The digital age has made life a whole lot convenient, however, it has also created a safety threat that didn’t exist before. Internet fraud is all too common and it can happen to literally anyone. Yesterday, we recognized ‘Safer Internet Day’, a day which inspires the use of technology responsibly, respectfully and critically. If you are someone who is constantly making transactions online, either in terms of online banking, investing or even online shopping. Here are a few DO’s and DON’Ts that we have put together for you to follow stat!
Set The Least Obvious Password
Every transaction you make online requires either a password or a pin number to authenticate your identity. It is one of the key things that protect your accounts and money from theft or fraud. Setting a password that isn’t the most obvious thing, like your birth date or your name, for example, is advisable. Your password should be such that someone trying to hack into your account cannot guess it.
Keep Your Device Updated
Irrespective of whether you prefer banking or transaction via mobile, laptop or desktop it is imperative to keep your device updated to the latest version along with the latest anti-malware software. It is possible that due to constant browsing and use of the internet a virus might creep into your system. This virus might be feeding off the information you input and gaining knowledge on your passwords etc. Hence, updating your device helps to get rid of malware and keep your devices virus free, which in turn helps in protecting your private data.
Don’t Share Sensitive Bank Details
Your bank account is yours, it’s personal, so treat it as such. Your private details are not to be shared with anyone, even if you trust the person there is no real need to share your details with them. Though they might not want to take advantage of you, sharing sensitive details with them increases the chances of them mistakenly letting slip the details to a third person. And that third person might not have the best intentions in mind. So, avoid it as far as possible.
Beware of Fake Calls And SMSs
One of the well-known strategies used by frauds is by sending you messages or calling you disguised as bank employees. These frauds get to you because they have your name and phone number and then they go ahead to ask you for details such as OTPs, CVV numbers etc. Never give this kind of information on the phone or through SMS to any unknown person! Also, sometimes, frauds target unsuspecting individuals by sending out messages that say you’ve won a whole lot of money, and only need to share your bank details to redeem it. This too, is a fraud strategy. In short, any call or SMS that you get out of the blue is not to be trusted. So keep your ears open and your mind clear.
Don’t Bank or Invest Using Public WiFi
Public WiFi’s aren’t a 100% safe. It is rather easy to manipulate the exchange of information that happens over an open public network. Frauds do this by changing certain settings that are so well hidden, that a normal user won’t even suspect something is wrong. Hence, as practice, never make any kind of transaction using public Wifi. On a side note, if possible, don’t use public WiFi to enter social media passwords, those can be made a note of and manipulated.
Now that you know the Do’s and Don’ts of online banking and investing we hope that
you have a pleasant banking experience, free of frauds, every single time!