In the last blog of this series, we established the difference between online and digital banking, now moving forward in this blog we will cover the measures of a safe and secure digital banking experience. The discussion will cover the aspects from both clients’ as well as customers’ perspectives.
We all would agree on one thing this new era of digitization has its perks along with some threats, and these threats at times can be targeted towards our hard-earned money leading to a difficult situation of survival. Ensuring that while you make any online/digital payment, it was secure is a necessity for all in this modern time.
While making any online payment or transaction, you wouldn’t want that one single mouse click or lack of attention costs you thousands or in some cases more. The advancement of technology has unlocked a different level of experience in major sectors with its applicability and banking has been one of those. However, there is always a level of risk associated with it which we often ignore. For a secure and seamless digital banking experience here are a few points to be considered:
Starting from the first and foremost point-
- Don’t share account details
Although this sounds like a very basic point to never share the card and account details, and most people know about it as well, even after that there come incidents where scams happen and people are robbed of their hard-earned money because at some point they have provided their account and card details via entering that information on a non-trusted or secure website or have shared on a call to some person impersonating to be a bank official.
What we can do about this, is that make sure that the account and card details are never shared with anyone, not even on chats (WhatsApp or other channels) as there are high chances of data being stolen from these platforms. The next step is never to save your card or account details on any of the websites or applications while making any digital transaction
- Device protection
Your device says a lot about protecting and securing your data and information. While making any kind of digital transaction. In case you have lost your devices (smartphones, tablets, or laptops), the probability of your data theft is higher, in a situation like this your personally identifiable information (PII) can be leaked and used for some unethical purposes.
Always make sure that your devices are locked using biometrics (fingerprint or face scan), patterns, or pins. This increases the chances of accessing your device data impossible for the person trying to steal it. Apart from that use the feature from Google such as find my device to locate your device in case of loss or theft.
- KYC documents
During the KYC process, all the documents submitted by you provide almost all information about an individual and make it easier for hackers to get into the system and steal the information. There is not much that can be done from the customer’s side, but an organization can make sure that this kind of sensitive information is not getting leaked on any platform or is being put into use for any other purpose.
What a customer can do is make sure that the organization is not using your data anywhere by signing the copy of documents while submission and mentioning the purpose of the documents being shared in a self-attested copy. This activity can ensure that your details and documents are not being used for any kind of fraudulent activity such as the opening of fake bank accounts for money laundering activities.
The basic function of the firewall is to filter all the data transacting from your system and remove the unwanted and block the traffic from unsecured sources on your system. This protects your device from being prone to theft or any other threat.
Having an updated firewall is now a must for any customer irrespective of the vendor they have, this is one such thing that makes the most difference while making a secure digital banking experience.
- Secure Socket Layer (SSL) Encryption
When you log in, fill out an application, register for services, and so on, SSL encryption establishes a secure connection with your browser. And, despite the complexity of the technology, ensuring that SSL encryption is active on the page you’re using is simple. Simply look for the lock symbol in the lower right corner of the page or “https://” at the start of the URL/web address.
Banks can detect or verify your system when you log in to your account again by storing a cookie (a bit of text kept on a user’s computer by their web browser) on your system once you have logged in. If you log in to your account on a different computer or delete your cookies, you’ll have to input additional information the next time you log in.
Once we have kept all these points in mind while making any digital transaction, it would be impossible for any kind of fraudulent activity to take place. It has been said that ignorance is bliss, but in this situation, ignorance can cost you a lot and won’t turn out to be bliss. You need to be attentive all the time and if there is any suspicion of any fraudulent activity taking place, report it to the officials and try to change your credentials and take other measures.
Read: Digital Banking and Online Banking- Same or Different
Digital Banking Platforms-A New and Rising Trend in Industry