5 Safe Banking tips for every customer

Thanks to modern technologies, banking is now easier and convenient than ever. However, while banking functions are now available at your fingertips, there has also been a significant rise in the number of banking frauds. Check out this post for some essential banking tips to ensure better safety.

The modern technologies, combined with the initiatives by the government and the banks, have made banking services more accessible in the country. As per a report, around 80% of Indians now have a Savings Account. However, while the number of people with bank accounts has increased considerably in the past few years, the same is true for banking frauds as well.

From identity theft, phishing, vishing, skimming, to a host of malpractices at the ATMs, there are now several ways in which a customer can be deceived. If you are concerned about banking safety, here are a few safe banking precautions every customer should use-

1. Debit and Credit Card safety

Debit and Credit Cards have made our lives very convenient. However, to use them safely and securely, it is essential to keep a few tips in mind:

• Change the PIN of your Debit and Credit Card regularly

• When swiping your card for a purchase, make sure that you get it swiped in your presence and check your card before leaving the shop

• Do not share your PIN with anyone and avoid writing it down anywhere especially on the card itself

• Report loss of card immediately.

2. Averting phishing and vishing scams

For safe online banking, you should know what phishing scams are. In such scams, you generally receive a phishing e-mail or a call from someone posing as a bank executive asking you to provide your banking details. Such e-mails and calls may seem very much similar to an e-mail or call from your bank or other reputed online portals.

Know that your bank will never send an e-mail or call you asking for sensitive banking information. Avoid clicking on any links in such e-mails and never share your bank details such as card PIN, banking password with anyone on the phone.

3. Keeping your bank account active

As per a World Bank report, more than 40% of bank accounts in India are inactive. If you have not used your bank account for more than two years, your bank will classify it as a dormant account. Such accounts are easy targets for many different types of scams and frauds like money laundering and illegal transactions.

For banking security, make sure that you close the accounts which you do not use and regularly update your contact details in case of any change.

4. Carefully select the right PIN and Password

Electronic banking is now very popular, especially among young working professionals. If you regularly use online banking, or use your Debit/Credit Cards for withdrawals or making payments, you should be very careful with your passwords and PIN. Select a Password/PIN that is hard to crack and never save the same in your mobile phone or computer.

Avoid selecting your birth date, pet name, car number or any such general information as your PIN or password and change it on a regular basis for safe online banking.

5. Online banking safety

Whether it is transferring money to another bank account or paying at shopping portals through Internet Banking or your Debit Card, Online Banking has made our lives easier. However, there are a few essential things you must keep in mind:

1. Avoid accessing your online account through a cyber cafe or over an untrusted network.

2. Always clear the browsing history after completing an online transaction especially through an unknown network or someone else’s computer.

3. Do not shop from untrusted portals.

4. Make sure the websites you transact at have the right security certificates and is “https” secured.

Bank smart and avoid frauds

Banks regularly take steps to offer a more secure and convenient banking experience to the customers. However, the customers too need to play their part to protect themselves against frauds. Keep the tips mentioned above in mind for safe banking and quickly get in touch with your bank if you witness anything suspicious in your bank account.

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