How to Keep Your Current Account Safe and Secure?
Corporates, entrepreneurs or professionals, who make bulk transactions, prefer using Current Accounts. The security of Current Accounts is a concern for both the banks and account holders as these accounts hold more liquid deposits with no limit on the number of transactions per day. The need for security assumes further importance as Current Accounts come with an overdraft facility. The facility allows you to withdraw more than what is currently available in the account. We provide you with a list of essential tips to keep your Current Account secure.
It has become easier for Current Account holders to make large volume payments seamlessly through digital banking. It can be done from anywhere anytime, and there is no upper limit on the number of transactions. Although banks employ multi-tier encryption protected security systems for safer digital and ATM transactions, being vigilant can also help in preventing banking frauds. Here’s a list of Current Account safety tips.
- Make sure your computer is secure and free from malware
Ensure your systems are updated and have the latest antivirus in place with antimalware software installed. Make sure these are genuine and high-grade software bought from the market. Malware can install themselves in your computer without your knowledge, track your online activities, and steal sensitive data.
- Know about phishing e-mail
These are e-mails that may look and feel like official e-mails sent by your bank. But, they are fraudulent and often lead e-mail users to malware-infested links. Do not act on these e-mails. If an e-mail seems suspicious, you can call up your bank hotline to confirm if they have indeed sent anything relevant.
- Avoid using public wi-fi hotspots
Instead of wondering how to keep your Current Account secure, avoid public networks. Public wi-fi hotspots are often known to be insecure and susceptible to hacking. In public hotspot networks, it is easier for hackers to use tracers and gather sensitive information from your system. You may use a Virtual Private Network for a secure connection.
- Keep changing your passwords
The general rule is, you should change your password once every three months. Banks send reminders about this.
Use the bank’s official website. Security experts discourage using an e-mail link to a website. These e-mail links could be a security threat as hackers set up proxy servers to steal personal data. An easy way to know if the site is secure is, check if the website has an active SSL certificate (security feature that ensures total data protection). Also check for https:// in the site’s URL.
Don’t fall for money mules
Money mules are fraudsters, who lure people into sharing sensitive information like bank details and personal information. Once this data is shared, the accounts can be misused for transferring stolen or illegal money.
- Beware of ATM skimmers
Fraudsters use skimming devices to steal data from the magnetic strip of your debit card when you make transactions at ATMs. This data is used to clone your card details and make fraudulent transactions. Skimming devices are placed atop the card slots at ATMs. Most banks are installing anti-skimming devices that send out signals when a skimming device is detected. It still pays to be vigilant while making ATM transactions.
- Cover your pin
Skimming devices cannot do much without your PIN. It is important to cover your PIN with the other hand while using a card at the ATM.
- Look out for your card
Look out for your card at all times, especially when you hand them to a third person to swipe it for you. If you are using it at a restaurant or a point of sale, make sure your card is swiped on legitimate card swiping machines.
- Get in touch with your bank at the earliest
A lot of fraud attempts are executed at night when people are not near their devices. If you suspect fraud and receive debit alerts, when you have not used your card or login, get in touch with your bank as soon as possible and get it blocked. Some banks allow temporary blocking too. You are unlikely to lose the amount if you report the fraud within three days of the event.
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*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.