Bank Account Safety: 10 Phone/App Settings You Should Check Today To Protect Your Money From Fraud

With digital payments becoming an everyday habit, smartphones have turned into wallets, carrying everything from UPI accounts and sensitive financial information. However, the same convenience also makes them a prime target for cybercriminals who look for opportunities to steal personal and financial information.

While many people focus on creating strong passwords, they often overlook several built-in phone and app settings that can protect their bank account and money from fraud. 

ALSO READ | WhatsApp Granted More Time To Submit Response For Contentious 'Username' Feature

Here are 10 essential phone/app settings you should review today to better protect your bank account

App Permissions

Always review app permissions before using any banking or payment apps. Go to your phone's settings and restrict banking or payments apps from accessing your contacts, SMS, or camera unless it is necessary.

Biometric Authentication

It is recommended to turn on Face ID or fingerprint unlocking for both your phone and banking app so that someone apart from yourself fails to access your apps even if the phone is stolen.

Auto-Locks Screen

Enabling auto-screen lock is another crucial step. Shorten your phone's screen timeout, for example, reduce it from 1 minute to 30 seconds, so that your device gets locked quickly when left unattended.

Transaction Alerts

Set up SMS and email alerts for all debits, credits, and failed login attempts. In this way you will instantly know if any unauthorised payment has been made or if someone tried to log in to your account.

Daily Transaction Limits

You can also check and reduce daily transaction limits for UPI, internet banking, and ATM withdrawals to minimise potential losses in case your account's security is breached.

Manage Card Usage

Managing your card usage is also important to keep your money secured. Turn off specific usage channels, such as international transactions, online/e-commerce purchases, or tap-and-pay if you don't frequently use them.

Multi-Factor Authentication

Ensure two-factor authentication or multi-factor authentication is strictly required for all logins and high-value transactions. Beyond a simple password, this authentication uses two or multiple steps to ensure no unauthorised transactions take place.

Linked Devices

It is a healthy practice to regularly check the "Active Devices" or "Linked Devices" section in your banking app. If you see any unrecognisable devices being linked to your account, log out of the devices or web sessions immediately.

Disable Screen-Sharing and Accessibility

Never get tricked into installing malicious apps that request screen-sharing and accessibility permissions. Even if you end up downloading any such apps, make sure your screen-sharing and accessibility permissions are disabled. Go to your phone's settings and then tap on “Special App Access” to ensure no untrusted apps have full accessibility permissions.

Avoid Using Public Wi-Fi

Never access bank accounts or make financial transactions on public Wi-Fi networks. It is important to turn off "auto-connect" in your Wi-Fi settings to avoid joining unknown networks. Use cellular data or a trusted VPN if you have to make any transaction.

ALSO READ | Mumbai Businessman Loses Rs 10.4 Crore In WhatsApp Fraud; Four Held in Delhi

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.