7 tips to protect yourself from bank fraud

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Gone are the days when we had to queue for hours at a bank to complete a simple banking transaction. There are no such financial services now, thanks to advances in technology. Digital banking has become our go-to companion for everything from online shopping to payments. Although technology has made banking more convenient for us, it has also greatly increased the risk of online bank fraud. Therefore, it is essential that you understand how to defend yourself against such dangers.

7 tips to protect yourself from online banking fraud:

KEEP CHANGING YOUR PASSWORD WITH THE TIME:

To protect yourself from potential hackers, update your password every two to three months. Also, if you change your password, make sure it’s strong with at least eight characters, a combination of upper and lower case letters, numbers, and special characters. It goes without saying that you should never reveal your password to anyone.

NEVER USE PUBLIC COMPUTERS FOR NET BANKING:

Avoid using public computers for online banking at all costs. Using a public device puts your financial information at risk, and a hacker could quickly gain access to your secure information, putting you at risk of losing money from your bank account.

Therefore, make it a rule of life to never use public computers for online banking to avoid fraud-related headaches.

ONLY USE VERIFIED ONLINE BANKING APPLICATIONS OR WEBSITES:

To conduct monetary transactions online, it is generally advisable to use secure and verified applications or websites. Online banking fraud can happen if you use untrusted software or websites. Therefore, we only use genuine apps or websites that make transactions simple and secure.

MAKE SURE TO ONLY USE A SECURE INTERNET CONNECTION:

Using the Internet in public places is not always safe. This can pose a serious threat to your personal and financial data. So when you make payments online, you always register with a secure internet connection.

Also, use a strong password to secure your home wireless Internet connection.

DON’T FALL AWAY FROM PHISHING:

Under the guise of cashback, prizes or other incentives, the fraudster may pose as a bank employee verifying your bank or OTP details. They can access your bank account without your knowledge if they get the necessary information.

Therefore, you should avoid clicking or answering questionable links or phone calls that might help hackers gain access to your bank account.

SECURE YOUR COMPUTER:

With the increase in the number of cyberattacks, it is more important than ever to install anti-virus software on your computer. Antivirus software should be installed, updated and activated regularly on your computer. This makes it easier to detect malicious threats and activities that could lead to your personal information being stolen.

BE EXTREMELY CAREFUL WHEN USING YOUR DEBIT/CREDIT CARD:

There have been many reported examples of registered card fraud under the guise of providing travel benefits, packages and other services. If your card is lost, notify the bank once and have it blocked.

Also, never give your credit/debit card information to an unknown caller or texter.

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