Most of us have turned to online and mobile banking since the start of the COVID pandemic. How can we be sure that these transactions will not adversely affect our financial security?
While cashless transactions and online shopping have many advantages, there are some things to be aware of to avoid being scammed by hackers.
Always Protect Your Personal Information.
Some apps ask for personal information that has nothing to do with the app’s functionality. An online shopping app that asks for the delivery address and credit card information, for example, makes sense because these details are required to buy and deliver goods online. If a gaming app makes the same request, you should be wary. Also, stay away from sharing too much personal information on social media. Please realise that whatever you post on the Internet is permanently archived.
Maintain Unique Passwords
Keeping track of multiple passwords for various web services can be a pain. However, creating unique passwords for different websites is critical. If you use the same password for all sites, a hacker could access all of them by cracking one password.
It’s also critical that you create secure passwords that are difficult to guess. Please avoid using passwords like abcde & 12345. Avoid using easily accessible personal information as your password, such as your parents’ name, date of birth, and so on. Wherever two-factor authentication is possible, use it.
Don’t Let Your System Remember Your Passwords for you.
Most browsers allow you to save your user ID and password, which will be filled in automatically the next time you visit. This act of yours can be hazardous, especially if you’re sharing the device with someone else, and even more so if you’re using a public device like a browsing centre or a workspace PC. Even if you use your device, if it falls into the hands of a malicious person, they would be able to easily access your User ID and password because you’ve made it so.
Take Advantage Of Safer Technologies
Most banking websites have a virtual keyboard option, which pops up when you click the icon and allows you to enter passwords by clicking the buttons on the screen. This is to prevent hackers from dusting the keyboard after you’ve used it, figuring out which buttons you used to type your password, and then using that information in various permutations and combinations to crack your password and steal your money.
Avoid Using Banking Websites When Logged Into A Public Wifi
The hackers can easily hack into your devices and track your device activity while connected to public wifi. As a general rule, use the internet for things like browsing YouTube videos, downloading a movie/game, and so on, rather than essential things like banking, no matter how appealing the prospect of free internet may be.
Always Logout Of Your Banking App After Use
After a certain amount of time has passed, most banking websites will automatically log you out or terminate your session. Even if they don’t, you should log out of your banking session once you’ve completed your tasks. Hackers may remotely access your banking data, modify your account, or even lock you out of your account.
Be Aware of various Scams & Phishing.
Hackers use a variety of methods to gain access to your financial information. They could persuade you to download malware onto your phone or computer. They may send you bogus e-mails requesting your account information. There are countless phishing scams in which you receive emails or phone calls from someone posing as a bank employee, asking you to share your bank account information and other personal information. Never fall for such scams, and always remember that a bank will never ask for your account number or password over a surprise call.
Awareness & Prevention are Equally Important
Whether you’re using a web browser on your computer or a mobile banking app on your phone, the primary risks are the same. Different devices, on the other hand, have various vulnerabilities. Your awareness and cautious reactions can assist you in maintaining your online safety. In this era of digital transformation, shying away from online banking is never a solution. Preventive measures and safe online etiquettes can ensure a secure online banking experience for all of us in 2021.