Worried about your security when you transact with your bank online? Whether it's transferring funds from one account to another or signing up for a credit card to a new online shopping platform, you are exposing yourself to risk every time you share important banking information online. Laws require our banks and other financial institutions to put safeguards that ensure the privacy and safety of customer data, but this does not mean that your data is 100% safe, especially from phishing attacks and scams that become more and more sophisticated by the minute.
Read on to know how you can boost your online banking security, starting with these 5 basic tips.
1) Never share your OTP.
If there is one thing that you should never give out to a third person under any circumstance, it is your OTP, or One Time Pin number. Your OTP is for you alone, and it is for one-time use. There is, therefore, no reason for anyone, no matter how official or legitimate they sound on the phone, to be asking for it. If you are on the phone and the other person asks for it, shut that call down immediately and contact your bank.
2) Only make transactions from your bank's official website using official contact numbers.
It may not be realistic to have your bank's phone number memorized but at the least, if you need to call your bank, do so by going to their website so you can look up the phone numbers there. Never call your bank using a number you get from a text message or an email. Many scammers are now sophisticated enough to mimic text messages and emails to make them look official so they can lure people into clicking malicious links or calling phony hotline numbers. Avoid falling into this trap by going to the website directly and using the contact information listed there.
3) Read website URLs carefully and look for the lock icon
Know how to spot fake and real websites. Scammers can put up fake websites that look a lot like the real thing using URLs spelled like the real link except for a missing or added letter or two. One way to avoid fake websites is to avoid clicking on links that you don't know, read the URLs carefully before you log in, and look for the lock icon and "HTTPS" which indicate that a site is secure. The lock icon is often displayed in green at the leftmost part of the search bar in Google Chrome and Firefox or on the right-hand side of the search bar in Internet Explorer.
4) Shut down suspicious-sounding calls.
If you are not expecting a call from your bank, you should shut down any calls that claim to be from them. This goes for any other call that aims to sell or promote products, credit cards, and vouchers, to name a few. Many scammers often open their scams this way, and victims are often caught off guard and unwittingly give out important information that can be used to steal their banking info.
5) Use a secure device for your banking transactions.
If you have an extra phone or tablet, use that to do your secure banking transactions. You can install a VPN on that device for added protection and conduct regular malware scans and password changes to keep your banking activities secure. A dedicated device allows you to keep your banking activities separate from your daily activities, which may expose your data to hacks and malware.
Banking scams are becoming more sophisticated and they often prey on people who have become complacent about their banking security online. The good thing is that you can do a few basic things to keep your financial information and activities secure. Start with the tips above to keep your online money transactions safe.