Digital payment is the easiest way to transfer money but we are often risking our bank account info while using internet banking. Here's a guide on how to safely transfer money online.
Internet banking has made the world much smaller as now we don't need to visit a bank to send money or purchase things from the opposite end of the globe. But with rapid growth in digital payment sectors, comes the risk of falling prey to online scams.
A recent survey shows that Indians are much more vulnerable to online fraudsters and a whopping 36% of Indians have fallen for these online scams losing money as much as 8.19 lakh per person on average financial loss.
As the demand and need for Internet banking increase day by day, here's a detailed guide on what to avoid while transacting money through any means of online payment be it net banking, UPI transfer, or mobile app banking.
Different passwords for login and transaction
In Net Banking or UPI transfer, there is more than one password-protected gateway to ensure the safety of the transactions. Do not use the same password for logging in and transferring money. Keep them different and note it in a notebook rather than your phone or computer.
Change your password regularly and keep them difficult rather than a birthday or short forms of names.\
Disclosing sensitive data on third party emails
This one is a very common fraud but a lot of times, people fall prey to emails that offer a goodie or claim to be the bank and ask for sensitive bank information. Your bank will never ask for sensitive data via email or phone calls.
Manually open Net Banking sites
If you are opting for net banking, always open the site by manually typing the site in your web browser.
A secure webpage will have https:// rather than HTTP. Make sure that the URL shows https to indicate the address as safe for transactions.
Public WiFi and VPN software
Try to completely avoid making online payment using public WiFi as the hacker can sit at the opposite end and track your transaction, easily getting access to your card details. As WiFi of public spaces such as a railway station or an airport is unsafe, use VPN software if you have to make an urgent money transaction.
Always subscribe for Mobile Notification
Make sure that your bank notifies you when you transfer or receive money. Also, check your account activity regularly by safely logging into the bank site. If your mobile notification is on, you'd be alerted on every activity and report any suspicious transaction.
