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Safe Online Banking Practices and Tips

SBI, one of the leading banks and a 211-years-old organization is working on addressing these grievances through awareness and making its digital platform more secure

Updated: February 9, 2018 5:33 pm
Safe Online Banking, SBI Safe Online Banking, SBI Banking Practices, SBI Banking Tips, SBI Safe Online Banking Practices, SBI Safe Online Banking Tips, Business News, Latest Business News, Indian Express, Indian Express News The fraud practices and crimes in the banking sector are always on the rise due to the critical information involved

The way the banking and financial sectors work has completely transformed, with the latest advancements in technology. On one hand, we have a convenience of availing services from the comfort of our home, on the other, there has been a rise in cyber crimes and leaking of digital information. The fraud practices and crimes in the banking sector are always on the rise due to the critical information involved.

SBI, one of the leading banks and a 211-years-old organization is working on addressing these grievances through awareness and making its digital platform more secure. The bank considers the safety of customers as one of the prime responsibilities. As the saying goes, prevention is better than cure.

Below are some of the precautionary measures that users can keep in mind while using debit cards:

  • Never share your ATM pin with anyone and make sure you change the PIN periodically
  • The ATM pin should be complex and not easy to guess.
  • Do not write or share your card details at payment counters. Get the card swiped in your presence.
  • Do not use public WIFI while making online transactions
  • Avoid getting enticed by offers that are not from secured or verified sources.
  • Keep your answers to the security questions confidential.
  • For international usage of debit cards, use the ON/OFF managing facility provided to you.

One of the most common forms of fraud is “vishing” calls. From calling on behalf of banks to well-wishers, these callers build trust and gain confidential information from the users. It is important to note here that banks do not ask for sensitive information on calls. No details involving financial transactions should be shared on calls. Please note that a lot of times, these calls are made with a motive of threatening users and getting the information required. Reporting of such incidents to bank authorities will help banks take necessary action and hence avoid any crime that might happen. The risk involved in internet banking is almost as high the convenience that it brings to our lives.

Some of the basic things to keep in mind while using internet banking are as follows:

  • Have a strong password that includes a combination of numerals, symbols, upper and lower case letters.
  • Profile and login details should be different from each other and not easy to guess by others
  • User ID and password should remain confidential with periodic updating as a practice
  • Do not use public WIFI, insecure internet or internet at cafes, malls etc. while using internet banking
  • Get your mobile number registered with the bank to get real-time alerts and updates of your bank account
  • Do not share OTP/CVV or your password with anyone
  • For money transfers, do not keep more than the required limits of beneficiaries
  • Periodically check your transaction history and bank statements
  • After completion of your task, immediately logout of the online bank portal.

Safe banking isn’t something that you learn today and forget tomorrow. It is important for us to make this a habit. While it comes with a lot of conveniences, incorporating some simple precautions into the routine can help you in avoiding any kind of fraud or vulnerability. It is hard for us to gauge such crimes prior to the occurrence, but a little alertness and smart handling can help in avoiding such situations.

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  1. Suresh Jois
    Dec 20, 2017 at 11:23 am
    Just as password authenticates the user, there should be a method by which the site is authenticated to the user. To give an example, imagine a fake login-page of a well known bank, impersonating a real one, seeks user id and password. When user types both user ID and password, the fake site may , in turn, start the real login-page with this info and pass on the control to user. User may complete transaction with the real site. But the fake one now has the user ID and password for later use. Instead, after the user ID is supplied, the genuine web site should display an image or text set by the user, thereby authenticating the web site. Password may be supplied after the user sees the image/text that he has set.
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      Dec 18, 2017 at 11:53 am
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        Dec 14, 2017 at 5:08 am
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        1. smart india
          Dec 13, 2017 at 7:50 pm
          There is no safe online. Even with greatest Technology USA faces scams. Indian people are not ready for this. India has to go long way to implement safe online transaction. First India has to improve basic high school education to all people, secondly law and order to take action immediately to if any scams happened. Unless we improve these two steps are improved the public money not protected to online transactions
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          1. Chet Ram Sharma
            Dec 13, 2017 at 6:30 pm
            Iam an NRI, I purchased a small house in Greater Noida. Recently. Greater noida authority has imposed GST/CST 18 . Iam already paying 12 interest to Greater Noida Authority because I purchased this house on instalments. If I pay Rs 100000 as an in stalment,my total amount goes upto one lac,,30000 other bank,if This is the GST NO NRI WILL INVEST IN INDIA. This is really a GABBAR SINGH TAX.
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