Cyber frauds are trying their luck in every sectors of the society. Using modernized tools and new strategies, they are taking down systems and organization leading them to financial loss or huge data leak. Even though cyber security is the first priority in every institution, cyber hackers are finding possibilities to exploit unnoticed vulnerability and sneak into the servers and networks of the organization. Typically, hackers aim at financial gain while performing cyber-attacks. In some case they leave traces behind unknowingly, so that the investigating team gets hold of them. But at some instances, the operation is so clean and stealth that they leave no mark behind.
The cyber fraudsters are setting new trend, by focussing their attacks mainly on financial sectors. Financial institution can earn them more money than any other organization. The pandemic has sent people into their homes. Countries witnessed different level of lockdown. In this condition, people weren’t able to visit banks. So the online payments and usage of digital money flourished. Cyber hackers took advantage of this facility. They conducted attacks through vishing and phishing techniques. During the Financial year 2019-2020, a record amount of Rs.244 crore was abducted by the fraudsters using credit card, debit card, ATM cards and internet banking.
This has been a sensational issue in the meeting of Lok Sabha. The members and the government took a firm decision about the same. They decided to implement high level initiatives to make sure the secure and uninterrupted functioning of digital payment transactions in our country.
The Reserve bank of India has established two-factor authentication feature which adds an extra layer of protection for the customers using online payments. The banks all over India has decided to conduct an awareness program through their sites to make the customers understand about the prevailing cyber threats and the precautionary methods to stop them.
Three prominent MPs of the Lok Sabha, Rahul Ramesh Shewale, Hemant Sriram Patil and Omprakash Bhupal Sinh Alias Pawan Raje Nimbalkar raised their voice against the increasing online fraudsters and pressurized the government to take a stern decision.
As per the new protocol released by the government on February 18, 2021 the banks are advised to establish a customer protection system which shields them during online transactions. The features of the system include:
- Educating the customers about the possible types of attacks like phishing, vishing & reverse phishing which could affect them.
- Providing training on how to protect their own accounts, cards, Pins and other devices.
The banks have been given strict orders to report fraud activities to the law enforcement agencies.
Vishing is a social engineering attack where the fraudsters trick the users by calling them and leaking the personal information, by impersonating themselves as bank officials. They also use infected links and attachments to perform the attack. Vishing using messages or SMS are known as smishing.
The Indian Computer Emergency Response Team has combined with the RBI and other banks to track down the phishing scams lurking in their systems and to disable phishing websites.
While analysing the pattern of attacks, it’s not only the customers who are affected, the fraudsters are also planning data breaches and fraudulent email scams on organizations and retailers.
How to prevent online banking frauds?
- Avoid calls or messages from unknown numbers
When it comes to the topic of banking frauds, never encourage calls or messages who tell you to share your personal information for your banking purpose. No banks promote sharing & receiving personal information through calls or texts. When you come across such a situation, just block the number.
- Never share your PIN, password or OTP to anyone
Ensure that you have a strong password and PIN for your accounts. In any case, never share this with anyone. Also, never write them down anywhere. If you find it difficult to remember, store it somewhere with security.
- Change password regularly
Once in three months, change the password. In this way it becomes difficult for the hackers to guess the password.
- Never share banking information over the phone
No banks call you to get your personal information. Only fraudsters do that. So when you come across such a situation just cut the call and block the number.
- Never click on suspicious links or attachments
Hackers may draft you mails or messages which look exactly from the banks. They will also have links or attachments and they will ask you to open them. Never do that, it’s a trap. Check the authenticity of the mail before opening.
- In case of lost cards, report immediately
Whenever you face a situation where you lost your banking card, report to the authorities immediately and get them blocked. Apply for a new card.