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How Your Financial Data Can Be Stolen?

IamCheated.com Research Team | August 18, 2018  5:56:pm

Fraudsters are coming up with innovative ways to steal financial data from citizens. In recent years, there have been a number of cases of common people getting duped by online fraudsters. Citizens have lost crores of rupees to such frauds. As per reports, Indians are the most susceptible to online scams. In this blog, we will discuss various tricks used by fraudsters, to steal your financial data.

How Your Financial Data Can Be Stolen?

1. Fake calls from banks

The most common method used by fraudsters to steal your financial data is by posing as bank executives. They collect all your data like phone number, account number, Aadhaar number, address, date of birth and so on from data vendors. After collecting this data, they call you and say there is a problem with your bank account which would be blocked soon.

Victims are easily convinced as these fraudsters speak just like professional bank staff and they also have access to some of your banking details. These fraudsters try to transfer money from your bank account by asking you to provide the OTP that comes to your mobile number. They convince you that the OTP is just for reconfirming the mobile number.

In case you do not provide the necessary details, you will be called again and fraudsters say there is a big problem with the account and disconnect the call. In panic, if you call this number, fraudsters demand your details. So, it is advisable not to call such numbers.

No bank will ask you to provide personal banking information like card number, CVV, and OTP over the call. In case you receive such calls, report them to the nearest police station immediately.

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2. Professional hackers

Identifying how financial data is stolen has become very difficult, as fraudsters with a lot of technical knowledge are involved in these scams. Apart from purchasing bank data from vendors, fraudsters also use data analytics to mine information from the victim’s social media platforms like a facebook account. Fraudsters hack into your mobile banking account, using information like a bank account number, Aadhaar number, date of birth, parents’ name, residential address and so on.

Innovative tools are used by fraudsters to make detection of frauds very difficult. Fraudsters use many tricks to hide their number and show your number, when they call the bank to change some important information like an email id. They can carry out the fraud easily once the email id is changed as they can change the password with the reset password option.

See Also: How To Protect Your Debit Card From Being Hacked?

3. Card Skimming

Another technique used by fraudsters to steal your financial data is through card skimming and card cloning. This usually takes place when the card is inserted in some ATM or POS machine. In case of card skimming, scamsters insert a small electronic device called a skimmer in ATM's and POS machines to steal card information. When your card runs through a skimmer, the device captures and stores important information from the magnetic strip of your debit card. This data is then copied to the magnetic strip of a blank card. This card is used to withdraw money from your bank account.

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