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How Fraudsters target your mobile transactions?

IamCheated.com Research Team | November 11, 2019  2:43:pm

How Fraudsters target your mobile transactions?

Many people love transferring money to friends and family through mobile via Unified Payment Interface or UPI. You don’t have to remember your bank account details or even the bank account details of the person to whom you wish to transfer/receive the money. Transferring money from your mobile is very easy, but fraudsters have found ways to gain unauthorized access of mobile devices.

See Also: 5 Mobile Banking Safety Tips

Common tricks used by fraudsters to fool you:

  • You might get a phone call from a fraudster who pretends to be a representative of a bank. He also claims that he can help you with your genuine registered complaints on online mobile banking.
  • Fraudsters get your mobile number from social media or even a complaint desk.
  • He then lures you to download a popular mobile app like ‘AnyDesk’. He now enjoys remote access to your mobile phone.
  • Soon a new digit code gets generated which the fraudster would expect you to share.
  • The fraudster would ask for certain permissions and if they are granted, he enjoys control of your mobile device.
  • After stealing your mobile banking credentials, the fraudster can easily carry out financial transactions from your mobile app.
  •  Fraudsters could forward an SMS and then ask you to forward it to a specific mobile number. You would be asked to do this from your mobile.
  • The fraudsters would look for confidential credentials related to accounts like PIN, expiry date, OTP, Debit Card Number and even the MPIN, which is then used to authenticate all the transactions.
  • Now, there are chances that you would authenticate transactions (This would be done with MPIN), as you believe you would get a refund. You end up losing money as your account gets debited. 

How to avoid getting tricked by fraudsters?

Follow these Do’s:

  • Be careful of fraudulent calls which ask you to download third party apps. Disconnect any calls which ask you to share any confidential information.
  • If you have already downloaded such an app, make sure to uninstall it immediately.
  • Put an app-lock on mobile banking related apps. If you find any suspicious activity in your bank account, inform the customer care of your bank branch immediately.

Beware:

  • Don’t store banking passwords on mobile phone. Never share banking passwords even with friends and relatives.
  • Don’t share UPI PIN / MPIN, Debit / Credit Card, CVV, expiry date, OTP, ATM PIN, bank account details with anyone.
  • Don’t allow a stranger to guide you through the mobile app installation process. Be careful if he asks you to change a setting on your mobile.
  • Don’t take customer care numbers of banks and merchants from Google Search as they could be fake.
  • Don’t forward unsolicited SMS which you might have received from the representative of a bank.
  • Don’t share private details like mobile number, address, DOB, identity details on social media like Facebook.

See Also: How Pegasus Spyware can take over your mobile?

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