Awareness of risks and available safeguards is the first line of defense to ensure the security of Information Systems and computer networks.
In this digital era, customers are increasingly relying on computing devices like Desktops, Laptops, Tablets, Smart Phones, etc., and the internet for doing their banking activities such as fund transfers, online shopping, utility bill payments and so on. Customers have started using digital wallets and their Bank accounts for making these payments instead of resorting to direct / in-person visits to branches.
Digital Banking has provided the customers the comfort and flexibility to do banking activities wherever they are and whenever they want, without any problem. However, Digital Banking is susceptible to cyber risks if adequate awareness and precaution are not ensured and security practices are followed.
Most Common cyber-related crimes prevailing in recent times are as follows
Identity theft is the crime of obtaining the personal or financial information of another person for the sole purpose of assuming that person’s name or identity to make transactions or purchases.
Phishing is an attempt to obtain sensitive information such as usernames, passwords, and credit card numbers and other sensitive details often for malicious reasons, by disguising as a trustworthy entity in electronic communication. The word is derived from fishing due to the similarity of using bait in an attempt to catch a victim. Phishing is typically carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website, the look and feel of which are identical to the legitimate one and the only difference is the URL of the website in concern.
Vishing is where fraudsters try to seek personal information like Customer ID, Netbanking password, ATM PIN, OTP, Card expiry date, CVV etc., through a phone call stating that they are calling from the Bank.
SIM swap: Under SIM Swap, fraudsters manage to get a new SIM card issued against victim’s registered mobile number through the service provider. With the help of this new SIM card, they get OTP and alerts, required for making financial transactions through a victim’s bank account.
Skimming: Inclusion of fictitious devices such as card readers, camera, glue, etc., in ATM or cash dispensing devices to capture card holder’s sensitive information such as card number, PIN, etc., to produce duplicate cards for carrying out fraudulent cash withdrawals from the card holder’s accounts.
To protect yourself from these type of attacks, it is vital to be aware and updated with the best practices prescribed by the Bank from time to time. In this section, we have given some basic security practices, which can help you to safeguard yourself from any such cyber-crime / risk.
Wish you happy and safe Banking !!