Online bank fraud is one of the most widespread forms of cybercrime. As more and more people use their phones and computers forbanking, business transactions,and internet shopping, they become more attractive to cyber criminals, who use email messages, website, chat rooms, message boards and social networks to get access to your personal information. Phishing and Spoofing are the most common types of online frauds.
What is Phishing?
Phishing is the process of collecting your personal information through e-mails or websites claiming to be legitimate. You may receive an email that directs you to a page that looks similar to an official website and asks you to update your sensitive information such as usernames, passwords, and credit card numbers. It is a popular trick used to extract valuable information that results in identity theft and financial loss.
What is Spoofing?
Spoofing is a fraudulent or malicious practice in which communication is sent from an unknown source disguised as a source known to the receiver.
Types of Bank Frauds
- Phishing
- Spoofing
- SMShing (Phishing by SMS)
- Identity theft
- Counterfeit Websites
- Fake money orders
- Advance fee scams
- Pagejacking
- Wire transfer fraud
- Viruses and Trojans
- Spyware and Adware
- Card skimming
- Job and employment scams
- Phishing over the phone
How can you protect yourself from online bank frauds?
With the proper precautions, you can help protect your bank accounts and confidential information. Banks orany financial institutions do not ask personal sensitive information by email or phone. You must be cautious at all times and should not share any personal information with anyone. Incase of any suspicion, report to your bank immediately.
- Cyber Crime Awareness
- Install and activate pop-up block software
- Regular virus scan
- Check for spyware/adware programs
- Avoid downloading programs from unknown sources.
- Latest updates and software patches
- Strengthen your passwords and frequently change them
