UPDATE: This blog is last updated on March 17th, 2021.
Do you feel scared to share your personal banking details online? Are you not convinced of safe online transactions because of the increasing number of frauds? Online fraudsters are constantly looking for new ways to scam the public, and this time, even your bank may not be able to help.
In a recent tweet shared by Business Insider, a consumer court in Gujarat has stated that customers who willingly share their personal ATM and card details with scammers will not be eligible for compensation.
— Business Insider India🇮🇳 (@BiIndia) March 16, 2021
Beware of fraudsters! Here are 7 ways to ensure safe online transactions happen all the time.
1. Install the latest security software
The internet is full of malware, spam, and spyware. These software programs can damage your computer. It is necessary to keep your operating system up to date with the latest security software. Install these only from a trusted source.
2. Secure your passwords
Use passwords that are hard to guess. Longer passwords including upper and lower case letters, numbers and, symbols are more secure.
Try using different passwords for different accounts. Using the same password is risky and more prone to online data breaches.
3. Use a secure WiFi connection
Do not make a payment over public WiFi terminals. They may not be entirely secure and are more likely to have weak data protection systems.
Avoid updating passwords using public internet connections. Always use a trusted WiFi connection or your own mobile data. Using original banking apps also minimize your risk of fraud. Make sure the app you are using is the bank’s or the payment company’s official application or website.
4. Email security
Stay away from emails that ask for confidential information. Phishing emails are more common than you can imagine. None of the payment companies or banks asks you for your confidential payments data. Here are some pointers on how to avoid malicious mail:
- Do not open emails from a suspicious source
- Don’t trust clickbait subject lines
- Don’t follow flashy URLs or buttons
- Create spam filters in your inbox
- Don’t open any emails asking for identification information
5. Buy from reputed merchants
Always buy from reputed merchants or marketplaces. Transactions on trusted e-commerce platforms ensure your payments are safe and your data isn’t compromised.
As far as possible use only one credit card or better, a debit card for online purposes to limit exposure to fraud and thefts on your cards.
6. Use secure e-commerce websites
Make online transactions on websites that begin with “HTTPS”. Do not trust websites that begin with “https”, this means that the website isn’t using proper encryption. Avoid pop-ups that appear during your banking session. Log out immediately and do not provide any confidential information via email.
7. Online shopping tips
Always log out of your bank, credit/debit card, and merchant sites after completing your online transaction. Do not save financial passwords on your computer.
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