5 MinsApril 01, 2020
To practise social distancing to tackle the coronavirus spread, you like many others, are working from home and carrying out financial transactions online. In such a situation are certain precautions for safe banking and online use. Read on to
Double check details while transferring funds online:
Many of you may be paying your house help or driver in cash. If they are unable to collect their salaries you can transfer it from your Savings Bank account to their accounts using NEFT or IMPs. You will need to add the recipient if you are transferring the funds the first time. Ensure you have all details such as bank name, account number, bank IFSC code before making the transfer. If you don’t know the IFSC code,
you can search for it online. Always double-check the details before you finally send the money. Even if there is an error of one digit in the account number, the money could go to some other account. Most banks have the option of keying in
the MPIN twice before the transaction is complete to avoid such mistakes. As a precaution try sending a small amount first and if the recipient receives it, then send the rest of the amount. And once the app has been configured do not give
app access to any unknown user.
Use UPI safely:
Using your bank’s UPI mobile app is also a convenient way of transferring funds. Many merchants also accept UPI payments today. If you are ordering essential items to be delivered
to your home and the delivery person does not have a mobile swipe machine, use the UPI app to make the payment. But be extra careful while using it, since it is linked to your bank account.
1) Accept requests only from verified merchants, as accepting a UPI money request is a debit from your account. Also never share the PIN or OTP numbers. Don’t share the SMS received as verification, as that too contains details such as your
2) Never disclose your passwords to anyone who is claiming to be an official representative of the bank or any third party app. Always remember that your bank will never ask for your personal security details like UPI PIN, OTP or debit card details
like card number, expiry date and CVV. Please do not share such confidential data to any one under any circumstance.
3) Please be aware of any spam warnings raised by your UPI app whenever you receive a payment request from an unknown account. Please make sure to block such requests by clicking the "Block and report as spam" option.
[Also Read: Tips to use UPI safely and transact with ease]
Exercise caution when transacting online:
While using your debit/credit card online ensure that the website or app is a known one and verified one. The website link should be a secured one (indicated through a lock symbol) and the app should be verified by Google Playstore or Apple store.
If there is an option to use a virtual keyboard to key in the PIN, prefer that instead of the keyboard of your laptop/desktop. Never share the OTP when transacting online. Save all emails and SMSs regarding your transactions so that you have
proof in case you need to raise a dispute over a fraudulent transaction.
Avoid clicking on unknown links/apps:
You may have received information about essential service delivery providers, such as vegetables, milk, etc, asking you to click a link or download the app. But before you do so make sure it is a genuine one. Click such links or download such
apps only if you have received it from a known source. Avoid it if it is from an unknown source as it could be a ploy to gain access to your mobile phone and access your details such as bank account number, email, etc.
Ensure a secure network when working from home:
When working from home ensure your private WiFi is secured with a password since you will be connecting it to your office’s intranet system. Change the password regularly. Always lock your laptop and log out when not using it, especially
if you have sensitive documents need for work.
Information on investment tips or hot stocks is also commonly shared during times when the equity market is witnessing extreme volatility. Avoid investing or trading on such tips. Make sure to read up about the company and its financials before
investing. Avoid investing in unknown companies merely because the stock price is low.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.