Why password privacy is important

With the advent of technology, our payments are becoming increasingly digital. You must have made several payments via digital means like UPI, NEFT, etc. Digital payments are quick and convenient and also help in tracking expenses.
Unfortunately, scammers have started exploiting technology to commit their fraudulent activities. Scammers can get access to your sensitive information and use it in their favour via scamming techniques like phishing and hacking. Hence, you must safeguard your interests.
OTP protect and password protect are no longer just good practices but rather a necessity. If you continue using weak passwords, your account will be more susceptible to hacking. This article will tell you how to prevent unauthorised access to your account and secure your online transactions.

Ways to prevent unauthorised access to your account

If scammers get unauthorised access to your account, it can cause financial loss, data breach and identity theft. Hence, you must prevent scammers from gaining unauthorised access to your account. The following are some tips to help you in this endeavour - 

1. Maintain privacy

To ensure no one can access your account, you should maintain confidentiality. Do not share your PINs, passwords or OTPs with anyone. Remember that no bank representative can ask you to share your OTP. If asked, please report it to the bank and authorities immediately.
To reduce the risk further, never write down your PIN, password or OTP on a piece of paper. Someone can get access to the paper, which can lead to your account getting hacked!

2. Verify unknown requests

Scammers can try to steal your digital identity by using your personal information. Never share your personal information without first authenticating the requestor of such information. 

3. Enable two-factor authentication

2FA or two-factor authentication acts as an additional layer of security for your account. If scammers get access to your PIN or password, then having 2FA can safeguard your account. 
2FA typically works by giving you a one-time key or OTP to log into your account. The bank will share the key or password to your registered mobile number and email ID. To successfully log into your account, the scammers will also need to have access to your mobile number or email ID.

4. Keep strong passwords

If your passwords are easy to guess, then your bank account will always be at a constant risk of being compromised. Do not use easy words or combinations like date of birth as your PIN or password as that will compromise your password protection.
It is advisable to periodically update your PIN and password to enhance your password privacy.

5. Stay aware and cautious

To prevent the occurrence of a scam, it is crucial to know how the scammers operate. HDFC Bank Vigil Aunty can help you achieve this. She provides you with recent scam techniques, how to prevent them, and what to do if you ever happen to be a victim. 
By being mindful, you can significantly reduce the risk of being scammed. Scammers typically use phishing tactics to get access to your personal details. Phishing means fraudulently impersonating someone else. Under a phishing attack, the scammers might pretend to be bank representatives and ask you to validate your personal information. Scammers can also send you emails with attractive offers that contain fake URLs to their websites. Once you land on these links, you will be asked to provide your personal information.
If you are cautious enough to authenticate the requestor's identity and URL before providing any information, then you can limit your chances of being scammed.

How to secure your online transactions

• Visit trusted websites: While transacting online, use secure and trusted websites. Do not fall for impulse purchases from unknown websites on the pretext of amazing offers. Such websites can contain malicious elements to steal your personal information.
• Use reliable payment methods: You should ensure making payments using reliable payment methods via known payment gateways to ensure confidentiality. Do not save your card details on every platform, and make use of built-in protection methods of known payment gateways.
• Secure your devices: The devices you use to make online transactions must be secure. Make use of antivirus software on your computers and phones. This will reduce the risk of having your device infected by scammers.
• Monitor your accounts: You should periodically track your account statements. Look for any unknown transaction, and if found, report the matter immediately to the bank and authorities. This will prevent further financial loss in the event of being scammed by fraudsters. 

You can also sign up for transaction alerts for your account to get notified in real time for any debit or credit activities related to your account. This will help you promptly alert the bank and authorities.

Join Vigil Army, where Vigil Aunty will decode various frauds and give people a heads-up on the dos and don’ts of combating frauds online. To join the Vigil Army, send ‘Hi’ to her via WhatsApp number 7290030000.

Disclaimer: The appearance of Vigil Aunty's bindi has been refreshed with a change in color from red to blue for a distinctive look.