What are the security measures that banks adopt for salary accounts?

Your salary account is the gateway to your hard-earned money. It's where your monthly income is deposited, and it's also where you manage your expenses and savings. As such, the security of your salary account is of utmost importance. While it is evident that digitisation of the corporate salary account offers immense convenience in accessing and managing your account, you may be prone to cyber frauds, so reliable institutions like IDFC FIRST Bank employ the latest technology to eliminate such threats and keep your account completely safe.

This article aims to acquaint you with why security is crucial for your salary account, the security measures banks offer, and the steps that you should take to keep your account safe.

Reasons why security is of utmost importance for your salary account
 

• Direct deposit of salary: Your salary account is where your employer deposits your monthly income directly. This makes it a prime target for fraudsters who may try to gain unauthorised access to your account to siphon off your money.
• Sensitive information: Your salary account contains sensitive information such as your name, address, contact details, and bank account number. This information can be misused if it falls into the wrong hands.
• Access to funds: Your salary account gives you access to your funds, which can be used to make online purchases, pay bills, or transfer money.
• Linked services: Many salary accounts come with additional services such as credit cards, loans, and investment options. If your salary account is compromised, these linked services could also be at risk.
• Peace of mind: Knowing that your salary account is secure gives you peace of mind and allows you to focus on other aspects of your life without worrying about the safety of your money.

Security measures that keep your salary account safe
 

Here are the common security measures that IDFC FIRST Bank offers:

• Multi-factor authentication: The multi-factor authentication (MFA) offers different layers of authentication steps such as chip and pin, or an OTP for all online transactions. This adds extra layers of security by requiring you to enter a one-time password (OTP) sent to your registered mobile number or email address along with a primary password on PIN.
• Biometric authentication: You also get biometric authentication for accessing your salary account online through mobile banking apps. This can include fingerprint or facial recognition, making it difficult for unauthorised users to gain access.
• Transaction alerts: Banks often provide transaction alerts via SMS or email for every transaction made from your salary account. This allows you to quickly identify any unauthorised transactions and report them to the bank.
• Secure online banking: Banks invest in secure online banking platforms that use encryption and other security measures to protect your salary account from cyber threats. The mobile banking apps are designed with security in mind and often include features such as fingerprint or facial recognition for login.
• 24/7 customer support: You get round-the-clock customer support for assistance in case of any issues with your salary account, including suspected fraud or unauthorised access.
• Regular account monitoring: Your salary accounts are consistently monitored for suspicious activity and the bank may flag or block transactions that appear to be fraudulent.
• Secure password policies: Banks enforce strong password policies for online banking, including requirements for minimum length, special characters, and regular password changes.
• Fraud detection systems: Banks use sophisticated fraud detection systems to identify and prevent fraudulent transactions on salary accounts.

What are the steps you should take to keep your account safe?
 

While the banks take strong measures to keep your salary account safe, you must also practise the following steps for protecting your account from unauthorised access.

• Keep your password secure: Avoid sharing your password with anyone and use a strong, unique password that is difficult to guess.
• Enable multi-factor authentication: If your bank offers MFA, enable it for an extra layer of security. IDFC FIRST Bank offers multi-factor authentication for all its bank accounts including the corporate salary account to keep you protected.
• Regularly monitor your account: Keep an eye on your salary account for any suspicious activity and report it to your bank immediately.
• Update your contact information: Make sure your bank has your current contact information so they can reach you in case of any issues with your account.
• Be wary of phishing scams: Be cautious of emails or messages asking for your personal or account information, and never click on suspicious links.

How does IDFC FIRST Bank help keep your salary account secure?
 

IDFC FIRST Bank understand the importance of security for your corporate salary account. That's why, in addition to high interest rates credited monthly, no minimum balance requirements, and unlimited ATM withdrawals, IDFC FIRST Bank offers a range of security measures to protect your account from fraud and unauthorised access.

The online banking platform is secure and user-friendly, with security features such as multi-factor authentication like chip, PIN, and password and real-time transaction alerts to keep you in control of your account. Other notable benefits include a personal accident cover of up to ₹35 lakhs, air accident cover of up to ₹1 crore, and a range of travel benefits and dining offers. 

With a support team available 24/7, you get assisted with any issues or concerns you may have regarding your IDFC FIRST Bank corporate salary account.

Conclusion
 

Your salary account contributes to a significant part of your financial well-being, and it's essential to keep it secure. By taking proactive measures and partnering with a bank like IDFC FIRST Bank that prioritises your account's safety, you can enjoy peace of mind and focus on achieving your financial goals. With a streamlined process to open salary account online, you can access your bank account instantly and get latest security measures for a completely secure account. 


 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.