Protect your bank accounts and make sure they stay safe with this guide to the 10 most important security features you need to know.
The bank account that you use has few potential features which allow you to protect your funds. Most people do not use it to it’s full potential.
Knowing these security features might safe you from falling into the traps of cone artist or fraudsters.
From the cheque book that you have to the online banking facilities, there are a number of security features that are worth knowing.
Reporting to the bank when sudden unauthorized transaction occur to your bank account is the foremost important thing that you have to do.
Keeping your online bank accounts safe from cyberattacks and hackers means implementing strong security features. From two-factor authentication to biometric verification, this guide explains the ten security features you must have for maximum protection.
Enable Two-factor Authentication.
Two-factor authentication is a type of technology that requires two distinct methods for verifying your identity.
Examples include having a code sent to your phone or email, and then entering it in the login interface.
When logging in to your internet banking. You need to have a user name and a password. In addition to this, just next to punching your credential, system generates OTP-One Time Password which is required to gain access to your account.
By using an additional factor, this makes it harder for criminals, hackers, and other unauthorized users to access your accounts.
Set a Strong and Unique Password.
It’s always important to set strong and unique passwords for your online accounts – this is a great way to stay protected.
Make sure that your password isn’t used for multiple accounts, and consider using passphrases or two-factor authentication (2FA) for added security.
Password are considered strong when you have minimum 8 characters inclusive of case sensitive letters, numerics and special characters.
This can help prevent hackers from gaining access, as they won’t be able to crack the code with brute force attacks.
Use a Password Manager.
A password manager can make it easy to store your passwords securely, and give you access from any device. Google Password Manager is one such tool which gives world class security.
When you sign into websites which are associated with your password manager account, it can automatically fill in the login information for you.
This kind of convenience puts an extra layer of security over your passwords – and can help to prevent data breaches or unauthorized access.
Set up Alerts for Suspicious Activity
Security alerts are one of the most important features you can use to protect your online accounts.
You can choose both SMS alert as well as email alert. Many websites allow you to set up an alerting system, so that if someone tries to access your account, you get notified instantly either via text message or email.
That way, if anything suspicious occurs, you can take action right away and secure your account before any damage is done!
Moreover setting alert system is quite handy. Its also useful in getting account transaction details every now and then.
Manage Privacy Settings on Social media Accounts
Many social media accounts come with a host of privacy settings that allow you to customize how users interact with your profile and account.
You can, for example, choose who can see your posts, who can comment on them, or who can send direct messages to you.
Making sure these settings are set up so that only trusted people have access to your account is a good way of not just increasing its security but also controlling who has access to your personal information.
Cheque Cancellation Facility
You know, issued cheque can be cancelled if you have a doubt. When you are not sure when and where you have presented the cheque, its payment can be blocked online or offline.
This feature is quite useful in avoiding fraud transaction provided you have identified it on time. Timely action is required as you have to report to the bank.
Instant Blocking Of Payment Medium.
When something bad is going to happen, you might get the alert as an email or messages. If you have received such kind of alerts, you can block your internet banking, mobile banking, UPI, ATM card and Credit card.
As a fall-back mechanism, your bank account is equipped is such a manner that if suspicious transaction occurs, ATM card may get blocked by the system.
Likewise, it goes same with the credit card and internet banking. When intruder tries to access your account multiple times with wrong PIN or password. These payment medium gets blocked for atleast 24 hours.
On top of that, there is surveillance team to look out for suspicious transaction in bank account. They record and report to the concerned authority and take timely action accordingly to stop erosion of assets.
You may resort to bank’s guidelines to manual blocking of ATM/Credit cards, internet banking and UPI. In fact, you can do it anytime with internet banking. Mostly the menu is found under the account setting section.
Blocking through tele-calling is another option that you can rely on. But you have to make sure if it’s done successfully. Confirmation message from the bank will serve the purpose.
Transaction Limit Setting
Yes, you can set transaction limit to your bank account. The facility is available on ATM/Credit cards. These limit setting can be done either through internet banking or the card provider’s website.
Transaction channels such eCOM, POS- Point of Sales, ATM can be set as per requirement. For example, if you use Platinum Or Wealth card of SBI, the alloted limit is a bit high which goes beyond ₹1 lakh.
If you do not want to switch the card, you can retain it by setting it’s limit to your choice. Online payment, POS or ATM cash limit are some of channel you can choose.
Internet banking limit setting can not be done partially. Either you have to take account enquiry right or both transaction and enquiry rights.
Order Cheque or Bearer Cheque
Generally we do not notice this when getting a chequebook. There are two types of cheque you can use for your bank account.
One is bearer cheque and the other is order. When comparing order cheque is better and safer than the bearer cheque.
Creation Of Virtual Account Number
In short it’s called VAN. Not all beneficiary can be trusted. When you do not want to share our account number to unknown person, you can use the facility of virtual account.
You can generate it via internet banking. If you are not fluent doing online, you can seek the bank advice.
Instead of handing out your bank account details, now you can give your VAN to the person you are going to get funds. That is why, VAN is considered one of the way to safeguard your bank account.