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Things To Be Aware Of While Banking Online

 

In these fast moving times, the ability to bank from the comfort of a laptop or a PC makes managing your money easier and a lot more convenient. With access to online banking, you get a comprehensive overview of your bank account, better visibility of your finances, the ease of paying utility bills, a safe payment option when shopping online and not to forget the ease of receiving and transferring money, which otherwise would have been done through traditional yet tedious modes of handing over cheques or cash at the bank’s counter.

In order to safeguard the experience of their customers banking online, banks have employedmultiple kinds ofsecurity measures and interfaces.Measures like 2-Factor Authentication for fund transfers, online purchases and other operations as well as security questions when you try to operate your Net Banking account from a different machine or new IP address have been used to ensure your account’s security on the internet.

At the same time, it is also importantto be aware of the various kinds of threats and the good practices that you can adopt to keep your online banking experience safe and convenient.

Phishing

In phishing, you may receive e-mails from somewhat doubtful email IDs where even clicking on the links or attachments in the mail maybe a risk to your Bank account’s security. These e-mails usually look legitimate so it is good practice to check the sender’s credentials before performing any other action on the mail.

These e-mails ask for your personal and financial account details, security codes, ID codes and passwords which are then misused.Fake websites using the name, logo and details of banks are also created and used to trick customers. Such mails might also install malware on your system. It is a good ideato carefully monitor your e-mails and refrain from giving outinformation to such websites.

Even from your own personal experience you would know that your Bank will never ask for such details. The best thing to do would in such cases is to contact your Bank immediately to report about such mails for the greater good of public awareness.

Vishing

Vishingis the same as Phishing, except that instead of luring customers via e-mail, the scammers useVoice over IP or a direct telephone call to gain access to your personal details.As an instance, you might get a call from someone claiming to be an employee of the Bank you have your account in. Citing reasons like unauthorized transactions or standard safety procedures, they might ask you to share your personal and financial details so that they can verify and secure your account. Once you share your details, they use it to gain access to your account and manipulate your funds.

Vishing, as it is conducted by voice process, is difficult to be traced and brought to justice. Such scams are often generated from across borders and international countries, so as to avoid law and enforcement. Message or calls that seem suspiciousto you should not be entertained. Do not share any kind of details if you get such calls.Instead of responding to such calls, get directly in touch with your bank or the organization they claim to represent.

SIM Cloning

Once someone procures your internet banking login details via phishing, he could clone your mobile phone SIM card with the help of fraudulent documents. This allows him access to the OTP (One Time Passwords), a security feature required for completing a transaction which he then uses to execute fraudulent transactions through your account.

Ensure that your registered mobile number is always active so that transactions using a duplicate SIM card are not performed in your account. If your SIM card is deactivated, please call your mobile phone operator immediately.

While banking online, don’t forget to logout from your online Banking account and close the browser page once done as well as clear your browser history, cookies and cache to ensure that there is no data stored on the computer.  In case you suspect that you have become a victim of any fraudulent activity, please inform your bank and report it to the nearest police station. Your bank will ensure that no further transactions take place by temporarily blocking the internet banking facility on your account.

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