Online banking has revolutionised the way we conduct our banking transactions and manage finances. Today, almost every bank allows customers to check their balance, pay bills and even transfer money using an app. Mobile banking apps have numerous features that make banking simpler and faster, but it is equally important to keep security your top priority.
While all banking institutions take adequate security measures to keep their apps highly secure, experts suggest following some smart practices to make your transactions extra secure. Below are some must-follow tips and guidelines.
- Use the official banking apponly and no other
Ensure you only use apps created or approved by your bank. Many banks provide links to the app stores from their official websites to help you download the right app. For example, the IDFC FIRST Bank’s mobile banking app is approved by IDFC FIRST Bank, and you can easily find the link to download it on its official website. Also, note that banking apps are updated frequently to incorporate new security features, so it is essential to have the latest version.
- Choose an app that offers strict security measures
Do some research to find top digital banking apps that follow security measures to protect your information. A banking app should offer quick and secure sign-in options such as multi-factor authentication, biometrics, fingerprint readers, facial recognition, and codes to keep your data safe. For a safe banking experience, you can choose the IDFC FIRST Bank mobile app, which allows users to set a unique 4-digit MPIN and biometrics to log in safely.
- Create strong passwords
Set a complex password at least eight characters long and includes a mix of uppercase and lowercase letters, symbols, and numbers. It should also be unique to your account and not used for any other online login.
You should also enable two-factor authentication for net bank login whenever possible. Two-factor authentication requires you to confirm your identity with a code sent to your phone or email before allowing you to log into your account.
- Don’t fall prey to calls or texts from phishers
Be cautious about email and text messages. Don’t open attachments or click on links from unknown senders. Remember, a reputed financial institution will never ask for sensitive personal information such as mobile banking PINs, passwords or Login IDs via calls or text messages.
- Don’t use mobile banking apps from a public network
Avoid using your online banking app from a public Wi-Fi network, as this can make your device and information vulnerable to hackers. Home and office networks are typically more secure than public Wi-Fi networks, as they are less likely to be compromised by hackers. Switch to your mobile data if you are not within a trusted network range. It will help to protect your information from anyone who may be monitoring the Wi-Fi network.
Banks invest a lot of money and time to protect their digital operations (including mobile banking apps) and customers from fraud and theft. But you, as a responsible user, should be aware of the security risks and take the above-highlighted precautions to protect your sensitive information and finances.