Advancement in technology is carrying banking to new levels now-a-days.Most of the banking work you can do online from the comfort of your home.Although bringing the convenience,the technology intrusion is also keeping you exposed to the potential risks of online frauds if you don’t stay alert.Knowledge is the major factor to counter these risks.
Use of credit cards,debit cards and internet banking is increasing day by day.These users are the major targets for online frauds.The card issuing companies keep bringing innovative ideas to keep banking safe.Contactless Cards is a recent example of it.Even then sometimes,people suffer from these frauds out of ignorance.Keeping few simple tips in mind,you can drastically reduce your risk of being victim to such miscreants.
1. Keep Sensitive Information Safe – You shall be getting regular mails from your bank about keeping your sensitive information safe.You need to take this warning seriously.Never make your login id,passwords or PIN for credit and debit cards accessible to anyone.Avoid writing it over any diary or in any online account like emails.
2. Never Disclose Sensitive Data To Anyone – Never ever disclose your sensitive information about banking products to any one.It is quite common to get a phone call where someone starts asking you credit card or debit card number,its expiry date and CVV number.CVV number is a 3 digit number on grey strip behind your card.They may identify themselves as executive from card issuing bank and seek the information on the name of Verification.
You must be aware that banks never ask your CVV numbers or expiry dates.At best they ask for is your home address and your date of birth.Other than that,you need to become alert suspecting of a fraudulent call.Sometimes,the fraudsters also try to allure by telling you about some prizes on your card.
3. Switch Over To Chip Based Cards – Banks have started substituting the current credit and debit cards with new chip based cards.Using these cards for online transactions or swapping at merchant shops would require entering PIN to complete the transactions.This adds extra feature to security of cards.Make sure you get these latest cards by replacing previous cards.
4. Visiting Bank Website – Never visit bank’s website for internet banking from links in your mail box or an advertisement.Always open website by typing the full web address of bank in your browser.After the website has opened,check its authenticity and security by seeing ‘ https’ in green colour in web address bar on login page.Example for ICICI Bank (red circle) –
5. Virtual Cards – Some banks allow you to create Virtual Cards on account of your real card for online transactions.You have the liberty to set lower credit limit with these Virtual Cards.Some Virtual Cards become invalid after one transaction or you may also delete these cards anytime if you don’t need them.This is important security feature because it allows you to expose only the credit limit of your will to online eyeballs.
6. Using Virtual Keypads – There are malwares which can tap your keyboard strikes when your enter your login and password data for internet banking.You’d never want that to happen.So make habit of using Virtual Keyboards for entering your passwords.All banks provide Virtual Keypads for password typing.
7. Downloading Mobile Banking Apps – Never download a mobile banking application from unauthorised source like links in email or SMS.Always download from the official website of bank or from authentic app stores.
8. Keep Your System Safe and Secure – We talked about malware implication in internet banking above.Keep your personal computer equipped with quality Antivirus or Internet Security software to keep the threats of malwares or phishing intrusions away from your banking.To keep mobile banking apps and transactions secure,use Antivirus for mobile phones too.
9. Changing Passwords Regularly – Avoid accessing online banking at shared computers.Keep changing your passwords regularly.Keep passwords long and strong,according to required parameters.
10. Mobile Number Registration – Keep your mobile number registered and updated with the bank.Having a mobile number registered with the bank,ensures that you get OTP or One Time Passwords to keep your transactions safe.Never share this OTP with anyone.You also get regular intimations about your account activity on your mobile.
11. Using Wallet Protection – You may opt for insurances for your credit or debit cards.This is to safeguard you against fraudulent transactions in unfortunate circumstances.You may have wallet protection for all your documents and credit or debit cards.
12. Informing Customer Care – Always keep with you the up to date customer care numbers of all the companies,you hold credit or debit cards of.In case,you loose your cards or you disclose your sensitive information unknowingly,inform the concerned customer care at the earliest.This helps them blocking your cards immediately,saving you of fraudulent transactions.
These are the common do’s you can do to keep you protected from online frauds.If you have some more useful tips,do share with us in comments section below.Safe Banking !