The Buyt Desk
The world has seen many revolutions. The newest revolution has been worldwide connectivity via the internet. It has not only made talking to each other easy but also given access to services while sitting at home. Banking from home is the biggest advantage of the internet revolution. The safety and security of online monetary transactions are paramount. Many cyber thefts have taken place. Criminals use different ways to extract banking data, like login ID and password, of consumers. Some of these methods are hacking, phishing, and vishing. Criminals could easily execute cyber thefts because consumers do not take all the possible precautions while doing online banking.
Let us pay attention to the precautions necessary for making online banking transactions.
Do not use public computers for financial transactions: It is easy for criminals to hack into public computers and steal your banking credentials. The best practice for safe financial transactions online is to use only a fixed personal computer system for banking. Avoid using this computer system for random surfing or operating social media accounts. Also, use a good anti-virus like Kaspersky on this system. For operating your bank account online while you are outside, use your mobile network for the safety of transactions.
Safe internet browsing: Cyber criminals perform Black SEO that is they manipulate your search results to insert detrimental links. If you click on these links then your system can get corrupt, or a hacker can clone your system. Thus, be careful while browsing the internet. Be cautious to open websites with HTTPS addresses than HTTP. “S” refers to an additional layer of security.
Use a password manager: It is common knowledge to avoid using the same password for all your accounts. It is important to create a difficult password using letters, symbols, and numerals. If you find it difficult to memorize and recollect different passwords? There is an easy solution for it. Start using a password manager to store the passwords of your accounts. The manager will encrypt the passwords, thus, keeping them safe. Use a premium version of the password manager instead of free software. Free software will show free ads that can lead to malware. Use a password manager and neither write your banking credentials like ATM pin anywhere nor share them with anyone.
Check the authenticity of your bank’s communication: Any communication from your bank, such as an e-statement, will be password protected. First, the email from the bank will verify your account name and account number then only provide the account information. Beware of fake emails from spammers. Links in those emails will lead you to malware and ultimately your personal details will be stolen.
Keep track of your bank statement: After making a payment via debit or credit card, check that the correct amount has been debited from your account. Periodically your bank mails the account statement; moreover, you can give instructions to receive the statement periodically. Always go through your bank statement and immediately contact the bank in case of any discrepancy.
