The Indian baking system has witnessed a significant rise in phishing attacks. According to the research firm Statista, the Reserve Bank of India reported a total of 7,400 cases of banking fraud in India in 2021, amounting to Rs 1.38 lakh crore. Phishing is among the major types of banking fraud globally.
What is Phishing?
Phishing is a form of internet fraud that attempts to steal your money, or your identity, by getting you to reveal personal information — such as credit card numbers, bank information, or passwords — on websites that pretend to be legitimate. It is usually carried out through spoofed emails and spoofed websites that prompt users to disclose their personal details.
Phishing attacks are the most common method used by cybercriminals to attack the Financial Services industry. Most commonly, phishing attacks occur through targeted emails, however, attacks are getting more sophisticated and there are now multiple avenues criminals are using to obtain information.
In an article dated 7 November 2022, Trend Micro, a global cybersecurity leader, stated that they have found five banking malware families targeting customers of seven banks in India to steal personal and credit card information via phishing campaigns.
Phishing attacks are not only being used to steal critical user data but also to conduct fraudulent transactions online.
Steps to protect yourself from Phishing Attacks
• Avoid browsing un-trusted websites and exercise caution while clicking on the link provided in any unsolicited email and SMS. It is highly possible that the link contains malicious content or is an attempt to phish the customer.
• One must avoid sharing personal information such as passwords, personal account numbers, and bank details.
• It is important to check the URL before logging into any website. If the text is ‘https://’ and is not ‘http://’ it means that the website uses encryption and is an authentic website. The ‘s’ in ‘https://’ stands for ‘secured’.
• On getting a message that appears to be from your bank, before providing any details, it is advisable to call the bank and confirm whether the email or message has been sent by them.
• Exercise caution while opening email attachments. Only click on URLs that clearly indicate the website domain.
• It is essential to update your passwords regularly and protect your accounts by using multi-factor authentication.
• Installing anti-virus software, spyware filters, email filters, and firewall programs also helps in avoiding phishing attacks.
• Monitor your bank, credit, and debit card statements regularly to keep track of any fraudulent transactions. Report any unusual activity in your account immediately to your respective bank.
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