Protecting your Privacy
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Banking is one of the riskiest sectors as far as privacy is concerned due to the highly sensitive and personal nature of information which is often exchanged, recorded and retained. Based on the RBI guidelines and legislations to protect data, Customers trust banks with personal identifying information, their financial records, the access information to their accounts, and their credit histories.
Digital banking makes it easy and convenient for Customers to manage their financial lives, including doing everything from paying bills to sending money to shopping online. Concerns over online banking security are something to take seriously. After all, you work hard for your money and protecting it is priority number one. But the transfer of personal and financial information through digital channels raises an important question: what steps can be taken by you to protect your privacy?
So here are some basic dos and don’ts to protect your banking privacy
1.Choose Strong and Unique Passwords
Your choice of password can create an opening for hackers, even if you don’t realize it. While doing those things can make remembering passwords easier, they also make it easier for hackers to guess your password and access your online banking information.
Some of the most common mistakes you may be making with online banking passwords include:
Using [predictable personal information, such as your name, address or date of birth
Choosing shorter passwords
Relying on common words or simple number combinations
Using the same password for multiple logins
Not updating passwords regularly
. Here are some tips for creating stronger passwords for banking online:
Choose longer passwords, such as a phrase rather than a single word.
Use a mix of upper and lowercase letters.
Include numbers and special characters.
Don’t store your login details in your online banking or mobile app
Update your online banking passwords regularly
2.Enable Two-Factor Authentication
Two-factor or multi-factor authentication can help you step up your security game when protecting your banking privacy. It allows you to add a second layer of security and verification to log in to your online or mobile banking account. First, you enter your login name and password; then, you have to pass a second security test like entering an OTP received on a registered mobile number or on email. This can make it harder for a hacker to unlock and gain access to your account.
3.Stay away from unsecure Public Wi-Fi
Public Wi-Fi is convenient and tempting because of its free access, but you can’t count on it to be secure. There is always a possibility of a hacker
Able to electronically “eavesdrop” on your banking privacy settings and other online activity
Data transmissions over unencrypted networks
Malware and spyware
The best way to protect your online banking privacy is not use it for any financial transactions.
4.Sign Up for Banking Alerts
Banking alerts and notifications are one of the simplest and assured ways to keep track of your banking activity and to monitor security. You can set preferences to receive notifications via SMS on your registered mobile number or email on the registered email id for new credit and debit transactions, failed login alerts, password change alerts and OTP alerts.
It is advised to change the password to make it more secure. You can notify the bank right away that your online banking privacy has been compromised, to prevent further unauthorised, fraudulent activity.
5.Other tips to protect your privacy
Below are some pointers for recognizing whether you have possibly been a victim of fraud:
If you receive an expected bill or statement by mail
If unexpected charges occur on your account
If there are charges on your account from unrecognized vendors
If the cheque leaves in your cheque book appear out of sequence
If you get collection calls regarding merchandise or services that you did not buy
. The following some indicators and staying alert while conducting financial transactions can keep your banking privacy intact and safe
Never share any information in response to fake emails claiming that your information has been compromised due to which your account has been de-activated/suspended and asking you to confirm the authenticity of your information/ transactions.
Stay alert of 'phishing' mails which are bound to have spelling mistakes, possibly the links to the counterfeit websites may contain a url with spelling mistakes in order to take you to a counterfeit website which looks like that of your bank but is not. It is recommended that you type the url yourself or or you may bookmark/store the same in your 'List of Favorites'.
Some fake emails may be received appearing to be sent by companies offering you a job. Be sure to confirm that the job offer is from a genuine and reputed company. Request for written communication before sharing any sensitive personal banking information
Use internet banking to curtail the possibility of a fraud with all the precautions explained above. Delete suspicious emails without opening them. Do not open any attachments or click on any links it may contain. Never provide sensitive account or personal information in response to an email. In case you accidently do, report it to us immediately by calling our 24-Hour Phone Banking numbers.
Protect yourself from offline fraud by storing your bank books, cheque books, FD certificates etc in a secure location like a safe deposit locker. Always shred financial or personal documents before discarding. Whenever planning a vacation, get the incoming post collected by a trusted acquaintance. If you are going to be away for a longer period, diverted your post to an alternate address, instead of leaving your incoming post lying uncollected, in your absence.
As with anything else online, there are risks when it comes to protecting your banking privacy. It means you need to be careful about how you manage the online banking facility. It is prudent to install a firewall security on your laptop or mobile device. Similarly, password protect your laptop and take advantage of the facial recognition or fingerprint locking on your phone. By being judicious, and proactive with managing security risks to your banking privacy, you can help decrease the odds of your online banking information ending up in the wrong hands.
Digital banking makes it easy and convenient for Customers to manage their financial lives, including doing everything from paying bills to sending money to shopping online. Concerns over online banking security are something to take seriously. After all, you work hard for your money and protecting it is priority number one. But the transfer of personal and financial information through digital channels raises an important question: what steps can be taken by you to protect your privacy?
So here are some basic dos and don’ts to protect your banking privacy
1.Choose Strong and Unique Passwords
Your choice of password can create an opening for hackers, even if you don’t realize it. While doing those things can make remembering passwords easier, they also make it easier for hackers to guess your password and access your online banking information.
Some of the most common mistakes you may be making with online banking passwords include:
Using [predictable personal information, such as your name, address or date of birth
Choosing shorter passwords
Relying on common words or simple number combinations
Using the same password for multiple logins
Not updating passwords regularly
. Here are some tips for creating stronger passwords for banking online:
Choose longer passwords, such as a phrase rather than a single word.
Use a mix of upper and lowercase letters.
Include numbers and special characters.
Don’t store your login details in your online banking or mobile app
Update your online banking passwords regularly
2.Enable Two-Factor Authentication
Two-factor or multi-factor authentication can help you step up your security game when protecting your banking privacy. It allows you to add a second layer of security and verification to log in to your online or mobile banking account. First, you enter your login name and password; then, you have to pass a second security test like entering an OTP received on a registered mobile number or on email. This can make it harder for a hacker to unlock and gain access to your account.
3.Stay away from unsecure Public Wi-Fi
Public Wi-Fi is convenient and tempting because of its free access, but you can’t count on it to be secure. There is always a possibility of a hacker
Able to electronically “eavesdrop” on your banking privacy settings and other online activity
Data transmissions over unencrypted networks
Malware and spyware
The best way to protect your online banking privacy is not use it for any financial transactions.
4.Sign Up for Banking Alerts
Banking alerts and notifications are one of the simplest and assured ways to keep track of your banking activity and to monitor security. You can set preferences to receive notifications via SMS on your registered mobile number or email on the registered email id for new credit and debit transactions, failed login alerts, password change alerts and OTP alerts.
It is advised to change the password to make it more secure. You can notify the bank right away that your online banking privacy has been compromised, to prevent further unauthorised, fraudulent activity.
5.Other tips to protect your privacy
Below are some pointers for recognizing whether you have possibly been a victim of fraud:
If you receive an expected bill or statement by mail
If unexpected charges occur on your account
If there are charges on your account from unrecognized vendors
If the cheque leaves in your cheque book appear out of sequence
If you get collection calls regarding merchandise or services that you did not buy
. The following some indicators and staying alert while conducting financial transactions can keep your banking privacy intact and safe
Never share any information in response to fake emails claiming that your information has been compromised due to which your account has been de-activated/suspended and asking you to confirm the authenticity of your information/ transactions.
Stay alert of 'phishing' mails which are bound to have spelling mistakes, possibly the links to the counterfeit websites may contain a url with spelling mistakes in order to take you to a counterfeit website which looks like that of your bank but is not. It is recommended that you type the url yourself or or you may bookmark/store the same in your 'List of Favorites'.
Some fake emails may be received appearing to be sent by companies offering you a job. Be sure to confirm that the job offer is from a genuine and reputed company. Request for written communication before sharing any sensitive personal banking information
Use internet banking to curtail the possibility of a fraud with all the precautions explained above. Delete suspicious emails without opening them. Do not open any attachments or click on any links it may contain. Never provide sensitive account or personal information in response to an email. In case you accidently do, report it to us immediately by calling our 24-Hour Phone Banking numbers.
Protect yourself from offline fraud by storing your bank books, cheque books, FD certificates etc in a secure location like a safe deposit locker. Always shred financial or personal documents before discarding. Whenever planning a vacation, get the incoming post collected by a trusted acquaintance. If you are going to be away for a longer period, diverted your post to an alternate address, instead of leaving your incoming post lying uncollected, in your absence.
As with anything else online, there are risks when it comes to protecting your banking privacy. It means you need to be careful about how you manage the online banking facility. It is prudent to install a firewall security on your laptop or mobile device. Similarly, password protect your laptop and take advantage of the facial recognition or fingerprint locking on your phone. By being judicious, and proactive with managing security risks to your banking privacy, you can help decrease the odds of your online banking information ending up in the wrong hands.