Whether it is bill payments, funds transfer or creation of a fixed deposit, internet banking allows you to do it in a fast and convenien...
Whether it is bill payments, funds transfer or creation of a fixed deposit, internet banking allows you to do it in a fast and convenient way. Instead of going to the bank and waiting in an unending queue, internet banking has made all banking functions accessible through a few clicks. However, this facility needs to be used very carefully due to the risk of phishing – fraudulent means of attaining your confidential banking information.
Unfortunately, online fraud and identity theft occur just as frequently, thanks to clever thieves and sloppy consumer Internet shopping habits. Online transactions always carry some risk, but consumers can do many things to increase their security on the Web.
Steps to take when you do an online transaction:
- Never do a NEFT / IMPS transaction to a company or a person who asks if do a purchase online, this is termed as online purchase
- In case you pay an advance, get a receipt immediately from the recipient
- Now if you have decided to do NEFT/IMPS, you can go for NEFT as the details are recorded, however, in the case of IMPS, the bank has no control.
- It is better to purchase a product online through a payment gateway
- In case you are duped of a product/service, you must reach the seller/website that sold and asks for explanation, and in case you do not get a satisfactory response, you should immediately go to your bank and file a chargeback case with the transaction details, please note that a chargeback case can be filed only if the transaction is done through a payment gateway
In case you are doing a NEFT, it is better to transfer a smaller amount first and ask the recipient to check the statement and get this confirmation (just to make sure, you have sent the money to the right account)
Debit cards & Credit cards: Please make sure that the OTP / VBV is used for all online transactions, payment gateways always match the details that you have entered and also check if the right person is using the card, by checking all details provided and sometimes call the customer to confirm.
Internet Banking: The system doesn’t do a check this is an instant transfer where verification is very less unless alarming results are popping up like wrong details entered
Always ask for a receipt from the company and the payment proof will be your reference number
Always make sure you entering card details, or sensitive information on a website which SSL, PCI verified, you would have the hologram seal on the website
Refunds: Refunds are processed in 5-7 business days, anything more than this is wrong.
Never do an International transaction through transfer to the recipient's account. If you see that the payment is taken without 3D secure.VBV or OTP, it is advisable to contact your bank and block this payment. Generally, a chargeback case may range for more than 90 days, if the origin country of the transaction is different from your country.
Always Use Personal Computers:
Most important thing is always, must and should use personal computers for online transactions. Public computers are like a public library where everyone has access to everything.Most of the public computers save usernames, passwords, and have cookies saved to their browsers, which make it a liability for security when using confidential information. So always use a personal PC for online transaction.
Use High-Security Password and 3D Secure Code:
All the banks are giving access to a high-security password where an instantaneous password is delivered to your mobile phone when an online transaction takes place. Be sure to enable it for your account. Highly recommended … also when using a debit card for online transactions a 3D SECURE CODE is an extra layer of protection provided by the bank which is actually a unique password where the cardholder is the only person who has access to it. Don’t forget to use these extra security steps, if you use online transactions often.
Keep track of your transactions:
Always keep the record of your account statement, when, where & how many transactions have been done, where your credit card has been used. If you find any false transactions in your account statement, report it to your bank and lodge a complaint as soon as possible.
These are the must and should follow steps when you are making an online transaction. Hope this will be helpful when you make an online transaction in future.
