Online Banking scams you should be aware of

Banks are constantly attempting to strengthen security, but hackers and fraudsters are very resourceful. They will take advantage of every possible flaw that allows them to get access to your money.

There are several assault patterns that we observe repeatedly. So here are a few things to keep an eye out for.

1. Email phishing

Phishing emails seem to be genuine communications from your online banking provider. Some phishing emails seem so sophisticated that even an expert may mistake them for the real thing. The email will often state that your account requires immediate attention.

If you click the link in the email, you’ll be sent to what looks to be your bank’s official website. This website will request your security information and other information, such as your card details or PIN. Any information you input on this bogus website will be sent directly to the crooks, who will then log into your legitimate online banking account.

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2. Attack on a bogus website

Like a phishing assault, this tactic directs you to a bogus version of your bank’s website. However, the gimmick in this version is that the website is false, but so is the browser.

This assault is carried out by hackers using a trojan, a sort of malware that infiltrates and instals itself on your computer. When you attempt to enter your bank, the virus generates a pop-up browser window that seems to be the genuine article. You input your information into the bogus website, but instead of signing in, you transfer your information directly to the cybercrooks.

3. Keylogger worms

A keylogger is the online banking equivalent of someone watching you at the ATM. This sort of trojan infection enables hackers to view everything you enter on your keyboard, including your banking password and responses to challenge questions.

Hackers may mislead you into downloading a keylogger in various methods, including via an infected email or website. When a keylogger is installed on your device, your keyboard broadcasts straight to the thieves. They just need to wait for you to key in your login information before they can take over your account.

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4. Passwords stolen

Occasionally, a giant corporation will announce that they have had a data breach. This indicates that hackers have gained access to sensitive client information, which often includes usernames and passwords. Hackers often sell this information to criminal gangs, who subsequently conduct large-scale fraud schemes.

A breach is a nightmare for users who use the same password on all websites. When you constantly use the same password, you’re essentially building a master key that unlocks all doors. If someone gains access to a less secure system, they will get your master key, which will allow them to access all of your accounts, including your online banking.

You must be aware of and educate yourself on these frauds while opening and registering an internet banking account in Malaysia.

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Vivien Valerie