Phone Banking Is Safe And Secure

Phone banking is a safe and secure way of conducting banking transactions using a phone

. Phone banking and mobile banking are tightly regulated and among the most secure transactions possible. Banks have invested huge amounts of money and deployed the latest technology and software to ensure the security of phone banking and mobile banking.

Phone banking is a service which banks offer, wherein a customer calls a particular number from their phone and voice recognition software or keypad recognition system is used to input data. The entire process is automated. Details like account number and ATM PIN and telephone Personal Identification number are used to secure the transaction. Whenever a customer opens an account with a bank and receives their ATM card, the PIN is sent separately. All banks make it absolutely clear that a customer should not disclose details like PIN number and TPIN number to anyone. In fact banks recommend that customers should regularly change their PIN numbers. While using phone banking, banks recommend that you should never reveal your PIN or TPIN number to anyone but instead input it on the keypad.

Another thing that customers should do to secure their phone banking and internet banking is to install anti-virus software on their computer and smartphone. Do not click or open any suspicious emails or SMS. While using phone banking ensure that you are alone and not in a public place as you might involuntarily give out your bank details.

The RBI has now made it mandatory for all banks that issue debit and credit cards to use the one-time-password to further secure their phone banking transactions. The password once generated is valid for two hours and ensures that a card cannot be used by anyone but the authorized person.

The One Time password will be required for all credit card transactions in phone banking. This includes payments and IVR (Automated Interactive Voice Response) services. The password, which has been generated, will be valid only for a single use. The customers would need to generate separate One time passwords for each phone banking transaction. This will ensure a further layer of safety and prevent loss of funds through identity theft.

Banks have also invested heavily in beefing up their online banking systems and ensured that net banking is safe and secure. The use of SMS alerts for accounts is a good way to keep track of funds and transactions in an account. Customers who use net banking should only purchase goods from authorized and reputed online retailers and should use secure methods and payment gateways. Always use Secure Socket Layer (SSL) websites to do banking online.

The number of people who use net banking and phone banking in India has grown exponentially in India. While these numbers were a very small percentage ten years ago, now almost half of all accounts holders and nearly 70 percent of the people in the 18-45 age group use either phone banking or net banking to transact from their accounts. As the popularity of these modes grows, the banks will have to be more vigilant and find new and more innovative ways to fight fraud and identity theft.

by: Manish Gupta

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