6 Ways Online Banking Thieves Try to Steal Your Money

Nov 7, 2021 Blog, Tip of the week

Do you use an online banking app?

Almost everyone does. Online banking from personal devices started ramping up a decade ago and has only grown since. Let’s be honest…who wants to actually go into a physical bank?

But with online banking comes security challenges – and hackers are smart.

Security experts identified 8 common ways cybercriminals steal money through online banking. These are recurring patterns, so take note!:

  1. Phishing Emails – fraudulent links received via email tell banking customers their account needs URGENT attention. Would you click?
  2. Fake Website Attacks – performed with a trojan, a fake pop up website resembling your bank asks for your personal details. Always make sure you are accessing your bank account from a verified browser or app.
  3. Keylogger Trojans – these guys are the equivalent of someone looking over your shoulder at the ATM. They get in through seedy websites – tricking you into installing them – then track every movement of your keyboard.
  4. Stolen Passwords – DO NOT use one password on every website!
  5. Insecure Wi-Fi – Don’t click on just any old network when you are out in public. Visiting the small coffee shop on the corner? VERIFY the network with your friendly barista before connecting. That network listed as “COFFEESHOP-guest” might be the creepy guy two tables down.
  6. Fake Texts – most banks use text messages to confirm transactions or prompt you to update account information. Fake texts are much like phishing. They look authentic, but they are not. Stay alert!

What does all this mean for your banking security?

Remember – Banks will never ask you to provide SECRET information, such as your PIN. Genuine banking websites always feature a security certificate. Additionally, authentic banks will not send you PDF attachments, links not matching their real website, instructions to install software, or emails/texts pressuring you to act immediately.

Banks want to keep you safe – so they will encourage maximum security measures such as frequent password updates, 2-factor authentication, secure network use, etc. Follow their guidelines and don’t take shortcuts – keep your account and your money SAFE.

Also, if you have not received my eBook on a few important IT Security Basics, request it here for free.