DO's and DON't for Safe Banking (2024)

FAQs

DO's and DON't for Safe Banking? ›

Never click on a link from an e-mail you get. Be Secure: Keep your operating system and browser up-to-date with the latest security patches. Install these only from a trusted website. Keep your passwords, Personal Identification Number (PIN) and card numbers confidential.

Don't share your Debit / Credit cards with any one. Don't share your personal information like Debit card details/PIN/CVV/OTP/Card Expiry Date/UPI PIN, over phone mails/e mail/SMS to anyone even though some one pretending to be bank officials.

Never write your password down. Only access your bank account from a secure wireless network. If you do use a public computer, never leave it unattended when logged in and log out properly when you've finished your banking session.

Use Strong Passwords: Using a strong password is critical to helping protect against hackers and scammers. Multi-platform authentication can also help keep accounts safe. Use Secure Platforms: Select secure banking platforms, and never link an account to an insecure platform.

Never keep blank / signed cheques in the drawer or any place where outsiders have an easy access. Never etch or scribble your credit/ATM card passwords on any document. Similarly, do not disclose your safe deposit locker password to anybody. Never give the keys of safe deposit locker to anybody.

The SAFER Banking Act passed by a notable bipartisan majority of 14–9 on September 27, 2023.

The safest way to bank online is to access your bank's official online or mobile banking app using a secured Wi-Fi connection. Banking with unverified or untrusted apps or over unsecured Wi-Fi connections could leave you vulnerable to cyberattacks.

What is the safest device to do online banking? ›

Kyle Marchini, senior analyst in fraud management with research-based advisory firm Javelin Strategy & Research: "I give bank apps on mobile devices the edge when it comes to safety,” Marchini says. With computers, he says, it is easier to inadvertently download malware from hackers.

Banks tend to keep only enough cash in the vault to meet their anticipated transaction needs. Very small banks may only keep $50,000 or less on hand, while larger banks might keep as much as $200,000 or more available for transactions. This surprises many people who assume bank vaults are always full of cash.

The Secure and Fair Enforcement Regulation Banking Act (SAFER) Banking Act would ensure that all businesses—including State-sanctioned cannabis businesses—have access to deposit accounts, insurance and other financial services.

Credit risk is the biggest risk for banks. It occurs when borrowers or counterparties fail to meet contractual obligations. An example is when borrowers default on a principal or interest payment of a loan.

Banks can't lend out all the deposits they collect, or they wouldn't have funds to pay out to depositors. Therefore, they keep primary and secondary reserves.

Denial of Service (DoS) attacks can be devastating for banks. These attacks involve sending traffic to a server hoping to overwhelm it and block access. For example, a hacker might try to mount a DoS attack against a website by continually sending requests, causing the website to take longer to load or even crash.