The digital payment transaction volume has seen an increase from 2071 crores in 2017 to 13,462 crores in 2023. That’s a massive jump, and says a lot about the digital infrastructure in India.
Most of it are UPI transactions, followed by other usual modes of payment like NEFT, IMPS, Debit, Credit, NACH, AePS, and more.
With so many new users relying on the internet for banking and finance transactions, scammers and malicious attackers get a chance to target you. So, how do you safely perform online banking?
Fret not, this article is meant to serve all your queries and provide you with all kinds of tips to ensure that you get the best secure banking experience.
Some are general tips for everyone (irrespective of your country), however, I have geared the guide towards Indian banking users.
What Do You Need for Secure Banking?
Numerous people get the fundamentals wrong to ensure a safe banking experience. So, what are they? Let me list them out for you:
- A secure device
- A secure network
- A secure app/website
- A secure web browser
It may not be a good idea to perform any transactions or banking activities if you do not have these right.
No idea how to know if your device is secure and if it is using a secure network, app, or website? Let me give you top 10 banking pointers with some dos and don’ts.
- Your device is secure as long as it gets software updates. If your smartphone or computer’s operating system hasn’t been updated, you need to perform a system update. Of course, backup your important files before doing that.
- If your smartphone is no longer receiving updates, it is time to get a new device that will receive longer software updates. The latest phones by Google, Apple, Samsung, Nothing, Motorola, and some other manufacturers should be a safe bet for future proofing.
- If you think your smartphone is no longer getting updates, and you cannot possibly get a new device currently, it is not an ideal situation. So, you might want to limit your banking activities on that device.
- Check your App Store and Google Play Store regularly for app updates— or enable auto-updates for the applications to update automatically at regular intervals.
- Do not use public Wi-Fi networks without a VPN.
- Do not use a public computer for banking transactions.
- Do not install browser extensions that you don’t know about.
- Do not use uncommon web browsers for banking operations. Stick to popular options like Google Chrome, Edge, Mozilla Firefox, and Safari.
- Always ensure that you are using the official mobile banking app and the official website for online banking. You can perform a quick Google search to know about it, or ask the bank support staff to help you with it.
- Be vigilant about when someone asks you for money online or offers something too good to be true.
Tips to Protect Your Debit/Credit Card
While UPI is a dominant form of payment in India currently, credit/debit cards will always be around.
To make sure that your cards are safe from data breaches, and away from unauthorized use, I will recommend you to follow some rules for yourself:
- Do not enter your credit/debit card information on any website you feel like. Limit it to websites that you can trust, and have done decent background research on.
- Do not store your card details in an unencrypted format anywhere on your device (PC/mobile).
- You can use a password manager app like Bitwarden or use your manufacturer’s Wallet app like Samsung Wallet to store the information to access it securely.
- It is good to check if the website you are entering your data is PCI DSS compliant, but sites can use a fake logo as well. So, ask around for real customer reviews if the web store is brand new. Do enough research before you enter your details with them.
- Tweak the card settings for online/wireless/POS transaction limit values, as per your regular requirements. So, even if you are a victim of fraud, the attacker cannot take a lot of money (reducing your liability).
Separate Bank Account for Online Banking: My Preferred Way!
Along with all the necessary research, and staying cautious, you can choose to make a separate bank account (and card) to perform online transactions.
You can keep your primary bank account more private by doing this.
Of course, you still need to protect your card information from the primary bank, and ensure the right card settings.
But, with a secondary account and card for online transactions, even if you are notified of a breach on a website you used it on, you can just deactivate the card for a new one. And, all of this, without any inconvenience to your daily life activities (which you use your primary bank account card for, like ATM transactions to withdraw cash).
So, whatever you feel like is your priority, you can do it with a secondary bank account.
Enforce Strong Passwords and Improve Security Habits
It is a shared responsibility between you and your bank/app/device that you use with the bank account for security.
For instance, if you are a victim of fraud when someone tricks you, it is not a failure of the bank or the app you use. Similarly, if you have a weak password set for online banking and someone gets access to it, the bank isn’t at fault.
The customer/user is responsible for not sharing sensitive information, like passwords, or OTP, with anyone, even if it is a bank staff. Furthermore, make strong passwords for your accounts.
You can store the password/PIN in a password manager like Bitwarden, Proton Pass, securely.
Make sure to protect your sensitive information using the proven ways like two-factor authentication and also follow my online privacy guide.
You need to think before you act, when paying someone, making an online purchase, and more. Do not believe everything in a second, take a moment to decide what’s happening around you.
Ask yourself questions like:
- Did they really send me the money? I should check my bank balance, not just the screenshot.
- Isn’t it too good to be true to receive double the money with no efforts?
- Will my bank ask me to do a transaction that I don’t approve of?
- Should I verify what the person is saying to me before I listen to anything they say?
- Am I in the right state of mind before making a finance decision based on someone who emailed/texted/called me?
- Why does this person need my password and PIN to do this? This sounds fishy!
I bet you can stay safe 100% if you always ask yourself questions like this before interacting with any payment online/offline 😊
How to Report Fraud and Get Back Your Money?
You need to first call the Cyber Crime Helpline number: 1930. An online complaint at Cyber Crime Portal page here can also be registered.
Additionally, you should also raise a complaint with the following:
- Your bank
- NPCI UPI Complaint (if it was a UPI transaction)
- NPCI Complaint (other unauthorized/fraud transactions)
- RBI Ombudsman (if your complaint is not addressed after 30 days)
I hope the information here helps you out, and makes things a little more easy, and boosts your confidence with online banking experience.
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