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Fraud alert! You might be a victim of these methods. Be cautious!

Fraud alert! You might be a victim of these methods. Be cautious!
By Karan Kapoor


The online frauds have increased with the increase of online banking, as more banks are going through automation, there is a risk of online scams and identity thefts. 
Millions of money are stolen through online banking fraud and identity theft. 
Online banking fraud is on the rise. Fraudsters use various networks to lure users, so preventive steps to avoid these frauds should be understood. The banks keep warning their customers of these frauds on their part too. 
The malware in the public charging spots 
Under this technique, fraudsters use chips embedded in public charging spots to install malware/spyware into your device. This chip duplicates your sensitive information, and when connected, installs malware on your smartphone.
Identity theft through remote access
Through this form, the caller requests to install apps such as TeamViewer, QuickSupport, and AnyDesk for device assistance. Such applications offer the fraudster complete access to your mobile.
Phishing, through emails and text messages. 
Phishing is a fraudulent attempt to obtain delicate information such as usernames, passwords, and credit card details by disguising yourself in electronic communication as a trusted entity.
Fraudsters use this method to send malicious links via SMS or emails asking recipients to share their confidential information such as grid card numbers, ATM card PIN, atm card number, and CVV.
SIM upgrade, or SIM cloning 
Not new, criminals are using this fraudulent method to trick gullible smartphone users, who end up losing money in minutes. SIM switch or simply an exchange of SIM cards effectively registers a new SIM card with your phone number. Your old SIM card will become useless after this process is complete your handset will stop getting the signal. Now the fraudsters can get OTPs on their SIM card until they have your phone number. We can trigger bank transfer with this, and even opt to shop online after having OTPs.
Vishing from a prominent e-commerce platform 
Voice phishing is a type of criminal phone fraud that uses telephone social engineering to gain access to sensitive personal and financial data for material benefit purposes.
In this, fraudsters claim to be calling from a prominent e-commerce website (say Amazon) and offering refunds on any online purchase made recently. By promising a refund, they try to trap the online shopper and take details about his/her bank or credit/debit card.
Another way is people call as representatives of banks, and give you false information about your credit card, or some iconic bank rewards, to gain your banking information. 
Smishing through fake SMS
In computer science, phishing or smiling by SMS is a form of criminal activity using techniques of social engineering. In simpler words it is phishing through SMS. 
The fraud has to do with online shopping. In the form of online shopping or cashback, customers receive an SMS. He/she is expected to share confidential information, such as grid card numbers, and your card PIN or CVV. 
Card Fraud 2018 around the globe 
The data depicts the fraud cases of cards, BIN-attacks and compromised cards across the globe.
The USA suffered the most 39% of Card Frauds, and after it, Russia faced almost 13% of card fraud in comparison to the world. 
Bottom Line
The Banking sector is changing every day, and they are trying to make online banking safe for everyone. It is also our responsibility to stay cautious from such frauds. Bank will only make a safe and secure banking platform. It is us who have to use it properly and be safe from the scammers and their new ways. 
Further Readings...