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4 ways to secure your online banking transactions

Last updated on: April 19, 2012 06:49 IST

4 ways to secure your online banking transactions

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In our previous story, Banking online? TOP 6 MALWARE you should be BEWARE of, we discussed about the financial malware landscape that has been growing constantly more dreadful. However, as it is said, prevention is always better than cure, here are some tips to enjoy a secured online banking experience.

Use reliable security software

  • Ensure that the anti-virus and anti-malware programmes in your computer are regularly updated
  • Download and install updates and patches for your operating systems, applications and browsers regularly

The author, Govind Rammurthy, is MD and CEO of eScan


Photographs: Rediff Archives

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Strong password

  • Make sure to change your account passwords at regular intervals
  • The passwords should not be easily predictable. It should be at least 8 characters long and a combination of numbers and alphabets


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Keep your confidential information safe

  • Keep you bank account detail safe. Avoid writing them down as it may fall into the wrong hands
  • Never provide your bank account/ credit card information unless you are shopping on a legitimate web site
  • In case you receive any e-mail from bank to verify/ provide your banking information, be cautious, as banks will never send such e-mails. It may be sent by identity thieves to steal your confidential information
  • Avoid providing your bank account details and other private information through e-mail
  • Never fill application forms for credit cards/ news bank accounts/ services received in e-mail, as it may be a trick by identity thieves to steal your confidential information
  • Be cautious of phishing/ unsolicited e-mails that promise you a credit card over the telephone as they may intend to charge your existing credit card without sending you anything. They may promise you specific discounts/ items/ services and when you send your credit card information, you may never hear from them
  • Beware of sudden disruption in your e-mail service from bank. In such situations, check with your bank if they had any recent request for a 'change of e-mail id', which you never did
  • Keep a tab of your bank statements/ account balance regularly. In case of any fraudulent/ unusual charges, immediately report it to your bank
  • Avoid banking online from a shared computer in public such as Internet cafes, etc
  • When using shared computer, make sure to disable 'File and Printer Sharing' option in the computer, when connected to the Internet
  • Every time you login to your online banking account, check your last login and logout record
  • Once you are done with online banking, always 'logout' to exit from your account rather than just closing the browser. Do not forget to clear the cache and browsing history
  • Avoid downloading/installing programmes from unreliable sources or opening suspicious files or e-mails


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Use secured web site:

  • Use a secured Internet connection
  • While banking online through wireless network, ensure that your network security settings are in place
  • Avoid accessing the bank accounts with the hyperlinks sent through e-mails. Rather access the bank web site directly by typing in the Web address directly in the address bar
  • Always ensure that you use online banking services of the banks that have encryption technology and good privacy policy
  • Never provide your account details, unless you are certain that you connect to the web site of your bank
  • While banking online, check for URLs that begin with https, followed by a colon (:), and two slashes (//))
  • Also, pay attention to the warnings by your Internet browser about unsecured sites
  • Avoid using debit card for online transactions. Rather opt for credit cards/virtual cards

Smartphones

  • When using Smartphone for online banking, make sure that your device has legitimate apps


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