Top 7 Tips for Online Banking for Senior Citizens

However, many senior citizens are still hesitant to use online banking, and others are ready to explore this new world with some clarity. This article elucidates the top 7 tips for online banking for senior citizens to help you have a safe, convenient and hassle-free banking experience. These tips will clear all your doubts related to safety and security and give you the confidence to start doing banking transactions online.

Why should senior citizens start using online banking?

Online banking is a secure and convenient way to do your day-to-day banking transactions from the comfort of your home. It allows you to do the basic tasks like checking your account balance, completing a summary, account statements, etc., to advance transactions like paying utility bills, fund transfer, buying investment products, borrowing money, applying for a debit or credit card, PIN change, etc. So, you no longer have to travel to visit your home branch for certain transactions and wait in long queues. Besides, online banking is available 24*7. Hence, certain transactions can be performed even on weekends and public holidays!

So, if you have a computer, laptop, tablet, or smartphone and an internet connection, you have everything that is required for online banking. Of course, a bank account that facilitates online banking is a must.

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Do you need to register to use the online banking facility?

Yes, most banks need you to register to use the online banking facility. You will have to fill out a registration form either online or offline, depending upon the bank's policy.

Once you have submitted the form and you received a notification of registration, you are ready to step into the world of online banking.

Also, banks do not charge any fees for online banking facility. In fact, many transactions are free or offered at a lower cost that offline transactions as the former is a cost-effective and competitive way for banks to do the business.

What are the tips for online banking for senior citizens?

Be assured that the banks take all the necessary precautions to protect your hard-earned money and personal information. The multiple layers of protective security in the online banking system and stringent regulations and guidelines ensure the best security and safety of your finances and data.

However, as a responsible customer, you need to take maximum precautions to ensure that scammers and hackers do not take advantage of your mistakes. Here are the top 7 tips for online banking for senior citizens:

1. Use Antivirus Software:

While browsing the internet, several viruses can get installed on your computer or mobile phone. Such viruses not only track your online activity but can also read all your sensitive data, such as your personal information, passwords, debit and credit card numbers, CVV, PIN, etc. To avoid this, it is recommended to install antivirus software and renew it on a timely basis. Moreover, nowadays, the usage of mobile phones has increased tremendously, and the frauds are mostly happening through mobile phones, which are higher in number than on computers. You should be careful while downloading any unauthorised apps as they can read all your sensitive information. Therefore, it is advisable to use antivirus on your mobile phone as well.

2. Enable Transaction Alerts:

It is advisable to check your transactions, especially on a monthly basis and when you do high-value transactions online, and if there is any discrepancy, you should inform your bank immediately. You may forget to check your transaction details after performing a particular transaction. But, enabling SMS and email transaction alerts can help you keep an eye on your bank account. You will receive a notification whenever a transaction takes place in your account, and if you have not done it, you should immediately inform your bank. Furthermore, you can also set daily/weekly balance alerts if you do not get time to check the entire statement.

3. Avoid Public Computers And Wi-Fi:

Many people still use public computers in cyber cafes or libraries. However, such places are often crowded, and there are chances that someone can see your login credentials, or you might mistakenly save them on a public computer. Such crucial information can be used by hackers to steal money from your bank account. Therefore, it is advisable to avoid using public computers for online banking. But, if you have no choice, you must take extra precautions and safeguard your account. Make sure no one is around you and check for the cameras that might capture the Information you input. Plus, once you are done, do not forget to clear the history from the browser to delete any saved information of your bank credentials.

Apart from this, nowadays, we find public Wi-Fi spots everywhere, and it is tempting people to use them. However, one should avoid using public Wi-Fi as there are more chances of electronically eavesdropping while using a public network. Many public Wi-Fi networks are unencrypted, and therefore, hackers can steal your sensitive data for their gain. But, if you have to use it during an emergency, you should always check if the website is encrypted or not by checking if the website URL starts with https. Read the red flag if the website URL starts with http. Moreover, if you are tech-friendly, it is advisable to disable file sharing and use Virtual Private Network (VPN), which can only be used by you.

4. Choose a Strong Password and Change It Periodically:

People generally set their passwords based on their personal information like name and date of birth, which is easy for them to remember. However, such passwords can easily be guessed by hackers. Therefore, as all the banks advise, it is vital to set a strong and unique password and change it after every three months. While creating a password, the bank will advise you on how your password should be, such as it should be of a minimum of eight characters, a combination of numbers and alphabets, a combination of uppercase and lowercase, special characters, etc.

5. Never Share Your Login Details:

Although this could be the most common advice people receive on safe online banking, a large number of people still ignore it. But, here we are repeating it - do not share your login details, PINs, debit and credit card number, CVV number on the back of your card, or OTP, etc., with anyone. Fraudsters usually call senior citizens, homemakers, etc., and pretend to be a bank representative. No bank requires such sensitive information to perform any banking transactions, and they never ask for it. So, think twice before taking any action.

6. Use Two-factor Authentication:

Many banks are now offering two-factor authentication for logging in to internet banking. It is advisable to enable it as it adds a second layer of security to your online banking information.

Different banks require you to use different authentication. You need to check which authentication is added by your bank by logging into your net banking. The most used types of second authentications are - four-digit Personal Identification Number (PIN), One-Time-Password (OTP) on your registered mobile number or/and email address, identification of a preselected image, automated phone call on your registered mobile number, etc.

Although it makes the login process a little slower, it is worth for the security it provides to your banking information.

7. Be Careful When Clicking on the Website or Downloading the App:

We receive several informative and marketing emails from the banks, and all the time, that consists the link of bank's official website. There are many incidents where fraudsters send similar emails to individuals, especially senior citizens, asking them to click on the URL to get benefited from certain offers. If you click on the URL, it will take you to a website that is designed exactly like your bank's website, which gives you confidence that you are using an authentic website. However, when you input your login credentials, it records the data you have inputted. This information is further used by fraudsters to steal your money. Some mailers may ask you to click on a certain URL, and while doing so, it starts downloading the tracking malware to your device. Therefore, it is advisable to check the sender of an email whenever it directs you to perform an action. Instead of clicking on any link, it is better to type the website link by yourself. And, whenever you click on a bank's website, even from a search page, recheck if it is an official authentic website of the bank or not. Also, do not forget to check if the URL starts with an https.

The same applies to downloading a mobile banking app of the bank. The fraudsters can create similar-looking mobile banking apps to steal your login credentials. Therefore, it is advisable to check whether it is an official app or not. Most banks provide links or scanning codes to download the app, which can be very helpful in getting the trusted app. So, be very careful before downloading any app or putting your login credentials.

This practice of identity theft is called phishing, and it is one of the most common types of stealing personal information targeted at customers from all backgrounds.

To Conclude:

Internet banking and mobile banking are the most convenient ways for senior citizens to perform banking transactions. The banks take many precautionary measures to avoid such fraudulent activities by providing multi-factor authentication and data encryption, making it mandatory to change your net banking password after every three to six months, and so on. Furthermore, the Reserve Bank of India (RBI) has stated that for any unauthorised or fraudulent transaction, you can get a full refund if you inform the bank immediately. However, the process can be tedious and time-consuming. Hence, as discussed above, it is an equal responsibility of the customers to take necessary precautions at their end.

Happy Banking!

Warm Regards,
Ketki Jadhav
Content Writer