It’s helpful to understand how hackers gain access to bank accounts. Here are several methods that hackers might access your savings and wipe them.

Users of mobile and internet banking are growing exponentially. With this, the opportunities for hackers to steal money are also increasing.

Here are five ways how hackers target your bank account and how to stay safe.

Phishing

Phishing is a type of online fraud in which scammers try to trick you into giving them personal information, such as your credit card number or account passwords.

They may do this by sending you fake emails or setting up fake websites that look like the websites of legitimate companies.

Hackers have increased their efforts to deceive users into clicking their links as the public becomes more aware of phishing tactics.

One of their nastiest ways is hacking someone’s email accounts and sending phishing emails using this to trusted addresses.

The difficulty in detecting the scam is what makes this attack so devastating. The email address would be genuine, and the hacker might address you by your first name.

Stay protected from phishing

If the email address appears to be known, but something about it seems off, see if you can verify the email with the sender. But not over email, in case the account has been compromised by hackers!

Use of mobile banking trojans applications

Mobile banking trojans are malicious software that are designed to steal sensitive information from mobile devices.

These trojans typically masquerade as legitimate apps, such as banking apps, in order to trick users into downloading and installing them.

Once installed, the trojan will collect sensitive information, such as login credentials and financial data, and send it to the attacker.

With the banking apps on your smartphone, you can manage all of your finances. While it is useful, malware makers have used it as the primary attack vector.

A virus producer makes an exact copy of a bank’s software and distributes it through third-party websites. When user enters username and password into this app after installing it, information is subsequently delivered to the hacker.

Another form of trojan isn’t normally disguised as a bank’s official app; instead, they’re a completely unrelated program that is infected with a Trojan.

When you install this mobile app, the Trojan gets activated and starts looking for financial apps on your phone.

When the malware detects a user starting a banking program, it pops up a window that looks exactly like the app user has started.

The user will not notice the subtle difference and will enter their credentials into the phony login page. The malware creator then receives these details.

To gain access to your account, these Trojans usually require an SMS verification number. To accomplish this, they frequently request SMS reading access throughout the installation, allowing them to grab the codes as they arrive.

Banking trojans prevention

There are a few things you can do to protect yourself from banking trojans:

1. Install and maintain an antivirus program
2. Keep your operating system and software up to date
3. Don’t click on links or open attachments in emails from people you don’t know
4. Be careful when downloading files from the internet
5. Don’t give out personal information over the internet or over the phone unless you are sure you know who you are talking to

Man-in-the-Middle Attacks

A man-in-the-middle or MITM attack is a dangerous type of cyberattack where a malicious actor inserts himself into communication between two parties in order to eavesdrop on the conversation or to interfere with the communication.

This attack is often used to steal sensitive information such as login credentials or financial information.

A hacker may target your communications with your bank’s website in order to obtain your personal information. Man-in-the-Middle (MITM) is what it is termed.

When a hacker listens to communications between you and a legitimate provider, this is known as eavesdropping.

A MITM attack usually entails watching an unsecured server and analyzing the data it sends and receives. When you communicate your login credentials across this network, hackers can “sniff” them out and steal them.

When you enter a URL, a hacker may employ DNS cache poisoning to modify the site you visit. Because of the tainted DNS cache, www.banks-web.com will redirect to a hacker’s clone site.

This cloned site will appear to be the actual thing, and if you’re not careful, you’ll end up providing the false site with your login information.

Protecting from MITM Attacks

Below are the ways to stay protected from the MITM attacks –

1. Use SSL/TLS
2. Use public key infrastructure
3. Use digital signatures
4. Use message authentication codes
5. Use a VPN

Keyloggers

A keylogger is a type of surveillance technology used to monitor and record each keystroke typed on a specific computer’s keyboard. Keystroke logging can be used to discover passwords or other sensitive information.

Keyloggers are a sort of malware that records everything you enter and sends it back to the hacker.

Consider what would happen if you entered your bank’s website address, then your username and password.

The hacker would have all of the necessary information to get access to your account!

Protection from Keyloggers

There are a few different ways to protect yourself from keyloggers:

1. Install anti-spyware software and keep it up to date. This will help to detect and remove keyloggers that are already installed on your computer.

• Use a firewall. This will help to block keyloggers that are trying to send your information out to the internet.

• Use a virtual keyboard. This is a software keyboard that you can use to enter sensitive information. Keystrokes are not recorded when you use a virtual keyboard, so your information is safe.

• Keep your software up to date. This includes your operating system, web browser, and any other software that you use. Outdated software can have security vulnerabilities that keyloggers can exploit.

• Be careful what you install. Only install software from trusted sources. Be sure to read reviews and do some research before installing anything.
• Make sure to set up two-factor authentication if your bank offers it. Even if a hacker has your login information, they won’t be able to recreate the authentication code, making a keylogger ineffective.

SIM Swapping

SIM swapping is the process of transferring the SIM card associated with your mobile phone number to another device.

This can be done for a number of reasons, such as if you lose your phone and need to use a new one, or if you want to upgrade to a new phone.

Hackers have a lot of trouble due to SMS authentication codes.

To get around this, SIM swapping is used.

To accomplish a SIM swap, a hacker impersonates you and contacts your mobile company. They claim to have misplaced their phone and would like their old number (which is your current number) transferred to their SIM card.

If they succeed, the network operator will remove your phone number from your SIM and replace it with the hacker’s SIM.

They may simply get the SMS codes once they have your phone number on your SIM card.

SIM Swapping prevention

Typically, mobile carriers may ask questions to ensure that the individual seeking the transfer is who they claim to be. As a result, in order to accomplish a SIM exchange, scammers usually collect personal information in order to pass the tests.

To avoid your identity being stolen, keep your personal information secret at all times. Check to see if your mobile operator is doing anything to protect you from SIM switching.

There are a few things you can do to prevent SIM swapping:

1. Keep your SIM card in a safe place and don’t let anyone else have access to it.

2. Be aware of what personal information you share online and with whom you share it.

3. Be cautious of any unsolicited communications that ask for personal information or require you to take action.

4. Keep your anti-virus software up to date and run regular scans.

5. Monitor your accounts and activity for any suspicious activity.

Summary

Customers and hackers alike benefit from internet banking. Fortunately, you can take steps to avoid becoming a victim of these attacks. When hackers target your finances, you’ll leave them very little to work with if you keep your personal information private.