24 September, 2016
Due to the advancement in technology, financial institutions are rapidly shifting their mode of transactions to the internet. Though online banking offers much more convenience and saves you the hassles of visiting the bank, the indiscernible risks associated with it cannot be overlooked. Before accessing your account online or transferring funds over the internet, it is essential that you understand the risks involved to keep yourself protected.
Discussed below are some of the potential security risks of online banking:
Most banks implement strong security measures to prevent hacking attacks, but your personal computer may not be fully protected. Once you access your account, all your personal information, including account number, social security number, PIN etc., is at risk. The hackers may infect your computer with a malware or use social engineering techniques to acquire your banking details and conduct fraudulent transactions.
Phishing is another common attack in which the hacker sends fake emails to compel the users to give out their personal information. These emails often create a sense of urgency and require the user to click on a specific link. When the user clicks on the link, he is redirected to a fake website that looks similar to the bank’s login page. As soon as the user enters his online banking credentials, the information is transmitted to the hacker to be used for malicious purposes.
Your computer system may have a malicious script installed that stealthily records and stores all the keystrokes of the user. This information is then sent to the hacker to get unauthorized access to your online banking account or other websites that require login credentials.
Man-In-The-Browser (MITB) Attack
This type of attack is similar to the man-in-the-middle attack. However, an MITB attack involves the use of Trojan horses to infect the user’s internet browser. The Trojan may be installed by tricking the user to download a software claiming to be a legitimate update. When the user initiates a financial transaction, the Trojan alters the form fields and information submitted to the bank’s website. This change is not visible to user and takes place before SSL encoding. As a result, the hacker gets control of the user’s banking interface, while bypassing all the stringent authentication mechanisms.
Centex Technologies is a leading IT security company in Central Texas. For more information on online banking threats and security measures, feel free to call us at (855) 375 – 9654.