How to Keep Your Demat Account Secure While Investing Online 

Many individuals are today investing in shares and various other securities online. It is easy to check holdings, place orders and track investments using a mobile phone or computer. But there are also some hazards with online access. An account can be compromised by a simple error like clicking on a bogus link or entering an OTP. It’s important for investors to know how to secure their accounts. However, a few quick tips can help them safeguard their investment and lessen the risk of online fraud. 

1. Create a Strong Password 

The first step in protecting an investment account is a password. Don’t include your name or date of birth or mobile number as they are easily guessable. Use a combination of letters, numbers and special characters for your password.  

Do not use the same password for your email, social media and investment accounts. If the first one gets hacked, the other ones might be as well. If you believe that someone else knows your password, change it! Do not write it down so others will easily see it. 

2. Never Share Your OTP or PIN 

Some account actions are performed using an OTP to verify your identity. Your PIN and other sign-on information also helps to secure your account. Do not share these details with anyone that claims to be from your broker.  

Fraudsters seem to be from customer support and ask for an OTP to solve an account issue. Don’t pass it on to them. If you get one of these verification sending messages, verify your account on the official platform. Do not approve the activity if you did not ask for the OTP. 

3. Download the App From a Trusted Source 

When downloading a Demat app, do you know if it is from your registered broker? Go to the official website or a reliable App Store to download the proper application. Don’t click on any link that’s sent to you by someone you don’t know via SMS, email or social media.  

Fake apps can be similar to real apps. They can obtain your log-in information and other personal data. Before installing, verify the name and publisher of the app. 

4. Be Careful When Using Public Wi-Fi 

Public Wi-Fi is available at places such as railway stations, airports and cafes. These networks can, however, not always be guaranteed as secure. Don’t log into your investment account, or take orders, from an unfamiliar public network.  

For these types of tasks, it’s typically best to use your home internet or mobile broadband. Do not save your password if working on someone else’s computer. Log out after you log in to check your account. These minor measures can be incorporated to keep others from obtaining your information. 

5. Do Not Click on Unknown Links 

Emails may arrive saying that your account will be suspended if you don’t update your information. There will be some messages that provide you with investment advice and/or request a brief verification process. These messages may be a way for someone to try to obtain information from you.  

Never click on links in emails unless the message appears official. If you need to verify any information, then call the sender or visit your broker’s official website. Don’t install an application or share your screen with someone you don’t know on the phone. 

If an offer sounds too good to be true, take time to check it before acting. 

6. Check Your Account Regularly 

Regularly review portfolio and transaction statements. Search for any activity that you don’t recall performing. Also, check the SMS and email alerts sent by your broker.  

Yes, even if you are not in the habit of trading shares regularly, a Demat trading account is to be taken care of. If you receive an alert to log in to an account you don’t recognise, or an unfamiliar transaction, you should not ignore it.   

If you see something irregular, call your broker on its main website or customer support phone number. Report the issue as soon as possible and follow the steps suggested to secure your account. 

Conclusion 

There are no complex steps to take in order to keep your investment account safe. Always use strong password, never share your OTP and download apps from trusted sources only. Review your account periodically and alert anyone who sees something suspicious right away. In addition, investors should exercise caution when receiving calls or texts asking for their personal information. There are platforms like 5paisa that provide online access to investment services, however, the safety of the accounts is also determined by the use of these services. These are the simple steps you should take to make sure you don’t lose anything while investing on the web.