Digital banking transactions and online payments have increased as a result of the lockdown. Along with the increase in digital transactions, there is an increase in cyber frauds. Gone are the days when fraud means when someone dupes you in person, now everything is online and you will not even know that you have been scammed. Banks have moved to the integration of digital networks to enable digital payments in order to make transactions more flexible for customers, which has resulted in an increase in the number of cyber frauds in the banking sector. To syphon off the money, novel methods such as creating fake accounts and exploiting vulnerabilities in various applications of defrauding people using information and technology are being used. Here we some of the newer forms of digital fraud and how to avoid them.
What is Spear Phishing Online Fraud?
Spear-phishing is a coordinated attempt to steal confidential information from a particular user, such as account credentials or financial information, for malicious purposes. This is accomplished by obtaining personal information about the victim, such as their relatives, birthplace, workplace, frequented places, and recent online purchases. The attackers then pose as a trustworthy friend or individual to obtain sensitive information, usually through email or other forms of online messaging. This is the most effective method of obtaining sensitive information on the internet, accounting for 91% of all attacks.
How to protect from Spear Phishing?
To be secure, don't click on links in emails; instead, go directly to the entity's website. Check the email ID's validity by contrasting it to previous emails. Encrypt any confidential company data you possess. Wherever possible, use multi-factor authentication.
What is Phishing Online Fraud?
Phishing is a broad term that refers to any effort to persuade victims to share confidential information including passwords, usernames, and credit card numbers for malicious purposes. These scams start with an email or text that looks like it came from a legitimate financial institution, right down to the logo. These spoof communications include urgent yet false alerts about account or transaction problems.
Unlike spear-phishing attacks, phishing attacks do not target specific individuals and are usually sent to large groups of people at once.
What is Deepfake Based Identity Theft Online Fraud?
Fraudsters impersonate someone else to gain access to or build accounts, products, much as they do with other forms of identity theft. Deepfake identity theft, on the other hand, is more difficult to detect since fraudsters falsify identity documents and/or imitate a victim's voice on the phone to get around verification steps. They can gain access to devices that collect data using biometrics, especially facial recognition. They collect audio, video, and photo samples to feed into the AI using social media. They can tap your phone for audio clips.
How to protect from Deepfake based identity theft online fraud?
Also for the victims, deepfake identity fraud can be difficult to detect. Train yourself to be cautious about what they share online and to double-check any financial-related phone calls or online media before acting.
What is Pharming Online fraud?
Pharming is a form of cyberattack that redirects traffic from one website to another. Pharming can be carried out by either altering the hosts' file on the victim's device or exploiting a flaw in DNS server software. DNS servers are the machines in charge of translating Internet names into IP addresses. Pharming is a form of online fraud that uses malicious software and fake websites. Malicious software is installed on your device or server by cybercriminals. Without your knowledge or permission, the code automatically redirects you to fake websites. Pharming is a term that incorporates the words "phishing" and "farming." This form of cybercrime is referred to as "phishing without a lure."
How to protect from pharming?
To help identify malware threats and secure your computers against emerging threats, install and run trustworthy antivirus and anti-malware protection software with browser monitoring. However, keep in mind that not all antivirus and spyware removal apps will protect against pharming, so you may need to take additional anti-pharming precautions.
Look for protected (HTTPS://) websites with a lock icon before the URL to stay safe. Also, if two-factor authentication is available, use it. It's also a good idea to change your router's default password. Furthermore, only use reliable internet providers and VPN services.
What are Chatbot and Voice Assistant-Based Fraud?
While chatbots and voice assistants have made our lives easier, they have also provided new opportunities for scammers. App stores can be used to impersonate Certain new frauds target voice assistants as well. Voice search results can be manipulated to persuade you to call a bogus company and give them your personal information. As previously reported, audio deepfakes can be used to deceive voice assistants by impersonating real users, but for the time being, the general public does not need to be concerned. the vectorchatbots by using names that sound real.
How to protect from Chatbot and voice assistant fraud?
Two-factor authentication provides an extra layer of protection against these kinds of scams. Another good idea is to encrypt important voice assistant commands with a PIN, such as moving money or disabling surveillance cameras, and you should be fine.
What is Selfie authentication fraud?
A scam contact might ask you to send your selfie, as well as possibly an ID document, ostensibly to confirm your identity for different reasons, such as entering a free giveaway or preventing your social media accounts from being locked, etc. This will provide the scammers with two things: a selfie that can be used for other types of authentication and a clear picture of your ID document.
How to protect against Selfie Authentication fraud?
Some online services require registration with a picture and identification. Scammers would be able to build accounts in your name - for example, on cryptocurrency exchanges - to launder money if you send them a selfie. Biometrics, for example, is one of the newest tools in the fight against fraud, but they aren't the only way to combat criminals and prevent them from stealing data and money. It's also important to consider the fraud-prevention process. Scammers are interested in your ID card images. So, think twice before sharing your details.
Other ways to bank securely online and avoid scams include:
Make a password for your account that is unique.
Two-factor authentication can opt
Analyze your bank's web site's protection and privacy pages.
Only use protected Wi-Fi to conduct transactions.
Never open attachments or click on links in emails from unknown senders.
Emailing signatures or account numbers is not a good idea.