Mastering Online Security: Protecting One's Financial Information

Technology has spread its wings across every industry and every aspect of life. Almost all activities, from shopping to making utility payments to international fund transfers take place online. This makes cyber security and protecting one’s financial data a priority. Online transactions have made complex activities convenient, however, they are accompanied by cyber threats. To protect their personal and financial data, individuals must understand the various risks associated with online transactions and adopt strong security measures.

The Growing Threat of Cybercrime

Technology is advancing rapidly and the internet is being extensively used by everyone. This has spiked the rate of cybercrimes. It has become very important for every individual to be more vigilant and aware of the different types of cyber crimes taking place. A few common types of cybercrimes are:

• Phishing: Fake emails are sent to the target to get the user’s personal information.
• Identity Theft: It takes place when the personal data of the target is used without their permission to commit crimes/fraud.

Ways to Protect Financial and Personal Information

There are quite a few ways by which individuals can safeguard their personal and financial data.

1. Keeping Devices Secure

Every individual would have multiple devices through which they transact, and make payments and purchases. To ensure every device is safe, it is important to create strong passwords. Additionally, configuring Two-Factor Authentication (TFA) is crucial, wherein a security code or biometric like a fingerprint is used as an extra security measure.

2. Secure Internet Connections

To safeguard personal information and ensure cyber security, it is essential to have secure internet connections. One common pitfall that offers convenience, but is a risky affair, is the use of public Wi-Fi networks. The best way to avoid this pitfall is to avoid accessing personal accounts or making any online financial transactions while using public Wi-Fi.

3. Recognising Phishing Attempts and Social Engineering Tactics

To safeguard oneself from data breaches and scams, it is crucial to be alert and identify phishing attempts and social engineering tactics. Social engineering manipulates people by playing with emotions to get access to personal data.

4. Safe Online Shopping

Safe online shopping is essential to safeguard payment information from various cyber threats. One must look out for websites having “https” in their address, as this ensures the security of transactions. Furthermore, reputed payment methods and credit cards must be used for online transactions. Check out the Personal Banking section to learn more about the credit card offerings by Federal Bank.

5. Securing Personal and Financial Data on Social Media

Social media has become a platform to share almost every detail about one’s life. One must restrict from sharing any personal details on social media. The privacy settings can be adjusted to safeguard one’s online identity online and other data.

6. Regular Software Updates and Patches

Every device sends out regular security updates, software updates, and patches. These might appear to be a hassle, however, they must not be ignored. They not only fix vulnerabilities but also ensure a seamless user experience.

Empowering One's Digital Life with Strong Online Security

In a world that is bombarded by technological advancements, individuals must educate themselves about the risks associated with sharing sensitive data online. Staying vigilant and following various measures to safeguard their devices and information is crucial. Federal Bank believes in empowering its customers with knowledge. Visit Federal Bank’s Learning Centre to stay updated on cyber security.