Which cybercrime techniques in online banking do you consider the most dangerous? Explain

Which cybercrime techniques in online banking do you consider the most dangerous? Explain

A phishing attack is the most dangerous cybercrime technique in online banking. It involves sending emails or ads to victims with material that appears to have been submitted to them by a bank or credit card company. Phishing attacks use methods of technical tricks to confuse the user and steal personal information and bank accounts. Phishing messages typically take the form of fake banks, suppliers, e-payment systems, and other organizations. They request personal information such as passwords, credit card numbers, and bank account details thereby exposing the banking users to the risk of losing money. The emails ask victims to click on a connection to go to a website that will, for instance, resemble the website of a bank. The phishers can hijack a bank’s URL and redirect users to a fake site that looks like the real thing when they try to access their bank’s website.

Unfortunately, there are many victims of Phishing in online banking, especially people who are not good at technology. But, there are various safeguards to ensure that one does not become a victim of phishing attacks. First, do not click on any links asking for personal information without confirming the legitimacy of the source. Secondly, do not open or download attachments without first verifying the company claiming to have sent them because the attachments may be harmful malware that may steal your information without your knowledge. Lastly, do not reply to the emails, and if you had already answered, for instance, through downloading an attachment, you can update your device’s security software and scan for any harmful malwares.

1. What are the risks associated with using public WiFi? Explain

It is prevalent these days to see people holding a phone, a laptop, a computer, or a different device in public places such as malls, airports, and restaurants, among others connected to public WiFi. To avoid additional costs of cellular networks, people get connected online via public WiFi links that are readily available and free of charge in public places. Unfortunately, there are several possible threats to the use of public WiFi. Users also do not exactly the network that they are joining, and they might expose their personal information to a cyber-attack by connecting to the WiFi and sharing data. The Hotspot Honeypot, for example, is an illegal WiFi access point that could appear as an official, authorized, and safe hotspot. The WiFi hotspot is often set up by Black-hat attackers or other malicious hackers to steal bank details, credit card numbers, passwords, and other personal information from unsuspecting users.

There are various risks associated with the use of a public WiFi, including the Man-in-the-Middle Attack (MITM), snooping and sniffing, and worm attacks. The MITM is a form of cyber-eavesdropping in which the cybercriminals insert themselves into a two-party conversation and intercept data through a compromised but trusted system. Often the targets are intellectual property or trust information. Snooping and sniffing allows the Hackers using special software kits to eavesdrop on WiFi signals of another WiFi connection in public places. It allows cybercriminals to access all your remote to steal login passwords, steal vault information, and even hijack your accounts. Worms are part of harmful malware that exposes a person’s information and can be spread from another system that is linked to your computer to the network while using public WiFi. People need to be careful and avoid connecting to public WiFi to save on connectivity costs. However, if connecting to a public WiFi is unavoidable, people should disable file sharing, visits only the website using https, sign out of accounts after using them or use secure VPNs to ensure their public connections are made private.

3. How do I protect myself from identity theft? Explain

Identity theft is the intended use of someone else’s personal information to commit fraud. The perpetrator uses the information as a means of gaining a financial advantage or getting credit and other benefits fraudulently using the name of the other person. These fraudulent acts can damage one’s credit status and waste one’s time and money trying to restore their good name, which is why it is important to protect oneself from becoming a victim of identity theft.

Several measures can help prevent an individual from becoming a victim of identity theft:

• Never give your information, Bank Card number or other information to strangers who call, SMS or Email you even if they seem credible.
• Do not share your birth date, the name of your parents, the name of your pet, or other personal information on websites such as Facebook, Instagram or Twitter, or other social media. These details can also be used to check your identity and allow access to your accounts by an imposter.

• Do not click on any link in emails, fill card information on any shopping website because malicious people can use this information to access your account, and cause yo harm.

• Never keep your credit card away from your sight and opt to pay with cash when this is not possible.
• Look carefully over your credit card statements, and if you don’t recognize a purchase, get more information from your bank. If you still cannot remember completing the transaction, let your bank know about it to close your account until you update your banking information.

• Don’t throw your receipts, bank credit statements, and expired credit cards in the trash without shredding them first. Alternatively, you can opt for online bank statements.
• Install firewalls and virus-detection software on your computer and make sure you update.

• Create complex passwords for all your accounts to make it impossible for identity thieves to crack. If you get emails requiring you to change passwords, check the emails to see if it’s from the official website.