Knowledge Corner-Digital payments: Be aware of 2nd & 4th Fridays

It is observed that most of the online banking frauds took place on 2nd & 4th Fridays. All banks have holidays on 2nd & 4t th Saturday and weekly off on Sundays. Hence it is fertile ground for cybercriminals to initiate online banking frauds. Because cybercriminals know that not all banks have 24x7 helpline staff who can assist customers in case of need and liaison with police to stop suspected fraudulent funds transfer in the first hour of suspected online frauds. This one hour is called Golden Hour, similar to heart attack incidence. Further, it is easy and cheap to launch malware through mobile rather than a desktop computer.

Modus Operandi:?Cybercriminal poses as bank customer care executive of the nationalized bank and calls a senior citizen on Friday evening under the pretext of helping hand to resolve banking issues like adding a new payee, etc., and ask his debit card number.?

Then he sends a Whatsapp message on the victim's number with near to natural banks logo. On clicking the link sent in the message, malware gets downloaded automatically. This gives control of mobile to the cybercriminal. Cybercriminal then collects all the victim's confidential information under the pretext of help, and a colossal sum is withdrawn from the victim's account in the next few minutes.

Precautions:

1. Change your passwords regularly.

2. Do not use public computers to initiate online banking.

3. Verify the number of Banks customer Care Executive from the bank's official website.

4. Never share your details with anybody

5. Do not click the link received from an unknown person.

6. Keep checking the balance in your SB account.

7. Disconnect your internet connection when not in use.

8. Always type your bank's internet banking URL.

9. Becareful while contacting Banks customer care executive on 2nd and 4th Friday evenings.