Is Internet Banking safe?

 Our current world is rapidly evolving into a digital one. Do you recall the last time you went to the bank to open an account or stood in line to make a withdrawal at a bank branch? The influence of technological breakthroughs has radically transformed the banking industry. Let us understand Digital Banking better for this purpose.  

What is Digital Banking?

Using digital platforms like the

When your bank adheres to security measures and you are aware of how to recognise potential security issues, Online Banking is a convenient way to handle your finances. However, concerns about them are commonly voiced. Are transactions made online secure? You need not worry. You should know that all online transactions and information exchanges are secure. Online Banking is safer than you might assume for the following reasons:

Two-factor authentication

You may have noticed that the chosen bank asks you to set up two-factor authentication before performing an online transaction. To confirm the transaction, you are sent an OTP at the first level.

SMS notifications

This two-factor authentication protects both the transaction's integrity and your identity.

Advanced encryption

By utilising cutting-edge digital technology and an incredibly safe, encrypted medium, your transactions are guaranteed secure from the origin to the destination. It also ensures that hackers, who use ransomware, cannot access your data.

Device authentication

Banks need device authentication and a four- or six-Personal Identification Number on the Banking app to confirm your identity and determine whether it matches the currently available records.

Safe practices followed

You need to follow healthy behaviours for a safe experience Internet Banking:

• Never divulge your app's pin, password, or user name.
• For secure banking, enable multi-factor authentication and fingerprint locking.
• Never record your credentials on paper as anyone can read them.
• When finished checking account balances or engaging in other banking activities, always log out of the application.
• Even if a bank representative asks for information like your ATM PIN, never give out your personal information to anyone. Banks never request them.
• Any unusual banking activity should be reported instantly to the bank.
• Turn off your Wi-Fi and data immediately if you believe you are a victim of fraud.
• If a fraudulent transaction happens, immediately block your Card or Saving Account.
• Never download third-party apps or click on links as these can compromise your phone's security.
• Due to the time and effort it saves, E-Banking is an effective strategy. You can practically complete every bank-related task through the assistance of such services. It minimises your reliance on others and builds financial control.

Conclusion

Online Banking is secure if you take reasonable precautions to safeguard your money. Banks also make significant investments for the safety of their customers by continuously looking out for possible fraudsters, online thieves, and hackers. This guarantees that you are shielded from all online accidents when you open an account online.

 

web and internet-enabled devices like mobile phones and conventional banking is possible through Digital Banking. Here, you get year-round access to practically all financial services, regardless of statutory or bank holidays. You need not make bank visits frequently.

Features

You can carry out numerous banking transactions using Digital Banking services. The most notable ones are:

Review account statements and balances

You can check your account balance anytime by logging into your Internet Banking account. You can check the recent transactions or download older statements.

Smooth fund transfers

You can transfer money between banks that are in the same or separate groups. Additionally, you can start international fund transactions.

Buy chequebooks and cards

The ability to order fresh chequebooks and bank cards is another benefit of Online Banking. Applying for primary and supplementary Debit and Credit Cards online is quick and easy.

Paying bills

You can set up instructions for automatic payments for utility bills, including electricity, telephone, gas, and property tax. Additionally, you can pay Credit Card dues, Loan repayments, and recharge phone and DTH through Savings Account online.

Open online account

You can open Term Deposits or Bank Accounts through Online Banking. You can select the term deposit type and duration that suits you and earns interest higher than those offered on Savings Accounts.

Request Loans

Through the Banking app, you can apply for numerous Loans. Before applying, you can also get all the information you need regarding the Loan.

Security

Banks take several steps to guarantee your experience securing Online Banking. The online systems include different levels of security measures including multi-factor authentication, virtual keyboards, spending caps, and session timeouts. To protect your account from fraud, you also get a Special Mention Account and email notifications the moment you log in.

Make purchases

Through Digital Banking, you can invest in Bonds, shares, Mutual Funds, and other market items. For immediate credit and debit of funds, you can also link your Bank Account to your investments.

Conclusion 

The best innovation in the banking and financial sectors is Digital Banking in India. You only need a safe and reliable internet connection for it to function.