Online banking provides a quick and easy way to pay bills, transfer money, and conduct other transactions. It does, however, come with its own set of risks. Phishing, Vishing, and skimming are some of the most common methods used by fraudsters to steal money. There are some basic practises that can be followed to avoid bank-related scams.
Here are some do’s and don’ts which you should take care when accessing your bank account online:-
1. Allowing unnecessary permissions to apps on your smartphone is a bad idea
Before granting permissions to any app, read the permissions carefully. Allowing apps to access more permissions exposes your personal information to the risk of being used by hackers.
2. Never disregard Android security updates; always install them on your smartphone
While software updates aid in the resolution of bugs and other issues on smartphones, they can also aid in the reduction of cyber risks. The most recent operating system includes the most recent security patches, which may be difficult for a hacker to circumvent.
3. Do not click on any bank or payment-related links sent via email or SMS unless you are absolutely certain
Do not click on any transactional links sent via SMS or email. Additionally, cyber criminals may create an urgency to act/perform a bank-related transaction at times. Keep an eye out for these messages, and always double-check the URL before clicking.
4. You should not charge your phone at public charging stations
To avoid becoming a victim of juice jacking (a cybercrime in which a USB cable is used to steal data), never charge your smartphone at a charging station. It is best to bring your own charging cable.
5. Do not conduct online banking transactions using a public Wi-Fi connection
Never use a public Wi-Fi connection to conduct online banking transactions. These are typically insecure and can be easily exploited by hackers to instal infected software on your device in order to steal your banking information.
6. Do not install Third-party apps on your smartphone other than Google Play Store and Apple App Store
Apps should only be downloaded from reputable app stores such as the Google Play Store and the Apple App Store. Downloading apps from unofficial sources puts your smartphone and the data on it at risk.
7. Don’t prefer to keep simple passwords for online banking
A weak password is easier to crack and leaves you more vulnerable. Creating a strong password lowers the likelihood of cyber fraud.
8. Share no banking or KYC-related information on social media platforms such as Facebook, Twitter, and Instagram
It is not advisable to ask a question or file a complaint on social media. It exposes one’s information, which can be manipulated to one’s detriment by cyber criminals. Even if one uses social media to communicate with a bank, the Direct Message or DM feature should be used.
9. Remember to change your online banking password on a regular basis
Changing bank-related passwords every three to four months ensures safety and security and helps you avoid becoming a victim of cyber criminals.