Whether it is bill payments, funds transfer or creation of a fixed deposit, internet banking allows you to do it in a fast and convenient way. Instead of going to the bank and waiting in an unending queue, internet banking has made all banking functions accessible through a few clicks. However, this facility needs to be used very carefully due to the risk of phishing – fraudulent means of attaining your confidential banking information.
Listed below are seven smart tips for internet banking.
- Change your password regularly
For the first time you login to your internet banking account, you will need to use the password provided by the bank. However, you need to change this password in order to keep your account safe. In addition, keep changing your password at regular intervals. More importantly, always keep the password confidential.
- Do not use public computers to login
Avoid logging in to your bank account at common computers in cyber cafes or libraries. These are crowded places, and there are more chances of your password being traced or seen by others. If you have to login from such places, make sure you clear the cache and browsing history, and delete all the temporary files from the computer. Also, never allow the browser to remember your ID and password.
- Do not share your details with anyone
Your bank will never ask for your confidential information via phone or email. So, whether you get an apparent phone call from the bank or an email requesting your details, do not give out your login information. Use your login ID and password only on the official login page of the bank, which should be a secure website. Look for 'https://' in the URL when logging in; it means that the website is secure.
- Keep checking your savings account regularly
Check your account after making any transaction online. Verify whether the right amount has been deducted from your account. If you see any discrepancies in the amount, inform the bank immediately.
- Always use licenced anti-virus software
To protect your computer from new viruses, ensure that you always use licenced anti-virus software. Pirated versions of anti-virus software may be available for free, but they may fail to protect your computer from new viruses prevalent in the online world. In addition, you will get notifications for updates in the software periodically. Make sure that you keep your anti-virus updated, so that your confidential information is always protected.
- Disconnect the internet connection when not in use
Most broadband users do not disconnect the internet connection on their computer when they are not using it. Malicious hackers can access your computer via an internet connection and steal your confidential banking information. To keep your data protected, ensure that you disconnect from the internet when you do not require it.
- Type your internet banking URL
It is a safer to type your bank URL in the address bar of the browser than clicking on links given in an email. There are instances of fraudsters sending emails with fraudulent websites links that are designed exactly like the bank’s original website. Once you enter your login details on such a website, they may be used to access your account and steal your money. While logging on, check for 'https://' in the URL and ensure that it is your bank’s authentic website.
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FAQs
Always ensure that the websites you use for financial transactions are secure. Look for HTTPS in the URL and a padlock hero in the address bar. Avoid conducting transactions on non-secure websites. Regularly review your account information and transaction history.
Why can't I use my debit card online? ›
It is common for banks not to authorize certain transactions based on their internal policies. When a payment fails, it is likely due to filters the bank applies to certain transactions made online, or amount limitations applied to the card.
What should you do to ensure secure online transactions? ›
Use your login ID and password only on the official login page of the bank, which should be a secure website. Look for 'https://' in the URL when logging in; it means that the website is secure. Check your account after making any transaction online. Verify whether the right amount has been deducted from your account.
What is the most secure transaction method? ›
Credit cards, debit cards, digital wallets, bank transfers, and checks are the safest ways for merchants to receive customer payments.
What is an example of a secure transaction? ›
Some common types of secured transactions include mortgage and car loans. When a debtor borrows money to purchase a car, the vehicle is the collateral for the loan. The creditor has a security interest in the vehicle and the creditor can repossess and sell the car if payments are not made.
How do I make my debit card eligible for online transactions? ›
STEP I: Login to your bank's internet banking portal with your credentials. STEP II: Go to the 'Value Added Services' or the 'Cards' section, depending on your bank's website, and choose 'debit card ON/OFF'. STEP III: Choose the card you want to enable from a list of all your linked debit cards.
Why does my debit card keep getting declined online? ›
Your debit card may be denied due to overdrafting, reaching daily purchase limits, or your bank suspecting fraud. How can I prevent my debit card from being denied? It indicates an expandable section or menu, or sometimes previous / next navigation options.
Why is my debit card blocked for online transactions? ›
Theft or Loss: If your card is stolen or lost, it is blocked to prevent unauthorized transactions. Security Issues: Banks may block your card for security reasons to prevent data breaches.
How do I make sure my online payment is secure? ›
10 best practices for secure online payment processing
- Understand your PCI compliance requirements. ...
- Encrypt data with TLS. ...
- Implement 3D Secure 2. ...
- Multi- or Two-Factor Authentication. ...
- Require Card Verification Value (CVV) ...
- Use payment tokenization. ...
- Ensure your website platform is secure. ...
- Implement a fraud detection tool.
What is the safest way to do online transactions? ›
Secure online payment methods
- Credit cards. By and large, credit cards are easily the most secure and safe payment method to use when you shop online. ...
- ACH payments. ...
- Stored payment credentials. ...
- Credit cards with EMV chip technology. ...
- Credit cards with contactless payment. ...
- Payment apps.
Verify the security of the website you're using by looking for ”https” at the beginning of the URL and checking for the closed lock or unbroken key in the browser, which indicates that your data will be secure and encrypted when submitted on that website.
What transaction has the most risk? ›
High-Risk Transactions Examples
- Card-not-present transactions.
- First-time customers.
- International transactions.
- High-ticket purchases.
- Transactions in high-risk industries.
- In-person transactions.
- Chip-related transactions.
- Transactions with digital authentication.
What is the safest online payment app? ›
Our Top Tested Picks
- Best for Android Users. Google Pay. Jump To Details. ...
- Best for Buying Stocks and Bitcoin. Cash App. ...
- Best for Shopping Online. PayPal. ...
- Best for Instant Bank-to-Bank Transfers. Zelle. ...
- Best for Purchases iOS and Mac Users. Apple Pay. ...
- Best for Contactless in-Store Purchases. Samsung Pay. ...
- Best for Paying Friends. Venmo.
Which is the safest mode of transaction? ›
Safe online payment methods
- 1) Virtual cards. Definition: A virtual card is a type of temporary payment card that, rather than being physically issued as a plastic card, exists exclusively in a digital format. ...
- 2) Digital wallets. ...
- 3) Prepaid cards. ...
- 4) ACH payments. ...
- 5) Cryptocurrency transaction.
How do you ensure payments are secure? ›
Here are the best ways for your business to process secure payments online.
- Understand your PCI compliance requirements. ...
- Encrypt data with TLS. ...
- Implement 3D Secure 2. ...
- Multi- or Two-Factor Authentication. ...
- Require Card Verification Value (CVV) ...
- Use payment tokenization.
What is required to create a secured transaction? ›
There are three requirements for attachment: (1) the secured party gives value; (2) the debtor has rights in the collateral or the power to transfer rights in it to the secured party; (3) the parties have a security agreement “authenticated” (signed) by the debtor, or the creditor has possession of the collateral.
How are transactions secured? ›
To prevent financial losses resulting from fraudulent transactions and provide a trustworthy user experience for customers and clients sharing their personal data, common transaction security measures include advanced modern data encryption, multi-factor authentication (MFA) and digital signatures.
How do I receive payments securely? ›
Choose a well-known payment service provider to process credit card and ACH payments to ensure your (and your customers') financial information stays secure. Look for providers that use security measures like encryption and multi-factor authentication to prevent theft and fraud.