Until the 19th century, no one ever expected that the banking industry would witness such a boost. Well, all thanks to the online world that incorporated banking and the people got the privilege of online banking. Whether one wants to make large transactions or do investments, with online payments and banking systems each intricate task can be performed with just a few clicks.
Every situation comes with a boon and a bane. Undoubtedly online payments and banking have aided human life but on the other hand, one should always remember the risk involved. Tapping any undesired link or a single wrong click on the web can get you into trouble and at times cause pathetic monetary losses. As per the Reserve bank of India, the bank entities reported 2,331 fraud cases involving Rs 87 crore. This number is a clear indication of the threats related to online banking.
Both online banking and payments should be carried out with vigilance, keeping in mind that there are nth hands of opportunistic scammers waiting in the online world to catch you off guard and take your money. To help you keep your online banking and payments experience secure here are some techniques that are sure to keep you distanced from online scams.
3 Use only the verified apps
In this digital world of smartphones and mobile applications, it is very important to know that you are using only the right and safe apps. Not every app suggestion you get would benefit you. Mobile apps have become one of the easiest ways to stretch out the hand to numerous services but be cautious while using and downloading the apps on your smartphone. Make sure to install the apps only from authentic and verified app stores rather than any random link.
Fintech companies are taking every countermeasure to protect users from getting trapped in any financial fraud in India via smartphone apps.
Access to free WiFi gives music to the ears of many but are you aware of whether signing in to an unsecured public WiFi connection can make you fall prey to the hands of cyber criminals? With the help of an unsecured public WiFi connection, these cyber-criminals can track your activities and get access to your gadget. It is highly recommended to use a secure private connection to make an online payment or share critical personal banking information. Avoid using public WiFi connections available at cafes, railway stations etc. instead prefer your mobile data or hotspot.
Website surfing is fun but it also involves an equivalent amount of risk. Not all websites that seem professional would indeed be beneficial. Until you aren’t sure about the legitimacy of the website you are surfing, you should avoid making online payments. Consider using only those websites with “https://” in the URL preceding the “www” and domain name. Being observant on the internet is vital, at times there are fraud websites with domain names that are dupes of the well-known brands
Be it your mobile phone or your computer security software, web browser, and operating system should be kept up to date. While creating a password, be very particular about what you choose. Avoid easy-to-guess passwords and come up with a strong combination of characters that include upper and lowercase letters, digits, and also special characters. Make sure you change all your internet banking passwords at a certain interval. In order to avoid security lapses another extraordinarily strong point is never to keep the same password for all your online banking payment accounts.
If you are searching for an app that can help you store all your documents and IDs securely then nothing can be better than Zoop Wallet. It is end-to-end encrypted and you need not worry about your data being used by any third party.
While making payment at a restaurant, or store or receiving home delivery make sure that the card reader POS machine is legitimate. A card skimmer can be disguised in the form of a card swiping machine or a card reader POS machine. The card skimmer has the functionality of capturing all your personal information to steal your money. While you are outside India, choose only the international transaction options as in case of the same there the need for 2-step verification is eliminated.
Cyber fraud tends to happen when people trust a third party posing themselves to be a bank representative or financial institution over the phone, SMS, or email. Making wise choices would always keep you on the safer side hence before sending money make sure to verify the identity of the person who is requesting your personal information. Communications initiated from unknown sources are often fake. It's not essential to click on any link, image, or attachment shared with you. Make the right choices and proceed further with only the information that has been delivered in response to your request or application.
Report/block calls, SMS or E-mails that look suspicious rather than answering them.
Remember all that glitters is not gold. Catchy links are intended to convince you to click so that they can steal your information and get access to your bank accounts and online payment accounts. They can also try to make a way to your heart by giving you appealing internet offers, and that seems true. The most sensitive used weapon is pitching the user by telling them that they have won some lottery or some reward in a contest (that they have never registered for).
Do not tap on any click that looks overwhelming.
Fraudulent callers often disguise themselves to be representatives of a bank or financial institution employee to seek personal information. The most commonly used tactics are they talk about offerings related to card or service expiration, free cashback, and the use of reward points. They convince you to share financial and personal information. Their motto is to derive all your banking and relevant information to withdraw money from your account. Scammers wickedly impersonate your acquaintance and beg you to send money putting forth their situational emergency. In all these scenarios thinking twice is the only rescue.
Apps such as Truecaller help you in identifying the basic details of the calls/sms received on the phone, thus people assisting people in distinguishing between genuine and fraudulent calls/sms.