How To Keep Your Money Safe

Due diligence while transacting online is imperative as number of malware and phishing attacks increase.

- Nidhi Singal

Convenience comes at a price. although online banking has made our trips to the bank infrequent, it has put our money and data at a huge risk. more than 25,800 fraud cases related to credit/ debit cards and internet banking were reported in 2017 (up to December 21), according to the Reserve Bank of India. with the mushrooming of payments apps, users are increasingly becoming vulnerable to phishing and malware attacks.

Shocking as it is, not even the established banks are insulated. Quick heal security labs detected an Android malware that has been targeting over 232 banking apps including those of SBI, HDFC Bank and ICICI Bank.

“Most consumers are confident that they’re safe online, but hackers have proven otherwise,” says Ritesh Chopra, Country Manager, Consumer Business Unit, Symantec.

Although not every app or platform is being attacked, being cautious never harmed anyone. Here’s what you can do to safeguard against online frauds.