Owing to technology advancement, online banking has replaced the paper banking and is now available anywhere and anytime.
Online banking is generally utilized, both by people and organizations, due to its benefit, usability and cost sparing advantages.
However, these advantages don’t come without dangers. The online network landscape provides a secure platform for cybercriminals. Users have reported numerous cases of financial losses over the years.
Online dangers are uncontrolled, and end clients should not be careless with their online exercises. To remain secure when performing an online financial transaction, acquaint yourself with the safety efforts that banks set up to shield their customers’ records and embrace safe online practices.
Banks Security Measures
Online Banking security is top-of-mind for both banks and their clients.
E-Banking knows that safeguarding your financial information is a serious business. Time log-outs, multiple authentication steps, deactivation of login window after several incorrect login attempts are few of the actions taken by banks to provide an extra layer of security.
All possible actions towards the security of sensitive customer data should be taken because too much is at stake. Any gaps can put the confidentiality at risk, and damage banks reputation.
Mentioned below are few of the security steps taken by Banks for online security:
Authentication of personal identity
Banks must guarantee that the integrity of the account holders is appropriately verified before giving access to their bank account.
Use of Strong password
A strong hybrid password should be used for logging into bank accounts online. It should be a complex combination of alphanumeric characters, should be of minimum 8 characters, and should contain both small and upper case letters. Additionally, no password should ever include personal details like name, date of birth, etc.
Second level authentication
Use of a One-Time-Pin adds the second layers of security. It effectively ensures that the account holder who possesses both the information will be given access.
A lot of encryption techniques are deployed by banking sites to ensure customer safety and ensure that all information that is transferred online cannot be deciphered by remote hackers. Use of “https” URLs confirms website encryption.
In few cases banks also allows its customer to set the limit to their financial transaction to lessen the impact of a security breach if any.
In addition to the security measures taken by banks, it is highly essential for the individuals to take steps to protects themselves from cybercrime.
End Users’ Security Measures
The most integral part of cybersecurity is understanding the source points of baking Trojans and another system virus.
They could be harmless-looking phishing emails, virus bundled with freeware and shareware program available online, infected links available online and on social media sites, Fake login sites, and drive-by-downloads.
Each type of system virus may look different, but their end motive is common. Stealing money from victims account is the underlying motive of all banking virus.
Cited below are few of the essentials steps to be followed by end users.
Protect your Bank account details
To abstain from turning into a victim, keep your confidential data well secured. The password that you use to sign in to your bank account should be unique and sophisticated. Avoid sharing your passwords with others. While setting passwords, avoid including individual data, for example, your date of birth on the Internet as the bank might utilize it to confirming your character.
Beware of Social engineering tactics
Emails are the most common platform used by banks to share unique information to its customers. Practice extra caution while opening emails that appears from the bank and look out for the URLs.
Practice safe surfing habits
Never use your online bank account in public or shared computers. Ensure that you properly log out of your account after each successful session.
Familiarize yourself with the bank’s security measures
To avoid yourself from accessing fraudulent phishing sites, it is essential to be well informed about the bank’s security measures.
Properly check the URLs of the banking site that you are visiting.
- To confirm authenticity, check the SSL certificate of the website.
- If you notice any changes in the authentication process, get in touch with your bank for further clarification.
Check your bank statement regularly
Even though banks limit the level of the financial transaction. Cybercriminals can make multiple small amount transaction to carry out their malicious activities. To be on the safer side, check your account statement on a regular basis to look out for any unidentified transaction.
Use Antivirus programs
The last resort to complete security is the use of an efficient antivirus module. Make sure that you stay protected from all phishing sites and browser hijacker virus by using a free anti malware tool that will scan and remove all system odds.
Never leave your computer unattended, also educate all your employees to delete browser cache files after accessing online banking portals.
Keeping your clients’ payment data protected and confidential is considered significant.
Following these rules will decrease the probability of security ruptures and keep your routine financial transactions running effortlessly.
Furthermore, legit banking organizations and financial institutions will never ask for your account details over a phone call. Being aware of all such fraudulent actions is essential for online security.
If you receive suspicious emails and calls, make sure that you report to the banks immediately.
Do not trade off usability to security, make sure that you practice all security measure while performing online banking transaction.