Online Banking Security: What moneyHOP Offer

India is experiencing a rapid surge in online banking due to the growing influence of FinTech. Every 4 out of 5 Indians prefer digital banking through mobile and sense it as highly convenient. Smartphone penetration, the internet at affordable prices, and government initiatives answer why this obsessive adoption. But there is more to these. Let’s take a closer look.

Mobile Apps: They not only let you access your bank account through a tech-savvy interface but also act as your digital accountant, from helping you manage multiple bank accounts, credit cards, and utility bills to travel and hotel bookings. 

Unified Payment Interface: UPI revolutionized digital payments in India because it made possible instant fund transfers between two bank accounts, and all that is required is a mobile number. More nations worldwide are adopting India’s UPI stack into their payment infrastructure due to its ease of use. 

Future Potential: With India’s middle-class income seeing consistent growth and acquiring more purchasing power, experts project India’s banking sector to grow consistently with an increased focus on innovation, financial inclusion, and security.

Here is the catch – security. How secure are we from frauds and scams? According to Scroll.in, 23 Indian accounts are breached every minute in 2023. It’s alarming, and in this blog, we will discuss some strategies to ensure personal security in digital banking. They are: 

1. Strong and unique password 
2. Enable 2-factor authentication
3. Beware of public Wi-Fi and MITM attacks
4. Sign up and enable banking alerts 
5. Phishing scams 
6. Choose trustworthy apps 

Strong and unique password

Seven out of ten people prefer to keep a password that’s easy to recollect, which is why most passwords would be their name followed by ‘12345’. Some general mistakes we make while setting passwords make us easy prey to hackers. They are: 

1. Using name, address, date of birth, or similar kind of basic personal information
2. Choosing simple, short, and common words or merely numerals in ascending or descending order 
3. Using the same password for multiple platforms and not updating the passwords from time to time

Here are some tips that will help you set stronger passwords and protect your accounts. 

• Use phrases instead of words that would make it hard for others to guess your password.  
• Use numbers, special characters, and upper and lower case letters, and avoid using numbers in ascending or descending sequence.  
• Don’t create a password containing personal information like a spouse’s name, pet’s name, date of birth, or anything obvious.  
• Avoid saving login details in your banking or mobile app because hackers can use malware to record these data. 
• Refrain from writing passwords or PINs on credit/debit card covers, or other common places like calendars. 
• Make it a habit of changing passwords frequently, at least in intervals of 3 to 6 months.

Enable 2-factor authentication

The idea of two-factor authentication is adding an extra layer of security while logging into your account. It checks if you are signing into the account, and this additional security measure ensures it’s happening with your consent. Usually, this verification method leverages your mobile number or email ID. After you enter your correct login details, the two-factor authentication system either sends an OTP (One-time Password) or a verification link to the respective email ID. Login becomes successful only if you enter the correct OTP or open your email ID and click on the verification link. These actions negate the possibility that some fraud or hacker is trying to access your account even if they have your login details. Usually, all online banking platforms mandate two-factor authentication. If you have turned it off, go to settings and enable it now. 

Also read: Top 5 Contactless Payment Apps

Beware of public Wi-Fi and MITM attacks

Public Wi-Fi networks in airports and railway stations seem alluring as they abridge the lacuna of internet connectivity, which is way ahead in becoming a basic human need for us. Or has it already? You may be reading this blog by connecting to a public Wi-Fi. But is it safe for online banking? Better think twice! There is a high possibility for a security breach via MITM attacks.

MITM or man-in-the-middle attacks are similar to someone eavesdropping the details a user shares with an application. By getting in between them, hackers intercept their communications and use them for fraudulent acts like unauthorized purchases. Here, they deceive users by connecting them to their malicious Wi-Fis or hotspots, mimicking public Wi-Fis. 

Cyberattack attacks mostly happen on public networks because they are less secure than home routers. Using this vulnerability, hackers steal user information and even inconspicuously install malware in user devices. Here are some pointers that help you stay secure during online banking using public Wi-Fi.

Use secure websites: Check for sites containing HTTPS instead of HTTP because the ‘S’ denotes that the connection between your browser and website is encrypted and thereby secure. 

Check the domain name: One common strategy of scammers is creating websites with URLs similar to those of financial institutions or well-known brands. Here, be laser-focused on cross-checking the spelling and domain extension to see if it matches the original website. 

Use VPN (Virtual Private Network): If you are a person who travels a lot and constantly uses public networks often, one of the highly recommended security solutions is to access the internet using a VPN. It adds a layer of encryption and hackers have to break some sweat to access your data.

Sign up and enable banking alerts

Banking alerts keep you posted on most changes in your bank account, like new transactions, failed login attempts, and more. Enabling them is extremely important because you may get to know about any fraudulent or suspicious activity through these near-instant notifications. In case of such a malicious attempt, the action from your end should be proactively alerting the banks regarding the notifications so that they can take further action. 

Phishing scams

Phishing is pretending to be someone else and stealing your personal information. It can take different forms, but it could be phone calls, emails, or text messages coming from your bank. The easiest way is to call your bank’s local branch or customer care to check the legitimacy of such communications before sharing your information. 

Phishing actor goes to any extent to make you feel they are authentic and probe you to make you take action. The more successful these actors are, the more challenging it is to identify them. One general red flag is asking for login details, which no banks ask their customers. If it is a message, verify the link in the message. The link will redirect you to a dummy website of your bank. If you can carefully analyze the site, you can see the flaws. In such a scenario, report the phishing attempt to your bank by considering social interest. 

Choose trustworthy apps

Financial apps come with multi-purpose features and help you save plenty of time. These apps function by linking your account details, so it is mandatory to check the legitimacy of the application before you enter your banking details. Below are some factors you can consider.

• Download apps from your bank’s official website
• While downloading from the Play Store or App, check the developer’s details 
• See the reviews and data policy 
• Check for any history of data breaches 

If you are looking for a platform to send money abroad in a secure, hassle-free, and swift way, you can opt for moneyHOP. Our flagship product HOPRemit, is India’s most sought-after remittance app for abroad education-related payments. We abide by KYC and AML guidelines and have a top rating of 4.5 on Google. 

Conclusion

Online banking offers unparalleled convenience and facilitates financial freedom. Still, they are not devoid of pitfalls, and with time scammers would improvise. Thus, we must be as proactive as banks and developers are in protecting our data. And, collectively let’s hope we can keep financial cyber attacks at bay.