Safe Digital Banking Experience- How We As Consumers Can Help

This year, the Financial Literacy Week by RBI focuses on "Consumer Rights" to educate consumers on their part to have a safe digital banking experience.

"Ignorance is bliss" is a common phrase that falls in the negative of banking or finance related books. Regardless of what we hear every day or read in every passing ad- we all fall short to follow the simplest of steps to ensure a safe online banking experience. An online banking fraud happens when a person (or in this case, a hacker) takes hold of your bank account details to do absolutely anything, from taking out cash to selling details to another party to posing threats to someone under your name.

As our financial transactions become more digital, banking and other financial institutions are making sure to secure their own network and their customer’s money in the best possible manner. But as an individual, it is important to follow few simple steps that ensure security provided by your bank is supported by your diligence and caution.

First and foremost, secure the basics-

Password- Keep it Gibberish, one that no one can predict. Use uppercase, lowercase, numbers, symbols and anything that you can think of!

Log in- Only through secure networks. Do not use the free Wi-Fi available at public places for your banking work. Keep all bank related work preferably at home with your private network or mobile data.

Monitor- Your debit and credit cards are vital mediums for potential hacking. Make sure you always keep an eye out on every transaction and SMS sent by the bank.

More of the above 3, the better- To safeguard your bank account, keep another level of security at every stage. Login with OTP sent to your mobile number, or use secret question to avoid potential hacking at that moment, and do monthly reviews of your bank statements.

Second, understand the enemy-

System attack- A commonly known term "malware" is software designed to infiltrate or damage a computer system without your knowledge. Examples of malware (malicious software) include computer viruses, trojan horses, spyware and adware. Don’t fall prey to such an attack by making sure you have updated anti-virus software that scans everything including emails, on your computer as well as on your mobile phones and tablets.

Email attack- Your bank will never ask you to provide personal information via any email or online communication. Similarly, nobody is ever so rich to just send you money from abroad by only getting your personal information. Do not pay heed to such activities or emails. Such kind of activity is called "phishing" where an individual or organisation tries to acquire your details for a fraudulent act.

Browser attack- Known as "domain spoofing", this cyber crime interferes during browsing activity, only to reroute you to a fraudulent site. Once there, you are asked to enter personal information, just as with "phishing".

Thirdly, now that you know the above two, be alert:

Do not share your card or account details- No matter how trusting you are towards the other person; you or the other person might still be unaware whether they’ve been a victim of online fraud. Banking is a personal activity which you should never let anyone else handle for you.

Turn off the Bluetooth- It’s very common to be hacked via your Bluetooth device in your mobile phone. Hackers, once getting access into your phone can create chaos in unimaginable places, including your bank account.

Log out properly- Thinking that by cancelling your browser window, all processes will be shut down is a myth. Always make sure you log out of your profile before exiting the window.

Update your systems- Whether it’s iOS, Android or Windows; your system will always prompt you when an update for operating system is needed- do not ignore it. Keeping your system updated ensures safety against potential threats that change their ways every day!

Online fraud is becoming common day-by-day but so is it’s antidote with various software and techniques. Having said that, at our end, we must ensure conscientious practise of safety measures for a fraud-free online banking experience.Now that you know what to do, spread this knowledge and let’s unite to help RBI attain financial literacy all across the nation this RBI Financial Literacy Week 2018.

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61 thoughts on “Safe Digital Banking Experience- How We As Consumers Can Help”

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