Savings account safety tips for online users
Online banking offers immense convenience. You can transfer funds, pay bills, invest, and check balances instantly from anywhere. This speed improves daily financial tasks and saves significant time. With smartphones and laptops making money management effortless, digital banking has become part of routine life. However, the same convenience also gives fraudsters a chance to exploit the digital space.
According to the latest data, India's banking system collectively lost ₹36,014 crore to fraud in FY 2024-25. While the overall figure includes large-value loan scams, digital and cyber-related breaches still formed a significant share of reported incidents. This means, in just a matter of seconds, you could lose your hard-earned money to a cybercriminal. The consequences do not stop at financial loss. Digital fraud can also expose you to identity theft or compromise your credit score and put you at risk for a long time.
Here are some helpful savings account safety tips to stay protected while enjoying hassle-free and secure digital banking.
1. Create strong passwords
A strong password can protect your savings account from unauthorised access. Create passwords that cannot be predicted easily. Have a strong combination of upper and lower case letters, numbers, and special characters. Avoid names, birthdays, or common patterns because fraudsters guess them first. Keep every banking password unique so one breach does not expose other bank accounts.
Update passwords from time to time and store them only in a trusted password manager. Do not share it with anyone. A strong password makes unauthorised access harder and strengthens the security of your savings account.
2. Enable Two-Factor Authentication (2FA)
Two-factor authentication adds a second layer of security by asking for two separate proofs of identity before letting you access your account. After you enter your password, you must complete one more verification step, which may involve entering an OTP received on your phone or completing a biometric scan.
This step makes it significantly harder for hackers to access your savings account, even when they manage to obtain your password.
3. Verify every link, app, and website
Verifying websites, apps, and links is important to prevent phishing traps and fake portals.
Check that the URL begins with https:// and includes your bank’s official domain.
Download mobile apps only from official stores like Google Play or Apple App Store.
Check website certificates by clicking the padlock icon near the address bar.
Do not click on unverified links you receive through emails, messages, or social media.
Never enter your login details on pop-up pages.
These steps help you avoid malicious pages that steal passwords or credit/debit card details and protect your online savings account from unauthorised access.
4. Be alert against phishing and social engineering
Fraudsters often pretend to be bank representatives or well-known companies to trick people into sharing confidential information. Take a look at some useful tips to stay safe:
Avoid clicking links promising rewards, refunds, or KYC updates.
Treat all unsolicited calls, emails, or links with suspicion.
Verify any request directly through your bank’s officials.
· Keep security alerts enabled to stay informed and secure.
Keep in mind that banks and payment systems operators never ask for details such as passwords, PINs, OTP, or CVV numbers.
5. Monitor account activity with alerts
Activate SMS and email alerts for every debit, credit, and login attempt. These real-time updates help you detect fraud at an early stage. Review your online savings account statement each month to check that all entries match your authorised transactions.
If you lose access to your banking app, get notified about a login from an unknown device, or get alerts you did not trigger, contact your bank immediately. Keep official helpline numbers, email IDs, and branch contact details accessible so you can respond quickly in an emergency.
6. Stay informed about new threats
Monitor official advisories and verified financial news sources for updates on new scams and security practices. Learn about emerging threats such as phishing, fake apps, and data breaches. Ongoing awareness allows you to recognise early signs of fraud and build stronger safeguards for online banking.
To sum up
Online banking offers speed and convenience, but maintaining safety is essential. The security of your savings account depends on adopting secure digital habits and responding promptly to any suspicious activity. Use strong passwords, transact only through verified websites, monitor your account regularly, and handle confidential information with care.
By practising responsible online behaviour, you can enjoy the full benefits of digital banking while keeping your finances and personal data protected from potential fraud.
Disclaimer: This article is published in association with Yes Bank and not created by TNM Editorial.