Digital Banking has revolutionised the banking sector by facilitating quicker and more convenient transactions. But many of us still believe that Digital Banking is not safe. As per a survey by Avaya, only 51% of Indians use Digital Banking channels.
However, according to a report titled ‘Encashing on Digital: Financial Services in 2020’ by Facebook and The Boston Consulting Group (BCG), the number of users using Digital Banking is expected to double and reach 150 million by 2020.
While all of us may have heard or read about fraudulent online transactions in the past, banks have now raised the bar when it comes to security systems. These enhanced security features are enough to make consumers feel safer and more confident while carrying out online transactions.
Security measures in Digital Banking
The security features available to customers include the following:
- Login details: The very first level of security is the login credentials you need to provide. While setting up a password, you are prompted to choose an alphanumerical string that includes special characters, and it also suggests an optimum password length.
- Encrypted data: The data is encrypted in such a way that none other than you and your bank can understand and read it while it is transferred across the internet. The cipher strength is so complicated that a hacker cannot crack the code easily.
- Serious account management: Banks ensure additional checks in case you wish to add a new beneficiary or payee, or change your password or addresses. Hence a hacker will not be able to log in to your account and transfer money or get a new Debit Card made.
- Logout: You can log in to your bank from only one device at a time. When you log out the window or app, it is closed instantly. The browser’s or app’s back button won’t work. And every time you want to return to your Digital Banking page, you will have to log in again.
- Two-factor authorisation: 2FA helps identify genuine account holders. It needs your password or PIN and a card reader or mobile phone that generates a single-use pass code.
Apart from the above, banks also use the following:
- Intrusion detection system and firewalls to protect servers and information systems.
- Password protection features such as no reusing of previous three passwords, ATM authentication, OTP verification, pre-enrolment with ATM or signature authentication.
- E-mail confirmation or alert.
These are the general guidelines that all the banks follow. However some banks are going the extra mile and elevating Digital Banking security even further through additional technology and infrastructure. These security features include:
- IPIN security: The system generates an IPIN that is delivered to the user through a tamperproof medium. It is not accessible to anyone, not even the system administrator.
- Session timeout: If the user’s online webpage is idle for some time, it will automatically log them out.
- Digital certificate: The webpage of the banks’ server is identified by a digital certificate that assures customers they are on the correct site. So customers are prevented from revealing their confidential information on wrong or fake websites.
- Virtual keyboard: Using a virtual keyboard to enter your password will protect your credentials from being compromised by any keylogger software installed on shared computers.
- Insta-alerts: You will receive instant SMS or email after registration for defined transaction denominations or when you add a beneficiary.
- Security solutions: Firewalls, intrusion detection systems, intrusion prevention systems, and anti-malware systems are installed.
- Extended Validation Secure Sockets Layer (EV SSL) certificate: This provides visual indicators – a green address identifies a genuine website whereas a red bar would mean the site is likely to be unsafe.
- Online spending limit: Some banks allow users to set an upper limit on a transaction or a daily limit on credit, debit, or Digital Banking transactions. This mitigates risk in case of a breach.
Conclusion
With HDFC Bank’s secure Digital Banking, you can carry out hassle-free transactions from the comfort of your home without needing to worry about the security of your money. To get more clarity on tips to follow for safe and secure transactions on Digital Banking, click here.
HDFC Bank has a secure banking policy to protect you from any unwanted access. At HDFC Bank, we strive to give you a secure digital banking experience. Learn all about banking online safely, and the measures we take to protect you here.
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
