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Ways through which fraudsters steal your online banking details

IamCheated.com Research Team | February 03, 2020  5:53:pm

Online banking has made our lives really easy. With the help of online banking, you can do a lot of things like instant money transfer, payments of bills, booking tickets, shopping online and much more. While online banking is used by a lot of people, online banking frauds are also on the rise.

A lot of people have lost lakhs of rupees to online banking frauds. In order to cheat people and make a quick buck, fraudsters employ various techniques.  In this blog, we will discuss the ways through which fraudsters steal your online banking details to wipe out money from the bank account.

Ways through which fraudsters steal your personal banking details

1. Vishing

Vishing is the most common technique used by fraudsters to steal online banking information of bank account holders. Under this technique, fraudsters call people, claiming to be from their bank or digital wallet company and collect online banking information. This information is used to carry out fraudulent transactions.

2. Smishing

Under this method, online banking details are collected by sending SMS. Fraudsters send SMS claiming that you are eligible for cashbacks or have won a prize. In order to claim the prize, you will be asked to provide online banking details. 

3. Phishing

Under this technique, fraudsters send emails with a malicious link. When someone clicks on this link, the user is taken to a website where they will be asked to provide personal banking details like card number, CVV, OTP and so on.

4. Remote access apps

Fraudsters somehow make users download remote access apps like Teamviewer, QuickSupport, and AnyDesk. After these apps are downloaded on the users' phone, fraudsters will use this to gain access to online banking information.

5. Whatsapp

Whatsapp is used by fraudsters to collect online banking information. Fraudsters send messages to users claiming they have won a lottery or are eligible for huge discounts and cashbacks. This is just a trick used to collect online banking details.

6. SIM Swap fraud

Under SIM Swap fraud, fraudsters contact mobile operators with a fake identity proof and get a duplicate SIM card for the mobile number associated with the bank account of users. Once fraudsters get the new SIM, the original SIM is deactivated and all the OTPs sent by the bank go to the new SIM. Using this OTP, fraudsters wipe out bank accounts.

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