An Essay On Internet Banking

An Essay On Internet Banking-32
They are lured by fraudsters posing as coming from companies with websites and offering them high commission to get a small job done or huge salary for a part time work from home job.Such fraudsters will either ask you for an upfront payment as an investment, that will get you stupendous returns or offer you a commission to make transactions using your account.So if there's a fraudulent email which offers to redirect you to your bank's website and you enter your personal details on landing page after clicking it, there's a huge risk of your login credentials being stolen.

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Further explaining the Phishing scams, Deepak Kinger, Vice President, Banking and Financial Services, Virtusa Polaris, a financial technology firm serving leading software vendors in banking & financial services, said, "Phishing involves installing 'malware' or 'spyware' that reads sensitive client information including client details, passwords and PINs at the point of contact on channel.

This channel could be an ATM, internet banking site, mobile banking app or the payment interface on an ecommerce site." Money mule / Additional income email scam: Money Mules are unaware victims, invariably job-seekers and those seeking to make easy-money online.

Further, the lock icon before the 'https://' is an assurance for a secure connection. Do not use public computers to login to net banking If you are using a public computer, the risk of compromising your login credentials is higher.

However if you have to login from such places, make sure you clear the cache and browsing history, and delete all the temporary files from the computer. Check your account regularly Most banks have a 'last logged in' or 'login history' tab on their web sites.

These 'malware' apps can then monitor your inputs on a mobile banking app for example and retrieve sensitive data to be passed on to the app owner." Here are 8 tips to use internet banking safely: 1.

Always use genuine anti-virus software To protect your computer from phishing, malware, and other security threats always use genuine anti-virus software.He will ask for your bank account details and deposit money in it and then further direct you to transfer it to accounts of other money mules on commission basis.This transferring of funds could lead you into criminal misdemeanours.Anti-virus helps in detecting and removing spyware that can steal your sensitive information. Avoid Using Public Wi-Fi or Use VPN software The biggest threat of an open Wi-Fi network is that the hacker can sit in between the end user and the hotspot and can trace all the data without any difficulty.Hackers see unsecured connection as an opportunity to introduce malware into your device.Speaking about the risks involved in using smart phones, Kinger said, "In today's context, the threat of fraud happening on the mobile channel is a lot higher than the other channels.Many users install apps on their phones that grant unconditional access to their data and other apps installed on the phone.If a recent survey by Telenor is to be believed Indians are losing more money to online fraudsters than their Asian counterparts.As per the statistics, 36% Indians were cheated online, which is about Rs 8.19 lakh average financial loss per person from Internet scams, compared with Rs 6.81 lakh per person in Asia.Further, be sure to choose strong and long passwords.For additional security to financial transactions through Internet Banking, create and maintain different passwords for log-in and for transactions. Subscribe for mobile notifications If you haven't done it already, do it now.


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