Seven Codes for Securing Financial Accounts:- www.deekpay.com

The risk to financial account security is real, whether it's a Paytm Payments bank account or any other account that fraudsters can compromise. While we take the security of your account very seriously, there are times when you may inadvertently disclose sensitive information, resulting in unauthorised access to your account. Here are some simple steps that can help you minimise the risk of losing your money:

1. Never share your SMS verification code (OTP)

SMS verification codes are the first line of defence against fraudsters. Under no circumstances should you reveal your SMS verification code to anyone other than a close relative. Most banks and wallet companies will automatically send you SMS alerts when you make a purchase, payment or withdrawal using their payment platforms. Be sure to subscribe to these instant alerts - it can be a hassle at times, but it's very important.

2. Never share your account password or unlock code.

Do not tell anyone your passwords/PINs/unlock codes and do not write them down. If you must write them down, keep them offline in a safe and private location, just as you would any other valuables.

3. Never share your "reset password" link

The reset password link is a tool that fraudsters may utilise to set up passwords and lock yourself out of your account. Make sure the answers to your account security questions are both strong and hard to guess.

4. Do not conduct financial transactions on open public networks

An unsecured Wi-Fi connection offers little anonymity compared to a secure encrypted wireless network or a data connection from a telecommunications company. Most public hotspots in public places such as airports, hotels and restaurants lower their security standards to make it easier for visitors and travellers to access and use these networks. This facilitates fraudsters to listen in on these networks and try to intercept your information.

5. Strong and unique passwords for each account

Strong password security is one of the easy ways to protect your account. Use strong passwords and PINs that contain numbers, letters and symbols. Create a unique password for each account so that in the event of a data breach, it won't jeopardise all your accounts.

6. If something sounds too good to be true, it probably isn't.

If fraudsters are unable to obtain your credit/debit card information or account number, they will try to obtain your name and email address. This is exactly what they do when they launch a phishing/voice phishing attack. They will call or send emails in the name of a real company, making fake offers or claiming that you have won a lucky draw, or claiming that there has been a security breach at their end and they need your name and email address.

7. Smart use of applications

If you use mobile apps on your smartphone to access financial accounts, make sure you password protect your device. Be cautious of free software as it is often accompanied by other software that may be spyware. Every time you download an app or file from an unknown source, you risk loading a malicious programme on your phone. Download only legitimate and trusted apps from the Google Play Store and Apple Store.

In summary: Online payments offer great convenience. With a little vigilance, you can enjoy its convenience while ensuring complete security.