The majority of Indians prefer internet banking for transactions owing to its host of advantages like 24-hour accessibility and anytime fund transfers or bill payments. However, unless one is extremely careful, online banking can be prone to several security breaches, online fraud being one of the most severe yet common consequences.
That being said, an individual can adopt some pre-emptive measures for online fraud protection. Discussed below are thus a few handy tips that can help one to enjoy safe internet banking without much hassle. Besides following the tips as mentioned below, one can also opt for additional layers of security in the form of insurance policies with required coverage benefits. Take a look.
10 Easy tips to avoid internet banking fraud
If one strictly follows the essential online banking security tips elucidated below, one should be able to ensure fraud prevention remarkably and enjoy a safe online banking experience.
- Change passwords frequently
One of the most common reasons behind online fraud is an easily decipherable password. Internet banking users must always choose a strong password and change the same at regular intervals. It is further advised not to use personal information like birth dates or names as passwords. Instead, one should include a random alphanumeric mix for unique password creation.
Individuals can also opt for insurance coverage as an additional layer of protection to secure their internet banking experience. For instance, the NBFC Bajaj Finserv provides Pocket Insurance and Subscriptions such as Wallet Care at affordable premiums. The policy can provide coverage up to Rs.2 lakh to insured individuals besides offering multiple facilities and convenience in case of online fraud.
- Monitor account statements
It is a healthy financial protection habit to keep a close check on account statements every month. In case of any discrepancy like suspicious charges, credits, or debits, one should thus be able to immediately contact the concerned financial institution to be on the safe side.
- Use secure networks for online transactions
One of the most common types of internet frauds occurs when one uses unsecured networks like public Wi-Fi for online funds transfer. Most of these networks are unencrypted and are thus easy targets for hackers.
It is also advised to ensure that the financial institution’s website has a lock symbol in the address bar. It indicates at an encrypted site, thus ensuring the safety of one’s personal information from fraudulent access.
- Never turn off account notifications
While frequent notifications can be annoying at times, account-related messages and updates are certainly something to look out for. The financial institution communicates in the form of emails, texts, etc. to alert customers every time their account is accessed or a transaction is made. Thus, in case one notices a transaction that he/she did not initiate, the individual must intimate the financier immediately.
Also, individuals usually save their personal information, including account details on their phones. Theft of such devices can thus be a cause of an untoward online fraud as well. To avail protection against financial liabilities or other severe damages like identity theft arising out of such occurrences, consumers can opt for suitable insurance policies like identity assure coverage plan.
- Always log out after an online transaction session
Once done with their internet banking session, individuals must always ensure to log out of their account to avoid session hacking and cross-site scripting exploits, some of the most common types of internet frauds.
Individuals who use their cell phones for online banking should also always use a private browser and clear its cache at the end of each session. Besides, availing an insurance policy like bajaj fraudulent charges cover can be of great help to consumers as well and cover for any unauthorized transactions.
- Remain vigilant of email scams
Financial institutions typically do not ask their customers to share sensitive personal information like account details and passwords over a phone call or email. Hence, one should be aware of various email scams and never provide sensitive data over email or phone to avoid online fraud.
- Never shop with unfamiliar online retailers
One must conduct thorough research before making a purchase from an unfamiliar online retailer to avoid falling prey to online scams. It is thus always advisable to make online purchases from a trustworthy and well-known portal.
- Use advanced antivirus software
Users should also not compromise when it comes to authentic and updated antivirus software. Such an installation screens everything from emails to pop-ups and is one of the simplest ways to ensure fraud protection.
- Update the Operating System routinely
Operating System updates usually come with stronger and stronger security upgrades that can offer improved protection from internet banking frauds. Hence, it is suggested that users never skip OS updates and install the newest editions to ensure data safety.
- Use the official banking application
Last but not least, individuals must always use the official website or banking application to make any transaction. Encrypted mobile applications provided by financial institutions are one of the most secure ways to conduct online transactions.
Hence, one should stay vigilant and careful while availing the benefits of internet banking to remain protected from online fraud with these tips. Plus, individuals can also avail suitable insurance covers from financial institutions for comprehensive fraud protection.
Additional Link: 10 Tips to Avoid Common Financial Scams
