How can you protect yourself from online banking fraud?

 To protect yourself from online banking fraud, follow these key security practices:

1. Use Strong and Unique Passwords

• Create a password that is long, complex, and unique for your bank account.
• Avoid using personal information like your name, birth date, or common words.
• Change your password regularly and never share it with anyone.

2. Enable Two-Factor Authentication (2FA)

• Activate 2FA on your banking account to add an extra layer of security.
• This typically involves receiving a one-time password (OTP) via SMS, email, or an authentication app.

3. Beware of Phishing Scams

• Do not click on links or open attachments in emails or messages claiming to be from your bank unless you verify their authenticity.
• Banks will never ask for sensitive information via email or text.
• Always type your bank’s official website address directly into your browser instead of clicking on links.

4. Monitor Your Bank Statements Regularly

• Check your account transactions frequently for any unauthorized or suspicious activity.
• Report any discrepancies to your bank immediately.

5. Use Secure Internet Connections

• Avoid accessing online banking from public Wi-Fi networks as they are vulnerable to hacking.
• Use a Virtual Private Network (VPN) when banking from an unsecured location.

6. Keep Your Devices and Software Updated

• Regularly update your smartphone, computer, and banking apps to fix security vulnerabilities.
• Install reputable antivirus and anti-malware software.

7. Log Out After Each Session

• Always log out of your online banking account when done, especially when using a shared or public device.

8. Set Up Alerts and Notifications

• Enable SMS or email notifications to receive real-time updates on transactions.
• This helps in detecting fraudulent activity immediately.

9. Avoid Saving Banking Credentials on Browsers

• Disable the "save password" feature in browsers to prevent unauthorized access.
• Use a trusted password manager instead.

10. Be Cautious of Fake Banking Apps

• Only download banking apps from official app stores like Google Play Store or Apple App Store.
• Verify the developer before installing any financial app.

By following these security measures, you can significantly reduce the risk of online banking fraud and protect your finances from cybercriminals.