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Is it safe to save banking details on websites and apps?

IamCheated.com Research Team | December 05, 2019  5:53:pm

With the advent of technology; everything is done online. Be it paying utility bills, buying clothes or booking tickets, we normally prefer doing it online. Technology has really helped so much as thousands of things can be done at the click of a button.  But, the sad part is, as online transactions are on the rise, online frauds are also increasing. A lot of people have lost lakhs of rupees while transacting online.  A single mistake on the part of users can actually prove very costly. 

In this blog, we will discuss, is it safe to save banking details on websites and the apps where you carry out online transactions.

See Also: Tips to safeguard banking transactions

Is it safe to save banking details on websites and apps?

Recently, a survey was conducted by NortonLifeLock Inc and customers were asked if they were willing to save personal banking details on websites while making financial transactions. As per the survey, 68% of people were ready to save personal banking details on websites they trust, while more than 83% believe that financial fraud and data theft are the biggest threats to online banking.

The study has revealed that more number of customers make online financial transactions for shopping which is followed by bill payments. Many people do online transactions mainly due to convenience and time-saving benefits.

It is really good that a lot of Indians are making use of the internet for various things like paying bills, transferring money, booking tickets and so on. But, at the same time, it is really important for consumers to be aware of possible risks and stay alert while making online transactions.

Before carrying out a financial transaction on any website, make sure that the website is secure.  There are many fake websites which are set up by fraudsters with the intention of stealing your banking details. The URL of the website should start with ‘https’, or that the browser bar should contain the locked padlock symbol or must be green. These symbols say that the information you provide on the website is encrypted and it is difficult to be hacked by the hackers.

Only use websites you know or trust. Sometimes, it is difficult to differentiate the fake shopping sites from the genuine ones. So, you have to check the site address carefully for subtle differences, like minor errors in spelling or grammar.

If you are using a mobile app to carry out any financial transactions, make sure the app is legitimate. There are many fake apps which look exactly like the original app. To avoid downloading fake apps make sure you download apps only from the official app stores.

See Also: How To Secure Mobile Banking Apps?

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