5 Important safety tips to follow while transacting online

Safety Tips to Follow During Online Transactions

With an increase in online transactions and internet banking usage, cyber-attacks are becoming perilous than bank robberies.  The recent coordinated digital attack on Cosmos Bank has left everyone worrying about their money. A huge sum of money, approximately INR 94 crore, was illegally withdrawn with cloned debit cards through numerous ATM transactions. Innovative thieving!

While online transactions have made it easier to go cashless, the cyber-attacks are making financial security a complicated task.

Safety Tips for Online Transactions

Mobile payment concept. Human hand holding credit card over tablet computer with flying dollars. Flat style vector icon.

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Online transactions pose certain risks of cyberattack but with these safety precautions, you can avoid unauthorized access to your account.

Here’s how you can avoid cyber-attacks during online transactions:

1. Don’t Save Cards While Shopping Online

Many of us save debit/credit card details on merchant websites, computers, or laptops for quicker payments in the future. However, try to avoid this practice and delete your card information as soon as you have completed your online purchase.

2. Don’t Share Your Passwords

Password of your internet banking accounts is one other important factor in online transactions. With a password that is easy to guess, you are only inviting cyberattacks. Set a complicated password and keep changing it regularly.

Apart from this, don’t share your passwords with anyone. If someone calls you and imitates as a bank official to ask your password or pin, do not share any information! Instead, contact your bank immediately to inform about the fake calls.

3. Don’t Access Unknown Messages or Emails

Before you click on any unknown message or email that is similar to what your bank might send, check its email address. If the email address seems unusual or has spelling errors, delete the message right away.

Tip: Install a good antivirus software that will protect you from online fraud. This software will track every malicious activity on your computer.

4. Use One-Time Password Instead

During online payments, you may get an option to either key in your secure password, ATM pin or OTP. Given a choice, always choose two-factor authentication, which means both password and OTP. If you don’t have that option, then go for OTP authentication.

Note: OTP is beneficial only if you never share it with anyone. Sometimes, a person may call you posing as a bank official and he may ask for OTP. Refuse to comply and contact your bank immediately.

5. Use Private Window for Transactions

Always log out after completing online transactions and use a private/virtual browser for increased financial security. These are designed to offer safe online banking and can prevent cookies and credentials from being stored.

Ethical Hacking For Escalated Online Security

With increase in online transactions, even the Reserve Bank of India has decided to take a step forward towards financial security. RBI is hiring ethical hacking experts, who will break into systems of the banks to remove security loopholes. This is a great opportunity for young individuals to learn ethical hacking in Pune and improve their employability in reducing cyber frauds.

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