How to conduct safe online transactions

Cashless transactions are on the rise, may it be internet banking or e-wallets. But one thing that is of utmost importance is safety quotient when it comes to online transaction. It is very important to be cautious while making transactions. We always have to keep in mind some significant steps to minimise the chances of fraudulent transactions.

• Do not have same passwords- We generally use same passwords for different accounts in order to remember them. In the process we do not realise that if supposedly a hacker decodes the password to one of our accounts then automatically he will be able to access the rest of them. So, have unique passwords and keep them away from the virtual world.

• Install and update security software- We generally tend to ignore software updates or upgrading it to the latest one. Any glitch in our software being used actively can lead to possibility of a hacking attempt or expose us to malware, spam and spyware. So, keep all your software’s up to date.

• Use encryption signs are life savers- Did you just login to some fancy clothing website?
  
  But, all the euphoria you were undergoing for all this time while picking up that pretty dress just went down the drain. Why? Here you were about to enter your credit card number but all of a sudden dilemma hit you. You started to contemplate whether this is a genuine website or just another fraudulent website.
  
  So, now these Encryption signs shall help us to do away with the dilemma. The basic signs of encryption include a small green sign of a padlock and a protocol or an URL address starting with https ( s here stands for security). Look for these signs and have a safe transaction.

• Avoid using public computers- Doing financial transactions over a public Wi-Fi connection or on any public device is highly unsafe and not recommended. Even if the device we are using is our best friend’s mobile. Doing any sensitive transactions from a device which is not a personal device means we are compromising on our security.

• Stay away from phishing emails and websites seeking confidential information-
  Did you just receive 2 free tickets to the upcoming cricket match? Oh, it’s a good day. The mail says, pay for one ticket and get 2 tickets free. But before you click on the link to pay, check the site or payment gateway. Make sure you only pay through a trusted payment gateway. Also, these links may sometimes lead you to a third party website. In that case check the website’s digital certificate and encryption signs to make sure that the website you are on is genuine and not another fraudulent imposter.

So whether you are using mobile wallets such as Paytm and Freecharge or bank’s apps such as SBI Buddy or Chillr, make sure that you follow these tips to have safe transaction.

Reaffirm Your Love for Your Partner: Take these 4 Financial Decisions for Secure Future

In every relationship, money matters are equally important as love. Money decisions impact a couple at every stage of their love life, from newlywed days of getting a joint account together to the golden years of retirement.

Having a partner by your side helps you in maintaining a financial balance, emergency preparedness for the present and retirement readiness for the future. On this Valentine’s Day, reaffirm your love for your partner by taking the following financial decisions together.

1. Financially prudent vacation plan

vacationing together is a great way for couples to unwind and fall in love all over again. Plan a vacation for every year rejuvenate your love. Choose a destination that offers everything you need and make a vacation savings plan prior two or three months of vacation. The higher earner between the two of you can contribute more to these savings. Allocate funds for each day of the trip, and consider a financial target which you both can achieve easily within the time period you decide. Do not forget to take travel insurance before you board your flight.

2. Buying a home together

Among all the financial decisions you make after marriage, buying a house in your 30s should be your first priority. After all, creating your first home together is an exciting journey with so many decisions to make and transitions to navigate. Share your new home fantasies with your partner and plan accordingly. If you are considering applying for home loan, then taking it jointly might be able to get you a higher loan amount as income of co-borrower will also be considered in this case. You will be able to make a higher down payment, which in return lower your interest outgo. The best part about joint home loan is that you can claim tax benefits on it. Plan your savings together and research about the loan options which you can consider in your house-making process.

3. Higher education for children

After making a home, the next big financial decision is to save for your child’s higher education. As higher education costs are already shooting up every year, not planning well can make you fall short of the required corpus when your child is ready for college. Parents have the option of either investing in a child's plan or investing in a mutual fund through the SIP route. While the mutual fund route is capable of generating higher returns, they also feature a higher level of risk than child plans. The benefits of starting savings early will put lesser burden on your finances which can help you achieve your long term goals easily. It helps you amass larger funds that may not be possible later in life. Delay in investing requires you to invest higher amount every month and also reduces your ability to take risks.

4. Retirement Planning

Last but not the least, retirement planning should start from the day you start earning. Besides contributing in EPF, start investing in mutual funds through SIP. As a couple you can start doing early savings together for your sunset years. Increase the quantum of your investments whenever you get hike in your salaries, annual bonuses, tax refund, etc. it’s important to maintain a savings rate and commit yourself to save more for future. Your retirement planning must include your post retirement expenses, add up all the expenses which are likely to incur after your retirement and calculate your estimated retirement corpus. At the time you hang up your boots, it’s important that you should have a health insurance cover for you and your partner.

Happy Valentine’s Day