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Mobile banking: Beware of the New fraud modus operandi

MOBILE BANKING

MOBILE BANKING

Vijaya Bank is spreading cybersecurity awareness about mobile banking by various means.

Friends and family often forward link to apps for you to download. Be careful if you are using mobile banking with the same phone with multiple apps. A new way of banking fraud is occurring for transactions in UPI applications. Remote access is taken of victims phone to carry out the transaction. This can happen with even one time Pin submission. Remember if you give fraudsters your Pin the bank may not pay you for your losses. Loss up-to one lakh is covered via insurance and this will most likely not be valid if you are responsible for giving the banking PIN.

In this post:

How mobile banking fraud occurs

Mobile Banking – Safety Tips

How mobile banking fraud occurs

Fraudster invites victim on a pretext to download an app called ‘AnyDesk’ from Playstore or Appstore. Please remember there are many free apps similar to ‘AnyDesk’ that can give remote access of the device to other users.

The app code (9 digit number) is generated on a victim’s device. The fraudster asks the victim to share. If you share this app code YOU LOSE CONTROL OVER YOUR OWN PHONE.

The fraudster inserts this app code (9 digit number) on his/her own device. He /she will ask the victim to grant certain permissions which are similar to what is required while using other apps. After this, fraudster gains access to a victim’s device.

Then the mobile app credential is phished from the customer and the fraudster carries out transactions through the mobile app already installed on the customer’s device.

The above modus operandi is being used to carry out transactions through any Mobile Banking and Payment related Apps (including UPI, wallets etc.) on any phone.

Kindly take adequate care while installing unknown/not trusted applications in your online transaction devices.

Related: Mobile Banking SBI Cybersecurity awareness

MOBILE BANKING

Mobile Banking – Safety Tips

Read about the Jamtara scam that I almost made me a victim but God and my husband intervened.

Read about the Amazon delivery scam  here

Disclaimer: Kindly take all banking-related decisions after proper awareness and discussion with a professional. This post is meant to spread awareness and Healthwealthbridge or the author, will not be held responsible for any action you may or may not take. This is information shared from Vijaya bank awareness drive.

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