through message codes, such as OTP or email codes. The most common methods of multifactor security are often seen in Google and Microsoft Authenticator. Similarly, using an instant loan app also requires such security measures to ensure safe and reliable transactions.
Check Website Security
Before logging into any website or multiple applications, check whether they are asking for personal or financial information that is not intended to be provided. If there’s any doubt, take a close look at the URL, which should begin with “https” instead of “http.” on the left side of the address bar, appearing as a small graphic of a padlock.
Be Social Media Savage
Sometimes, you need to be tech-savvy when it comes to your online financial security. With the expansion of social media and financial spaces into digital wallets and mobile payment services, there is a high risk of being vulnerable to cyber theft. Hence, try to change your settings almost every one or two months, so only participants can see your transfers. Use different passwords for every website you use, so if one is compromised, the other are not. Always confirm payments from the party you are sending or receiving, just as you would in a real-life transaction.
Beware of Online Shopping Risks
The convenience of online shopping has grown over the past few years. However, there has also been a persistent question mark over the safest online payment methods and digital banks in India, which are reliable enough. Therefore, using credit cards or online payment methods like PayPal, Google Pay, and Paytm is the smart choice to avoid fraudulent charges.
Please note that all these payment methods are linked to your credit card, rather than directly to the bank for digital payments.
Avoid Unsecured Public WiFi
Unsecured public WiFi is high-risk because hackers attempt to lure users by setting up private networks that appear as free public WiFi, allowing them to directly connect to your device, whether it’s a computer or a smartphone. This can lead to a horrific situation, such as stealing personal information or installing malware, also known as spyware.
Session And Log Out
Practice safe banking and stay updated with your digital bank for online transactions by logging out after every session, especially when using public networks like those at the office, college campus, or any shop.
Stay Away From Phishing Scams
These are some of the common scams to trick victims into deep cyber thefts while revealing sensitive information through emails, text messages, and phone calls. The links, any unrecognised invoice, a problem with account or payment, a free coupon on products and services, and any suspicious activity are all part of phishing scams. They often look authentic and official, but they are not.
Secure Your Devices
Use strong passwords or PINs on your phone or computer to prevent unauthorised access to your accounts. Always keep a pin or password on your phone and laptop.
Is Your Money Safe in Digital Banks?
Yes, your transactions and savings are safe when handled properly, with online safety measures in place while keeping all necessary precautions in check. Online banking is a reliable tool for managing finances, but it is essential to understand proper security measures to avoid scams. Therefore, follow all these steps to relish online banking with ease and greater peace of mind.
