Protect Your Online Banking
Online banking can be compromised, even with the simplest offline means. In a recent case, banking fraudsters scam a Filipino expat in Dubai for almost 22,731.99 Dinar in just a few hours. This was done by just calling the client informing the victim that their Emirates ID was not up-to-date in the bank records and had to be updated as soon as possible.
The victim had recently submitted her Emirates ID to the bank and assumed that the caller was legit. As she was heading to a meeting and was in a hurry, she gave her Emirates ID as well as banking details to the person on the call, which ultimately turned out to be a huge mistake.
We have always been hearing about online banking fraud taking place all over the world, from using sophisticated methods to merely taking on the call with the victim. It is not always easy to protect yourself from fraudsters online, as they are everywhere, but if you follow some simple steps, you will protect yourself from all types of internet banking frauds.
1. Avoid Using the Same Password Everywhere
If we check the list of services that we have signed up online, the file will be longer than you imagine. As human beings of the 21st century, our capacity to store information in our brain is very less, so we tend to use the same password everywhere. And that’s how online banking scams usually happen. People reuse their financial login and password elsewhere.
Now suppose your Netflix account gets hacked, the hacker has your password, but as you used the same password for all your online accounts, the online banking scams have access to everything and trust me that it is not possible to remember and change passwords for every account that you have.
So how do you avoid making this mistake? Of course, you will have to use different passwords everywhere you sign up, but the real solution is using a password manager like Dashlane.
These types of services are incredibly secure as they encrypt your password and you never have to type them manually on any login page, plus they give suggestions for a strong password that you will never have to remember. Using unique passwords and logins for every web account will improve your internet banking security and protect your online banking from fraud.
2. Always Go for Two-Factor Authentication to Secure Yourself from Online Banking Scams
Regardless of whether your company requires it or not, utilize any two-factor based verification techniques. The particular courses of action of when to use your second type of verification may vary, be it each time you sign in, every 30 days, or each time you sign in from another region or gizmo.
Preferably, you will should an app-based or hardware-based authentication. Most of the services like Gmail, Amazon, etc. provider two-factor authentication using an app that produces code for authentication, this is by far the safest method to secure your account from bank scams.
3. Beware of Sim Card Spoofing
The fraudsters abuse a cell network provider’s capacity to port a phone number to another SIM flawlessly. This factor is typically utilized where a client has lost or had their cell stolen.
The trick starts with a fraudster collecting insights of the victim, either through phishing, by getting them from black hat hackers and usually is by doing social engineering.
Following is how the exploit unfolds further :
- The fraudster contacts the victim’s network service provider.
- These types of fraudster are expert in social engineering techniques, and they will use it to persuade the company to port the phone number to a new SIM.
- In some countries, the fraudster might have to persuade the client to approve the SIM swap request which they quickly do.
- Once the port gets completed, the fraudster will receive all the calls and SMS directed towards the victim, while their SIM dies. Now the fraudster will quickly receive OTPs to complete any bank transaction.
Protect your sim-card from spoofing to make your online banking secure and protect your money from hackers.
4. Protect from Phishing Your Bank Account Details
Email is the simplest way to spread malware as the masses very commonly use it. One click to hundreds of spam email sent is all they want; this is how your system becomes susceptible to a hack.
Using phishing, a hacker can set up a fake Gmail, Netflix, Bank login page, and steal your credentials and spread the malicious code further.
The best way to prevent this is always type in the URL of the website that you wish to access in the browser instead of just searching it on Google. For example, your bank’s website is https://barelys.co.uk To access the site, you open your email and search for Barelys and in the results, there might be a phishing link with a similar name like http://barlys.co.uk, but the website will look identical to the bank’s login page. Once you enter the details, all the information will be sent to the hacker.
Another trick is to check for “s” after “HTTP”. Always remember that your bank will use an SSL certificate and the website URL will start with HTTPS and not HTTP. Keep your online banking details private and never share it to untrusted websites. To protect from online banking fraud use masked banking cards from privacy.com or figleafapp.com — these services provide disposable banking cards that can hide your real bank account details and secure your internet banking from hackers.
5. VPN is the Way to Avoid Online Banking Scams
Public Wi-Fi is available almost everywhere now, which is primarily used by tourists to access their social media accounts and banking accounts. The increasing availability of public Wi-Fi has significantly increased the chances of wireless hacking.
Also Read : How to set VPN 2018 for beginners?
Hackers love these spots since they can relax and access as much information as possible from a victim’s vulnerable device
A VPN is an essential tool when connecting to the internet through a public Wi-Fi hotspot. It will protect you from becoming the victim of a hacker or fake Wi-Fi hotspot set up by the hacker who appears like a genuine hotspot. A VPN is a secure way to connect to the internet over an otherwise public hotspot, especially while doing online transactions.
7. Security Software Detects Internet Banking Fraud Cases
Security software like antivirus is essential nowadays, regardless of what you use your computer for. You will also get services that specialize in firewalls that can really help you to a great extent.
This will secure you from Trojans, keyloggers and other sorts of malware that could be utilized to obtain access to all your information.
Every OS provider releases bug fixes now and then. It is very important that you download these fixes and patch your OS immediately. Else, it becomes easy for the hacker to exploit these vulnerabilities as the bug information is publically available.
8. Keep track of Your Financial Records Is a Good Way of Online Banking Fraud Detection
Well, there is no need to stress that you should always keep an eye on your bank statements and review it weekly. Opt for SMS service, so that you get an immediate notification for any transaction done through your account.
This is actually a better option than checking the statement manually each week
Also, log in to your net banking account and see when was the last login done. If you see any anomaly, immediately change the password and report it to your bank.
How to Protect Online Banking with the All Possible Banking Fraud Countermeasures
You might have heard that baking institutions are insured and will provide you with a certain amount if you lose it to online fraud. This is partially true because not all the types of fraud are covered under this facility. In case you were hacked or your card stolen, then you might be reimbursed, but in case you lose it in social engineering where you accidentally give away your details, you won’t get a penny back.
With simple efforts, you can always avoid being the victim of online fraud. According to a survey, the best option to be secured is by using a VPN as it will give you a unique advantage over any other solution.