Tips for Secure Banking Transactions

Banking has been evolving continuously over the years primarily focusing on convenience to the customer. Today online and mobile banking make life much easier for us on this front enabling virtually all kinds of transactions possible without even visiting the branch. However, with this convenience comes an increased level of risk leading to an increasing number of frauds. It is also true that most of the times the victims had fallen to phishing and such tactics employed by fraudsters and could have avoided the situation. While banks do follow their respective security policies in offering us the convenience of banking at our fingertips, we could on our part take precautionary steps to make sure that it is safe too.

ATMs

  • Use ATMs located public and well lighted locations. Assailants usually choose remote and isolated areas for their job.
  • Do not write your ATM PIN on card
  • Be aware of people looking over your shoulder while entering the PIN.
  • Avoid counting your cash or waiting with cash inside the ATM.
  • Do avoid using unmanned ATMs at remote locations.


Secure Online Terminals

  • Ensure that your browser and computer systems(antivirus, firewalls etc) are updated with the highest security features and settings which are installed from a trusted source. Do not install any application software from unsolicited vendors or sites.

  • Avoid using public terminals like in cybercafes or locations with online Wi-Fi connections or networks that you do not control for your banking transactions as your accounts are most vulnerable to hackers/fraudsters here.

  • If you are using the computer at your office make sure the security aspect is in place and ensure you clear the cache (on any terminal)after transacting so that no one else can view your confidential data.

  • Do not select the option of storing or retaining your user ID and password online as this information could easily get picked up from the browser.

  • Always ensure you log out and exit the browser after each session.

Secure Online

  • Always enter the banks URL or web address in the browser to make sure you are in the right page. Avoid following any embedded links in any email to the website.

  • DO Not disclose your account details(card number,PIN, user ID password) on email, phone or any webpage other than your bank site as no bank personnel would ask you to divulge such confidential information. Most of the banking frauds take place when people fall victim to phishing.

  • A locked padlock symbol should appear in your browser window when you are on your banking site.

  • Use a strong password for your account. Avoid using names and birth dates of your family which can be easily guessed. Include numericals and special characters as part of the password. Also avoid using the same password for multiple bank accounts or any other online account(facebook, twitteretc.)

  • Use the virtual keyboard to enter the password especially on public terminals.

  • Change your log in password at regular intervals

  • Enable Two- Factor Authentication offered by the bank. This way every time you log in to your account you get a One-Time-Password(OTP) on your registered mobile number which has to entered online in addition to your password.

  • Check the ‘last logged in’ panel when logged on.

  • Do not leave the terminal unattended when logged on to your account.

  • In case of any unexpected pop ups or suspicious windows that appear while you are logged in immediately exit and inform the bank.

  • Check your balances and statements regularly.

Secure Mobile Banking

  • Preferably use the banking application when transacting on your smartphone.

  • Avoid logging in when you are using public wireless networks.

  • Do not connect to another device when you are logged in to your account.

  • Lock your phone with a PIN or secret pattern so that it is not easily accessible.

  • Do not reveal any personal details on any of the links, smses or calls that you receive.

A few safety measures taken while transacting can go a long way and perhaps secure us from becoming the next statistic of banking fraud. Get professional guidance from best finance planner in India for safe transaction.

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Aadhar card holders now exempt from posting ITR-V

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New tax forms released have exempted taxpayers with Aadhaar cards from submitting their ITR-V by post after filing their returns online. The entire procedure of filing returns is now truly paperless for those who don’t have digital signatures as well! This comes as good news to taxpayers who e-file their taxes. Assesses filing I-T returns online will no longer have to send the paper acknowledgement by post. The new Aadhaar-based electronic verification code has been launched by the IT department to authenticate this document.

This move comes after the IT department has linked the electronic verification system endorsed Aadhar card to the ITR form, submitted by a tax payer. The Central Board of Direct Taxes (CBDT) has introduced a new column in the ITRs for 2015-16 where the e-filer can provide his Aadhaar number. The Aadhar number will have to be authenticated on the official website of the department using an OTP (One Time Password).

The process will need the e-filer to register his Aadhar number in the ITR after which the UIDAI database will send an OTP to the registered mobile umber of the taxpayer. The mobile number will have to be authenticated on the e-filing website. The authentication of the filed return thus takes place electronically.

So far online filing was paperless only if the person had a digital signature. Taxpayers without a digital signature had to mandatorily post a physical copy of the ITR-V to the CPC (Central Processing Centre) in Bengaluru within 120 days of filing tax returns online. The physical submission of the ITR-V acknowledgement slip did not allow the e-filing from becoming a completely online process. The new forms which incorporates details of Aadhar card makes e-filing easier. The new procedure will also ease the process of quick generation of refunds of taxpayers.

Several e-filers skip sending their ITR-V forms to CPC assuming the job was done once their return was e-filed. The IT department doesn’t consider a tax return as filed unless the ITR-V reaches them within 120 days of filing the return. The ITR-V needs to be signed and printed properly with the bar code clearly visible. ITR-Vs that did not have these details would get rejected. Complaints of postal delays and losses in transit also were the bane of the procedure. Seamless online filing will rid the system of these hiccups and made many more investors e-file their taxes with ease.

The new forms need a detailed declaration of bank accounts held at the time during the year in ITR-1 including those that have been closed during the payer. ITR-2 seeks particulars of foreign bank accounts and assets held, details of overseas travel and expenses on the trip.

For those who don’t have an Aadhar card yet, they can continue sending the physical documents to CPC as before. You can do that even if you have an Aadhar Card. This new system of verification is a method to ease the process for those who have an Aadhar card – an alternative way to e-file taxes.

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