Research & Opinion
Financial Cybercrime On The Rise: Cyber Criminals Use Fake SMS And Malicious Apps
NEW DELHI: Financial cyber crime has become a serious concern for society. Large number of innocent people are being duped by cyber criminals using different type of modus operandi. Nowadays, cyber criminals have started malicious mobile applications to collect payment credentials and steal OTP. Cyber criminals are sending fake messages among citizens which contains malicious link.
Multiple social engineering techniques in the name of cashback, reward points, KYC updation etc. are being used to lure the victims and download the malicious mobile apps. with different bank logo.
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Modus Operandi:
Cyber criminals send fake SMS to the target person along with a phishing link in the name of cashback, reward points, KYC updation etc. When victim clicks on the phishing link, a webpage with prominent Bank’s logo is opened which contains a download link for malicious app. Victim downloads the malicious app. and installs the same which also asks SMS reading permission. After installing the malicious app., it asks for debit/ credit card details such as card number, expiry date and CVV. When victim enters such details, the same is received by fraudster through malicious app.
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Using aforesaid payment credentials, fraudster initiates online transactions and exploits SMS permission taken through malicious app. to steal transaction OTP which is received on victim’s mobile phone.
How to prevent such type of cyber crime:
• Simply ignore and delete such messages immediately.
• You may inform about such messages and malicious apps. to National Cyber Crime Reporting Portal https://cybercrime.gov.in.
• Do not click on the link mentioned in such messages, otherwise you may be duped.
• Do not install mobile app. through link/ APK file. Mobile app. should always be installed from play store/ app store.
• Do not share your payment credentials such as debit/ credit card number, expiry date, CVV, PIN, password, OTP etc. through such malicious app./link.
Reporting of Financial Cyber Fraud:
In case of Financial Cyber Fraud, immediately call at National Cyber Crime Reporting Helpline Number 1930 or register your complaint at National Cyber Crime Reporting Portal https://cybercrime.gov.in. In addition to that also visit to your Bank or contact to bank’s toll free numbers to avoid further loss and for disabling online banking channels such as debit card, credit card, internet banking, mobile banking, UPI, AEPS etc. Bank’s toll free numbers are also mentioned on the back side of debit card, credit card and also available at Bank’s official websites.
Disclaimer: “All contents presented in this article are personal views of author. These contents can not be treated as official views of the author.”
Writer- Satyendra Sharma is Chief Manager (IT) in Punjab National Bank.
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