Are you risking your savings account unknowingly? | #cybersecurity | #cyberattack

In today’s era of technology, digital payments have rapidly picked up the pace and are on their way to replacing traditional modes of payment. Although, the idea of having one single account for savings, investments, mutual funds and linking it to digital payments apps for bill payments, rent, etc., might sound really convenient. But is it the safest way?

If you think that, you might want to reconsider! One single account for all your financial needs exposes you to major risks and you can lose your hard-earned money in just a click. Let’s closely have a look at some of the ways in which you can conduct transactions without compromising on safety.

Using the main account for all your daily transactions

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The ease with which financial credits and debits seamlessly flow in and out of your main account only encourages you to spend your money impulsively. And, what it doesn’t let you do is easily track your expenditure! That’s because your small-ticket transactions clutter the whole transaction list. Additionally, using your main account for making all small and big transactions can be risky because there are always chances of making that one transfer where you accidentally put extra zeroes or enter incorrect recipient details. And boom! All your savings might go to someone who you didn’t even intend to pay in the first place.

Solution: It is always a good idea to have a separate account for handling your daily transactions. Options like the Payments Bank can be considered as your secondary account for day-to-day transactions. India’s true digital bank,
Airtel Payments Bank, has multiple security checkpoints to ensure that your money doesn’t leave your account without your consent. Having a secondary savings account also lets you keep your main account transaction list clutter-free, thereby helping you keep track of the tangible transactions done on your main account.

Making online payments using your savings account

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One of the many risks associated with online transactions includes cyber theft. Due to our increasing dependence on digital devices, it has become easier than ever for hackers to break into our systems and steal our data. In fact, visiting unknown websites, making payments to unreliable merchants, or installing untrustworthy apps on your phone can pose great threats to your data. To protect your savings account you can allocate a fixed amount of money to your secondary account and make payments only through that account.

Solution: You might want to look at Airtel Payments Bank as it helps you create a new secondary daily-expenditure account. It comes with multiple layers of security for online payments or fund transfers. Some of the features of Airtel Payments Bank include QR code scanning, payment to a phone number, payment via BHIM UPI as well as merchant initiated payment. And the best part about opening a secondary savings account with
Airtel Payments Bank is that you don’t even need to maintain a minimum balance in your account.

Clicking on fishy links and scanning QR codes

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Scammers can steal your data by inviting you to open malicious website links. Although it can be tricky to differentiate between actual and fake website addresses, typing the complete URL by yourself helps a big deal. You can also hover over the fishy links to check the authenticity and security status (HTTPS). After all this, in case your primary account details reach the scammers, your savings could still be at risk. Also, it is easier for fraudsters to steal your bank account details while you scan any QR code. It is therefore advised to validate the merchant’s name before scanning the QR code.

Solution: It’s vital and advisable to make online transactions via a secondary and safe savings account. And what better option than the
Airtel Payments Bank that provides you as high as a 6% interest rate on deposits over Rs 1 Lakh. Airtel Payments Bank provides you with contactless payments and a
video KYC for online account opening. You also get secure transaction assurance because of its
Airtel Safe Pay feature.

Last words

Now that you have realised how risky online payments can be if done using a single savings account, don’t you think having a secondary account makes complete sense? If you want to ensure you always have a safe and clutter-free saving experience, you can definitely go for another payment account to manage your daily expenditure. Check out the
Airtel Payments Bank website for more information on how to create a secondary savings account with them.

Disclaimer: This article has been produced on behalf of Airtel Payments Bank by Times Internet’s Spotlight team.

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