With the significant rise in the use of digital systems over the years, cybercriminals have swarmed the internet to perform online crimes such as data fraud, theft as well as hacking and the banking sector is also not out of their reach.
To make unlawful transactions, such cybercriminals attack online banking services, credit/debit/ATM cards, payment portals, and other net banking approaches. Over the years, cybersecurity experts have been noticing one major factor—cybercriminals are becoming more sophisticated, which is making it harder for organisations to defend themselves from such attacks.
Devious ways
The most common forms of banking fraud in India are:
- Vishing- Phone calls pretending to be from bank / non-bank e-wallet providers/telecom service providers to lure customers into sharing confidential details in the pretext of KYC-updation, unblocking of account / SIM-card, crediting debited amount, etc.
- Phishing- Spoofed emails and/or SMSs designed to dupe customers into thinking that the communication has originated from their bank/e-wallet provider and contain links to extract confidential details.
- Remote Access- By luring customers to download an application on their mobile phone/computer which can access all the customers’ data on that customer device.
- Misuse the ‘collect request’ feature of UPI by sending fake payment requests with messages like ‘Enter your UPI PIN’ to receive money.
- Fake numbers of banks/e-wallet providers on web pages/social media and…
