Mudra Compass

Our lives are now deeply influenced by the internet. We cannot imagine our lives with computers, mobile or internet. COVID-19 has just forced the world to heavily rely on the internet to sustain their business during lockdowns. Truly the internet is boon however; we cannot ignore the side effects. The internet also happens to be a sinister playground of fraudsters and hackers constantly devising evil methods to prey on their targets. One of the areas which are most prone to activities such as identity fraud is banking.  For hundreds of millions of Indians, going online to buy things or just send money to family and friends has been a boon. But because they are unfamiliar with the medium, fraudsters might use phishing attempts to trick them into doing the incorrect thing. 

Those who are unfamiliar with their operating procedures or who place their faith in strangers pay the repercussions. The phishing tactic is used by these con artists to take money from consumers who bank online. There are almost no dangers involved. To pull off the crime successfully, it mostly comes down to making huge promises and appealing to the greed motive. 

Phishing attacks are the practice of sending fraudulent communications that appear to come from a reputable source. It is usually done through email. The goal is to steal sensitive data like credit card and login information, or to install malware on the victim’s machine. Phishing attacks, on the other hand, can be avoided by individuals who are cautious. They should be able to see through these con artists’ schemes and avoid being robbed by them. We’ve put up a list of tips to guarantee you don’t fall victim to a phishing assault. Examine these points thoroughly; they may save you from a major loss in the future.

How do cybercriminals operate?

1. The goal of cybercriminals is to obtain the private data (usernames/passwords/OTP) of bank account holders.

2. The standard operating procedure is to send an email. This can be done using Gmail/Outlook.

3. This ‘Spam’ email will appear to be identical to one sent by your bank. It is, however, a forged email.

4. The crooks want the recipient to click on the email’s link.

5. They then instruct the recipient of the email to enter their user ID and password on the website that appears.

6. Users are instructed to click on these links in order to receive a large reward or freebie.

7. Account suspension fear is sometimes induced in order to obtain the user’s private account details.

How to protect yourself from phishing attack

1. First, double-check the website’s url (URL) in your email. It will resemble your bank but will not be identical.

2. You should also double-check the URL for the’s’ in https://. This is an acronym for safe.

3. It will not be accepted by fictitious banks or businesses. This http:// will be the most common.

4. If you receive such phishing emails, do not click on any of the links contained in them.

5. Never give up your username or password on any dubious websites.

6. No genuine bank or firm will ever request your login or password, and those who do are attempting to defraud you.

Besides these, one must keep some points in mind in order to save your identity from getting hacked…

Beware of mobile apps that take out your data without your knowledge – Do not be prey to such mobile apps that stole your personal data to misuse it. Google’s App Store & Apple Store is filled with such dangerous & fraudulent apps that possess the capability to steal your data, even your money, and cause harm to your security. It is very important that before downloading any app, you check its authenticity.

Use encrypted chats and conferencing apps – It is very important that you should use the secure tools and software which safeguard your conversation, your files and all of the data against different threats such as leaks or falsification of data, theft of passwords, computers, or hosting equipment or intrusion.

Don’t entertain fraudulent calls – Have you ever thought from where do the people who are involved in fraudulent activities get our numbers from? It is us only as we keep furnishing our numbers at shopping malls, cafes, and mobile applications, compromising the privacy of our profiles. Hence, it is easy for a fraudster to call you posing bank manager and get all the details under the pretext of a mandatory KYC procedure. So, it is our responsibility that before providing any details we should verify the call.

Regularly check your credit report – Always keep an eye out for any discrepancies in your credit report. Credit report is an easy way to detect any fraudulent ongoing activity with your credit account which you are not aware of.

Keep in mind that your Internet banking or phone banking usernames and passwords are strictly confidential and should not be shared with anybody, including family members. In fact, if you receive a phone call from someone pretending to be from your bank and asking for your username/password or even an OTP, be wary. Simply follow these guidelines, and you’ll be well on your way to avoiding significant losses and disgrace!