BLOG

Do Not Fall Prey to Threats in Online Banking: Here Is All You Need to Know

Nov 20, 2017

Don’t you hate going to the bank and spending most hours of the day there standing in long queues? Who doesn’t! The banking sector players have realized this, and most of the banking companies have introduced their own mobile banking apps, facilitating on-the-go banking. But online banking may not be as merry as it seems, there are a large number of criminal eyes in the cyberspace that you need to beware of. Your banking and personal information is at stake here since your details could be exposed to various hackers and other online criminals that are slyly waiting to loot you. Does this mean you should refrain from online banking? Definitely not! Going by the age old saying “Prevention is better than cure,” let us take you through a few things you need to be careful of while using mobile banking:

Online Banking

Request more information to know more about cyber security in online banking.


Evaluate Your Mobile Device Trust-worthiness

Mobile apps are built in such a way that they support a wide range of devices and operating systems. Therefore, the app could be exposed to potential vulnerabilities across different platforms. Though most of the modern smart devices ensure that regular updates for device security are provided to their users, customers often jailbreak their devices in order to access various functions that have been locked down by the provider, making the device vulnerable to external threats. Therefore, it is always better to ensure that you adhere to the security measures suggested by your OS and not undertake any transactions that are flagged as risky in your device, especially if you are using the same device for online banking.

Establishing User Identification

Cyber criminals undertake various steps to perform fraudulent transactions, exhibiting as many characteristics of normal customer generated transactions as possible in order to avoid the security radar. E.g., Cyber criminals entice customers into downloading various links/SMS forwards that will later be used to authenticate fraudulent transactions.  This will easily give them the access to the online banking credentials of the customer that has been saved on the phone. Many banking companies are formulating new methods to eradicate these types of crimes by methods such as OTP, which send a verification code to the registered customer mobile to undertake mobile banking transactions.

Request a FREE Proposal to gain comprehensive insights into precautionary steps you can take when you’re online banking.

Cross-Channel Infections

Cross channel infections refer to the corruption of a device caused by malware on the user’s PC. We often tend to connect our mobile devices to our laptops; cyber criminals observe these user behaviors and prompt the user to undertake certain actions while disguising themselves as a bank or a social media platform. The unsuspecting users often tend to follow the instructions or give out personal details, giving cyber criminals more scope to implant a malware attack on the user device. Cross channels infections can be avoided by the device’s geolocation, which alerts the users in case the account is being accessed from two distinct locations or other anomalies that may occur during online banking sessions.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

Recent Blogs

Emerging Applications of Artificial Intelligence in Medicine

Emerging Applications of Artificial Intelligence in Medicine

The main aim of artificial intelligence in medicine is to mimic human cognitive actions which is directly or indirectly bringing pioneer changes in the field of healthcare. Artificial intelligence in healthcare simplifies the processes of healthcare organizations as...

read more
HR Technology Trends Redefining the Modern-Day Workforce

HR Technology Trends Redefining the Modern-Day Workforce

In 2020, we witnessed rapid changes in workplace structures and business processes amid the pandemic outbreak. Advanced HR analytics solutions proved their potential amid the uncertainties by playing a crucial role in helping businesses understand and engage with a...

read more

Industries

Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.

Insights

Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.