Internet banking allows us to have access to the world of ecommerce, pay our bills online, transfer money to other bank accounts, etc, etc. However, when you register for Internet banking and enter your personal and bank details, you are vulnerable to getting your information hacked online due to various online frauds such as phishing, identity theft, etc.

Here are seven mistakes that you can easily avoid while using Internet to ensure that you are not the next victim of online fraud:

1. Ensure that you create a strong unique password for your online bank account :

Create a strong and unique password for every bank account that you have registered for Internet banking. Make sure that you choose a combination of alphabets, numbers and special characters. Never use common words or phrases or your personal details such as your name, nickname, date of birth. Always change your bank password frequently and never write it down on any piece of paper, on your mobile notepad, or provide that information over the phone or chat message. It is also very wise to use a password manager to ensure that you safely and securely manage your password information, especially if you are prone to forgetting your passwords easily. Last but not the least, never keep the same password for all your online accounts because if even one account gets compromised, you will risk all the other accounts’ security.

2. Always check your bank statements and sign up for SMS alerts to notify you of all card transactions, NEFT transactions and change made to your personal details online :

We often fail to read the bank statements that we receive via email or via paper mail. However, investing 5-10 minutes in reading through your bank statements can make you aware of any unauthorized, especially recurring charges that you may not be aware of. Report to your bank immediately if you see any charges, fees or registered payees that you did not authorize.

3. Two – factor authentication:

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