Protocols To Keep In Mind To Ensure Safe Online Banking

With the Indian e-commerce space expanding due to constant spree of acquisitions, more and more Indian customers are moving away from traditional way of shopping at stores to shopping online. This, along with demonetisation has led to a swift rise in the number of digital mode of payments in recent years. These include numerous forms of payments, such as net banking, debit/credit cards, mobile wallets, UPI, etc. This also calls for an increasing requirement of recognising on how to safeguard online payments.

While technology has made it simple for us to manage our daily expenses, every great innovation has drawbacks too. This wave of digital payments has also opened doors to risks of cyber theft as new users, and the less tech-savvy do not take all the adequate safety measures while using internet banking.

Lot of us tend to save personal financial information on various digital payment platforms for quicker payments. While it does make our lives easier, it also causes a severe security threat.

While doing transactions online, we are subject to various risks of scams such as – loss of money and financial data, phishing scams and identity theft. Since most of us now use net banking to make online payments, one must take safety measures to protect money, both offline and online.

Here are few rules to follow to ensure safety while indulging in financial transactions on the internet:

Secure website

Anybody can go through your letters from the mailbox outside your house. Similarly, anybody can sniff around your internet connection too, if logged into an unsecured website. And if someone scrutinises your connection for a long time, they can gain access to any data that you send and receive or have stored on that site.

For preventing this violation of security, most social networks, email services, etc. use a safe and secure protocol, called HTTPS. This security protocol is known as Hyper-Text Transfer Protocol over Transport Layer Security or HTTPS.  It means end-to-end encryption of any data that’s exchanged between website servers and you.

The easiest way to identify if the website is safe is to look for a green padlock icon in the left corner of the address bar. Also, look if it is “HTTPS” at the beginning of the URL in the address bar and not “HTTP”.

Dedicated email address

If you are a regular online shopper, it is ideal to create a separate email address just for online shopping. Keep this email account clean and uncluttered. This way if you receive any unsecure email, on your main ID, with dubious promotion offers, you can spot them right away.

Payment alert messages

In case, you do not have the SMS alerts facility active, we advise you should get it as soon as possible. The SMS alert facility will inform you of any bank account activity. Hence if any transaction does not get initiated, report to the bank immediately and cancel all your cards. If informed on time, your money is safe, and the bank will compensate you for losses, if any, as per RBI guidelines.

Avoid public computers and Wi-Fi

Never do any online banking transactions on a public computer such as the ones in cybercafé. Also, never use public Wi-Fi for financial transactions as they are unsecured networks. Anyone can join the network as there is no key or password to access it. Such networks can easily fall prey to hackers who can steal your details.

Remember these protocols while using your mobile banking apps as well.

E-Wallet Vs Net Banking – Which Is Better?

We are living in a digital world where everything, right from our groceries to paying utility bills to finding a plumber to ordering food, can be done using your smartphone or the internet. And for all this, you require a decent bandwidth. Banking, too, is not a stranger to the online world. Today you can open and access your savings account, send/receive money instantly, keep track of your transactions, get bank statements, alerts, etc. in a matter of minutes.

Indians are spoilt for choices when it comes to digitalisation, right from digital wallets like Paytm to mobile banking to net banking. You can use any of these methods and enjoy the benefits mentioned above. So, which one should you opt for?

What is internet banking?
It is a medium where you can conduct all your traditional banking services online. No more long queues and no lengthy paperwork. Several banks have their mobile banking apps to alert you about your finances on the move as well. Internet banking also offers you 3 additional internet fund transfer services to make your life simple and hassle-free:

• National Electronic Funds Transfer (NEFT)
• Real-Time Gross System (RTGS)
• Immediate Payment Services (IMPS)

Apart from net banking, you also have smartphones to assist you.
What are digital wallets?
Also known as an e-wallet, is where you can save your funds securely without using your bank details such as debit or credit cards. It is the fastest mode of transaction and does not require you to maintain a minimum balance, unlike the savings account. You can purchase anything from a grocery store to buying air tickets using an e-wallet app. For these apps, you will have to create your account. You can also set a secret PIN to disallow any fraudulent activities. You can then use the internet banking facility to move funds from one account to the other.
Some of the other features of an e-wallet and net banking are:

• Transaction limit: When you use a digital wallet, you are allowed to transfer an amount only up to INR 20,000 as per RBI directives. However, through internet banking, you can move an amount as much as INR 10 lakh using NEFT/RTGS/IMPS method.

• Usage fees: Digital wallets do not charge for using their services. However, bank withdrawal fees are a part of the app. On the other hand, internet banking does not charge for any such services unless you are transferring high-value funds.

• Rewards: One of the biggest benefits of e-wallets is that you get n number of deals and cashback offers. Some of the banks are connected with these digital wallets. So, you can avail of credit/debit card rewards through them. 

• Usability: If you have a decent WiFi connection, both the digital app and net banking can be used easily online. The good thing about these mediums is that you can access these at home or workplace.

In this digital era, it is difficult to make a judicious choice. So, go for the option that is suitable for your needs.

Net Banking – 6 Valid Reasons You Should Use It

There is absolutely no doubt that the internet has made the entire banking process smooth sailing. For bank customers, internet banking is like having your bank’s branch open all the time; whether it is late in the midnight or a bank holiday. It is a service that can help save your time, money and energy. In fact there are innumerable reasons why customers should opt for this mode of banking. Here are 6 valid reasons why you should consider net banking.

It’s easy and convenient: Net banking makes it easy for you to manage your account at any time you like. All you have to do is fill a form and ask your bank to activate this facility on your bank account. As long as you have a laptop, smart phone or tablet with internet, you can get access to all your bank accounts at any time.

You can bank on the go: Mobile banking is designed to ensure that a customer has no trouble reaching his/her account at any time, even on days when there are bank strikes. You don’t have to rush to the bank to check your balance every time; whether you are waiting in line at a shopping mall or before you have to make a purchase.

Say goodbye to long lines in bank: Almost everything that could be done at the bank branch can now be done online. Depositing money from one account and transferring it to another, applying for loans, or checking your bank balance for instance. If you are not sure about a service, you can either call your bank’s toll-free number or use the on-line chatting service that answers any doubts about banking solutions.

Pay your utility bills online: You no longer have to go to the closest telephone or electricity bill payment centre. Just use the net banking facility to pay off all bills. What’s more you can even recharge your DTH and cell phones and pay those bills online as well. You can also set up automatic recurring payments for your phone, electricity bill, rent etc., to avoid any late charges, in case you are out of town.

Review your account activity at any time: The facility also comes in handy whenever you want to review any activity in your bank account. For instance, you don’t have to rush to the bank to see if cheques have cleared. You can check if there is sufficient balance to pay an EMI and transfer the amount into your account at any time to avoid any potential overdraft fees.

Get important notifications: Along with internet banking, you can sign up for e-mails and text message alerts to receive important notifications regarding your transactions and balances. You can get a notification for every transaction; whether money is debited or credit to your account, bills are paid or balance limits need to be maintained.