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ET Wealth Wisdom Ep 81 (ET Online)

How safe is it to bank online?

Tania Jaleel | 23:22 Min | July 31, 2020, 10:26 AM IST
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How safe is it to bank online? Do banks and other financial institutions have systems in place to keep your money safe? Jithesh P V of Federal Bank and Bala Parthasarathy, Co-founder of MoneyTap answer these questions. Host: Tania Jaleel; Producer: Paramveer Singh
Transcript
Hello everyone

I am Tania Jaleel and welcome to another episode of the ET Wealth Wisdom podcast

Cyber criminals… they are a resilient and creative lot

Whatever is going on… they always find ways… sometimes innovative ways… to commit their crimes

I mean just look at this

At a time when a vast majority of us are cooped up inside our homes… many of us have taken the digital route to conduct our financial transactions

Even people like my parents have started buying essentials online and paying for it online

Seeing this, fraudsters are properly going after people using digital channels

According to a study conducted by YouGov and ACI Worldwide, almost half of the Indian consumers from the tier 1 cities are concerned about digital payments fraud now more than they were when the coronavirus first emerged

Banks and online payment companies are continuously trying to create awareness among users on how to transact safely

Be it via social media, emails and the like

So how safe is it to bank online? Should you be worried? Do banks have systems in place to keep your money safe?

In this week's podcast I spoke to Jithesh P V is Head of Digital Banking in Federal Bank to find out what all his bank has done to take care of digital frauds

I also spoke to Bala Parthasarathy, CEO and co-founder of MoneyTap, an app-based credit line company. Along with telling me about the security measures his firm has taken, he also lists out things you and me can do to make our digital life safer

First let us listen into what Jitesh PV of Federal Bank had to say

Now on to Bala Parthasarathy of MoneyTap

So like Mr Parthasarathy said, especially in times when we are all told to be at home as much as possible, we should be extra careful when it comes to transacting online

And on that note, that will be all for this week

Come back next week for more wealth wisdom
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