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Why Online Banking Security is Important for You?

Banks and the general public need to stay alert and be wary of any unusual activity in their accounts.

Anshika Bajpai |

Updated:March 6, 2019, 4:27 PM IST
Digital transactions in all co-operative banks by March 2018: NPCI (photo for representation, image Reuters)
Photo for representation. (Image: Reuters)

Internet banking has grown so well that it is now an irreplaceable part of our everyday lives. So much so that for most of us, it has replaced physically going to our bank branches for every little thing. But amidst all the technological development, we can’t forget how much security is important to us too. In the wake of so many data breaches that take place every now and then, online security is not just advisable but absolutely necessary, given how much is at stake for us. Here are a few reasons why online banking security is a must for everyone.

1) Since our economy is heading towards being a cashless one, it is important to protect the information in our credit, debit and any other card or service that enables transactions.

2) You can lose both time and money in case of a data breach. Although banks do everything in their hands to recover your money, sometimes it comes back either partially or even nothing at all.

3) If your personal information is breached, you are always unsure about how it might be used. Money can always come back but data and personal information have the capability of floating out of your control.

4) Over 28% of phishing attacks detected in 2014 were against banks, payment systems and e-commerce companies. And 90% of the people who were successfully duped trusted the intruder because they thought he/she worked for that company. Need we say more?

Banks and the general public need to stay alert and be wary of any unusual activity in their accounts. While we can always take safety measure and intimate the bank immediately if something happens, the banks should also keep their databases off any viruses, have regular checkups, tests and scans to avert any kind of malicious activity.

To know more, click here.

This content has been created in association with YONO SBI.

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