5 Things you can do if your Online Banking Details have been Compromised

Considering how dependent we are on digital and online payments today, a breach of security can be an alarming experience. But there’s no need to panic. If informed in time, banks and financial institutions can take steps to remedy the situation. If you find that your online banking details have been compromised, here’s what you must do – ASAP.

Notify your bank

Call your bank up immediately and notify them that your details have been compromised. Ask them why this problem could have occurred, and what precautions you should take to prevent this from harming you. Also, ask the customer service agent for a request number and note this down. This will create a record of your response to the problem, and it can protect you from future liability due to the unauthorised access.

Block your credit/ debit card

Your cards can be misused by hackers even if they do not know the PIN. Miscreants can use your personal details to generate a new PIN online or get a new PIN issued to a new address. Once they obtain this, they can start spending your money. Moreover, credit cards can be used abroad without the two-factor authentication or verification process. When you speak to the customer service agent, ask him or her to block your debit or credit card immediately.

Change your NetBanking password

Many banks allow you to use your phone number or secret question as a recovery option for your password. Use this feature to set up a new password and ensure that it’s completely different from the old one through your NetBanking. Try and set up a complex password with numbers, letters, and symbols. A weak password could be the culprit to your details getting compromised.

Set up an additional security feature

Many banks allow you to set up an extra layer of security for NetBanking. This can be a security device that is issued to you, say a physical dongle. You have to type your personal PIN, and the dongle generates a numerical code that needs to be used to log in to your account. Even simpler is the requirement for a one-time password (OTP) that is sent via SMS to your registered phone number at the time of logging in. Check this article for more security features for your HDFC Bank Credit Card and Debit Card.

Order new cards

Often it may be better to make a clean break and start afresh. A new credit/debit card usually takes a week or two to arrive, and you may suffer some inconvenience while you wait. Order the new cards right away to minimise the hassle.

However, if you don’t want to reduce all this trouble, you can set up additional security for your credit cards to prevent unauthorised use. For instance, HDFC Bank provides security features like Verified by Visa and MasterCard Secure Code which require you to enter your card number, personal message and confirm your password before making any purchase. This can go a long way in helping you prevent any misuse of your credit card.

So now that you know what to do in the event of a security breach go ahead and splurge – but make sure that you take precautions to see it doesn’t happen again!

To apply for an HDFC Bank Credit Card, click here.

To apply for an HDFC Bank Debit Card through NetBanking, click here.