How to protect your Confidential Personal Data and Money from fraudsters in view of rising Cyber Frauds?

On the one hand digital transactions are Rewarding, Instant, Easy, Hassel free and Low cost whereas on the other hand careless and insecure usage can expose ourselves to its vulnerabilities. With most of us now making financial transactions over mobile apps, it’s all the more important to know how Fraudsters can rob you.

Nature of Frauds:  SIM Cloning, Phishing, Vishing, Cyber Stalking, Cyber Extortion, Identity theft, Malware Attack, Email Spoofing..etc.

Now Let’s clear the terms first, then we will look at the most common ways.

What Is Phishing?

Phishing is an act of sending a fraudulent e-mail or creating a forged screen pop-up, in an attempt to capture customer’s confidential personal details like User Id, Password, 3D Secure PIN, Date of Birth, CVV number, etc.

What is Vishing?

Vishing is an attempt where a fraudster uses the phone to lure the people in revealing their confidential bank details.

What Is Con-Artist?

A person who cheats or tricks others by persuading them to believe something that is not true.

What is Email spoofing?

Email spoofing is the creation of email messages with a forged sender address. Because the core email protocols do not have any mechanism for authentication, it is common for spam and phishing emails to use such spoofing to mislead or even prank the recipient about the origin of the message.

What is Cyberstalking?

The repeated use of electronic communications to harass or frighten someone, for example by sending threatening emails.

What is Malware Attack?

A malware attack is when cybercriminals create malicious software that's installed on someone else's device without their knowledge to gain access to personal information or to damage the device, usually for financial gain.

Phishing: Phishers are churning out much more convincing and effective emails. Not only are the most persuasive specimens well-written, but they are also often personalized, addressing the recipient by name. In addition, they replicate the look and feel of authentic emails from legitimate businesses down to the fonts, footers, logos and copyright statements those companies use in electronic correspondence with their customers. With many startups operating in the payment space, it has become easier for con artists to masquerade as agents for the company, asking you to divulge your Aadhaar or payment IDs. As phishing schemes become more sophisticated, with Phishers being able to convince up to 5% of recipients to respond, it becomes increasingly important to be vigilant in identifying and protecting yourself from these scams.

Please follow the below steps before opening any unknown mail:

1)   Delete suspicious messages immediately.

2)  Don’t click on any links in the message. Instead, DO copy and paste the URL into a new  browser window.

3)  Never respond to an unsolicited email, or supply personal information as requested by an email, even if the message looks real.

4)    Never supply your passwords or other sensitive information via an email message.       

App Phishing: As Google allows anyone to upload an app on Play Store, a lot many Fraudsters are uploading apps with names very similar to government-backed apps. One example is BHIM. First-time users are scammed as they download an app with the suffix BHIM.It requires them to give all personal details including bank account information and card number. In other instances, some apps require you to disclose your Aadhaar number.

Also Read:Kaspersky Internet Security for Android Mobile Phone

Hence first check the app maker and confirm whether it is a legit company.

What is SIM Swapping/Jacking?

SIM swapping or SIM Jacking involves a hacker duping your cell provider into believing that you're activating your SIM card on another device. In other words, they're stealing your phone number and associating it with their SIM card. The way this works is that one way or another—either as call center or via an app—scammers try to get your personal details. Most scammers are looking for your Aadhaar details. In the age of WhatsApp, most people forget to check their messages and this further helps scammers. Once they acquire your details, they go to a friendly mobile store and get a new SIM issued on this ID. Once that is done, your phone would stop working and all OTP and other details would go to your new SIM number, making it easier for scammers to wipe out your account.

How to be safe from SIM swap fraud?

1) The first warning signal can be your mobile network. If your phone is out of network continuously for a few hours, it's an alert and you should complain the same to your mobile operator immediately.

2)  Check your bank account statement regularly. The best way to avoid this is to subscribe to SMS and email alerts. More importantly, keep checking your messages. You can also keep a different notification tone for bank messages.

3)   The 20 digits SIM number mentioned on the back of the SIM card is crucial. Never share it with anyone.

      4)     Do not put your mobile number on public display on social media or any other websites. 

Falling Victim!

If you’re the victim of a SIM swap scam, it’s not the end of the world. Inform the bank or phone company as soon as you have any suspicions to reduce the impact of the attack. Never forget to inform your Local Police Station.

Prevention Is Better Than Cure

Falling victim to such fraud cases can be frustrating, hence, take measures to avoid being a victim of Internet Banking / Credit card fraud in the first place.

Credit Cards:

1)   Use exclusively separate Credit Card with a low credit limit for all online transactions instead of Debit Cards. In terms of security, you're better off using a credit card in place of a debit card, as you will get some time in between credit card issuing bank settles with merchant establishment.

2)   Instead of carrying only one credit card, carry 2-3 cards and set a particular credit limit to each card. Use the different cards to make payments at a different location. Doing this will make sure that even if any fraud happens, you will lose only some amount of money, not a huge sum. The rest of the money will remain safe in other cards.

3)  The most common type of cyber fraud happens when you make payment in a restaurant or from the Hotel room through debit/credit card. Instead of giving away the card to the waiter or service executive, ask him to bring the machine to your table/room to make payment so that you have a fair idea of where your card is being used.

4)   Disable international usage if you are not traveling. This way you limit yourself from out of the country scammers. It can be done through the mobile banking app, net banking or by calling the customer care of the bank.

5)   Having insurance against any mishap can protect you and the same can be done in contact with your card issuing bank.

Internet Banking:

1)   While using internet banking, check for URL begins with https:// instead of http:// and Padlock Icon on your internet browser when accessing your account. It indicates the console is running in secure mode.

2) When you go to a website to make any transaction, look out for the logo of Payment Certification Industry (PCI) at the top of the page. It is a globally renowned industry. Having its certification means that the website owner is concerned about user security and your bank details are in safe hands.

3)   Most of the cyber fraud happens because you make payment on vulnerable, unsafe websites. These websites hold a high risk of getting hacked, giving away all of your credentials to the hacker.

4)   Use advanced anti-malware programs. It will protect both classified and unclassified attacks on your computer and other digital devices you are using. Make sure your anti-malware program is updated or its auto-update option is “on”. Make sure that the antivirus program is able to detect newly created and mutated malware threats even before it’s included in the database of the automatic updates.

Saving Card Details and Password:

1)   Use a combination of upper and lowercase letters, numbers, and special symbols. Instead of choosing a complete word, consider using a unique and uncommon acronym or phrase, which could make it harder for a hacker to identify.

2)  Many times, people save their important passwords and bank account credentials in the E-Commerce website, applications...etc. These applications may use the details in carrying out cybercrimes. So, avoid storing your passwords and bank account credentials in the E-Commerce website and unstable applications.

Also Read:Kaspersky Internet Security for Android Mobile Phone

Don't Stay Logged In: Logging out ends your session and can reduce the odds of someone being able to steal your information.

Avoid Public Computer / Wi-Fi:

1)   Using public Wi-Fi that isn't password-protected could potentially expose your account details to hackers if they're able to tap into the network.

2)    In order to maintain security during online transactions, make sure that you’re using your own computer or mobile device. Do not use the computers installed at public libraries or internet cafes, as these computers can easily be manipulated by tweaking its hardware or software.

Social media websites: Never share your personal details like Date of Birth, Mothers Name..etc at social media websites as same along with your log-in credentials can go directly to the hacker and he can use it adversely. For instance, if you post your pet’s name or reveal your mother’s maiden name, you might expose the answers to two common security questions.

Never share personal details to Unknown People: No bank official will ever call you and ask for your bank account details without giving any official intimation. Confidential information such as card number, card expiry date, CVV number, OTP, card PIN or Internet banking password, should not be shared. So, avoid talking to such fraudsters and DO NOT share your account credentials with anyone.

Be extra cautious while sharing photocopy of KYCs for any Loan/Credit Card Application..etc. Never give a photocopy of your existing debit or credit cards while making an application for your second card.  

Fraud Tele Calling and Messages: We keep receiving messages saying your bank account has been credited with a large sum of money, provide your account details to receive the payment and thus seeking your confidential card information, password or OTP. Avoid falling into such traps as they are mostly fake and can wipe out all the money from your account. Do not reply to emails or SMS asking for personal information.

Bank Reconciliation: Stay alert of SMS’s or transaction alerts or OTPs that are sent to your registered phone number, by the Bank. Review your card and bank statements regularly, and in case of any discrepancy, report it to the Bank. Report to the bank immediately in case of any discrepancies.