Today, thanks to the development of UPI and Internet banking, a majority of business transactions are conducted online. However, this has significantly increased the risk of cyberattacks, which can not only lead to financial loss but also result in the loss of the customer’s financial data, which is usually stored on the company’s servers.
So, if your business relies heavily on digital transactions, keep reading this guide. It will provide the best Internet banking safety measures to safeguard your business and your customers.
Online Banking Services: An Overview
Online banking (also known as Internet banking) is the process by which customers can access banking services like fund transfers, deposits, account balance checks, bill payments, etc., via the Internet.
Online banking services can take transaction handling to the next level for business owners. For instance, they can seamlessly monitor all transactions, facilitate payments to vendors, disburse refunds, and more from their bank’s app or website. This saves a lot of precious time and effort, which they can allocate to core business operations.
How to use Internet Banking? Best Practices for Using Online Banking Services
Following are some of the top online banking safety tips for businesses:
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Enhancing Security Measures for Safer Transactions
You can enhance the security of your business transactions by integrating multi-factor authentication. It adds an extra layer of security to your bank account, making it a lot harder for unauthorised users to gain access using stolen usernames and passwords or brute-force attacks.
Moreover, you should conduct routine security audits to identify and mitigate potential underlying risks before they escalate. You must also update the latest security patches on your business’s website and computer’s operating system for added protection against potential vulnerabilities.
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Use a Dedicated Device for Banking Transactions
Companies should consider using a dedicated device for all their online financial transactions. It must have a custom firewall that enables access to only a handful of bank websites. Doing so can significantly reduce the chances of visiting any malicious or phishing website that can steal your login credentials.
Also, most malware is programmed to run on Microsoft Windows. Thus, consider installing operating systems like Linux or macOS if your dedicated device is a computer.
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Utilising Advanced Technologies for Improved Services
Companies can leverage artificial intelligence (AI) and machine learning (ML) models to detect fraudulent transactions, identify loopholes in their system, minimise threats and improve their overall banking security.
Furthermore, they can use blockchain technology to develop their own Know Your Customer (KYC) verification solution and facilitate instant payments by removing the need for intermediaries, which can further strengthen their online security.
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Set Strong and Unique Passwords
This may sound like a no-brainer, but using a strong and unique password is crucial for Internet banking safety. You should use a passphrase that consists of both upper and lower case letters, special characters and uncommon number sequences.
Moreover, consider updating your password every 3 to 6 months to lower the odds of it being decoded by hackers.
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Avoid Using Public WiFi
If you need to process business-related banking transactions on the go, avoid using public Wi-Fi at all costs. You may end up accessing malicious hotspots, transmitting data over unencrypted networks, becoming susceptible to man-in-the-middle attacks, and more.
If using public WiFi is the only option, consider using a Virtual Private Network (VPN).
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Activate Banking Alerts
By activating banking alerts, you can get notified of certain actions related to your account. They include debit and credit transactions, failed login attempts, password changes, new linked external accounts, personal information updates, and more.
As a result, you can keep track of any potentially fraudulent or suspicious activity and report it to the appropriate authorities if anything occurs.
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Partnering With the Right Fintech
Fintech platforms like Decentro, Razorpay, Paytm, etc, offer plug-and-play APIs and SDKs that enable you to handle a wide array of tasks. They also come with high-grade SSL encryption that protects your transactions from cyber threats and safeguards customer data.
For instance, you can leverage collection APIs to securely collect customer payments from multiple sources and reconcile them directly via virtual accounts.
Additionally, you can integrate the UPI ID Verification API to verify UPI addresses and account owners before processing payments.
Apart from following all the above-mentioned top Internet banking safety tips, you must also be proactive about your online business transactions. For instance, you should avoid sharing your login credentials, debit/credit card PIN and Internet banking password with any unknown individuals.
Also, you should never click on email links from unknown senders, save logins on your device, and set your name as your username.
