E-Banking and the Cyber Frauds in the 21st Century

Introduction

In 21st century where technology has taken place for performance of all activities, e- banking or online banking had made it easy for the customers to operate online bank through technology in one click.

Nowadays, Online and mobile banking have made daily banking fast and convenient for users.

In this cyber world, cyber frauds and attacks has also made their place at the national and international level and the risk and challenges associated with it is increased.

Types of Cyber Attacks

Scare ware

  • It is a malware tactic that manipulates users into believing they need to download or buy illegal or malicious software. Generally, present using a pop-up advertisement.
  • It enables the user to install harmful software in the name of anti-virus software for carrying on malicious activities in cyber security.
  • In year 2017, a IT based website started a campaign sending user fake advertisement to gain access through a fraudulent sites and infecting them with malware.
  •  One of the leading Companies in agreed to pay the settlement of $35 million after allegedly deceiving the customers into downloading free PC monitor Check up kit.

Phishing

  • It is a type of social engineering attack and threat that is often used to steal confidential data which includes login credentials and credit card digits.
  • It is generally occurred when an attacker, masquerading as a trusted entity that involves a victim into opening an email, instant messages or text message.
  • The user is then tricked to click on the harmful link that may lead to the installation of malware for revealing sensitive information.

State based Cyber Attacks

  • As Cybercrime in cyberspace has become a huge war zone because Governments as across the World fight for digital supremacy.
  • Cyber attacks have become key weapon for Government seeking to defend National Sovereignty and National Power.
  • Many Countries have noticed sophisticated Cyber Attack because of scale and nature of the targeting and tradecraft used.

Carders

  • This is newest technique of committing fraud, as people are staying at home during the lockdown, cybercriminals have become active as debit details, e-shopping accounts and fake SIM cards are on sale through social media platforms.
  • A research found that carding the products are widely being used in India.
  • Carding is a term used for describing the misuse of Credit Card, Bank Account and other personal information online.
  • These fraudsters have also claimed to the public that the product will be directly shipped from Amazon to the buyer.
  • They ask for payment through Paytm, Google pay and other online payment mode.

E-banking Frauds and challenges

  • In e-banking system the cyber criminals are using very advanced technique due to which sometimes it become impossible and more challenging to know about the techniques. Some of the issues are as follows:
  • To track a cyber-criminal is one of the difficult tasks because criminal investigations activity is borderless by nature.
  • Major challenge is identifying and categorizing the new type of attacks for example resonance attack, an attacker that has compromised some sensors or controllers will force the physical system to oscillate at its resonant frequency. So it is important for experts to examine the possible consequences of these new attacks.
  • Shortage of skilled digital experts for implementing cyber security measures.
  • Widespread use of pirated software by using viruses, malware and Trojans.

Some safety tips for online secure transactions

  • Check your online banking account frequently and make sure all listed transactions are valid.
  • Beware of randomly clicking on any emails asking for confidential information because they could be the phishing emails from cyber attackers. Don’t click on links given in spam emails.
  • Delete spam emails immediately to prevent clicking on the same accidentally.
  • While using any debit or credit cards on websites do check that if website is secured with CVV.
  • Do not share any card details or photos to anyone over phone or in public.
  • Always notify your bank if you have not received your credit card statement on time.

Conclusion

  • As studied in this Article, not all people are victims to cyber crimes but they might be at risk. Cybercrimes committed by computer have different dimensions and not only occurs behind the computer but they executed by computer.
  • The hacker could live many kilometers far away from its victim and they wouldn’t even know they were hacked.
  • In today’s era as technology is increasing criminals have a vast scope in committing frauds and there is less chances of getting caught.
  • Hence, the internet user has to be smarter than just falling prey for a trap. The person shall at all times remain active and also monitors his day to day activities in cyberspace

For any query/registration/advisory related to Cyber fraud, visit www.onfiling.com.

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