Businesses and consumers need no introduction to online banking scams in the global markets and more specifically in Singapore and Malaysian markets.
The exponential rise in financial scams over the last few years is alarming, and it needs more awareness among consumers and other stakeholders to avoid bank account scams.
To date, millions of dollars are lost by businesses and consumers to distinct kinds of banking scams.
Many initiatives are undertaken by banking regulatory bodies, government, and cybersecurity initiatives to scam check Malaysia.
A market study from Check Point Research signifies the rising incidents of banking scams, wherein the banking sector is attacked an average of 700 times a week, in the recent past.
The financial and banking industry is prone to a vulnerable range of attacks and intrusions, and it is important to have scams checked in Malaysia to support the propelling economy.
The perpetrators are getting their hands on the confidential information of customers and making use of such data for financial fraud across the segments.
To prevent such bank scams, consumers and businesses need to be aware of the distinct kind of bank account scams emerging in the market.
Prevention is better than cure, and if the bank account holders are aware of varied kinds of banking scams, open banking fraud in Malaysia can be reduced.
Types of Online Banking Scams, How to Secure Bank Account & Prevent in Malaysia
1. Identity Theft
One of the common phenomena is for hackers to target vulnerable systems or consumer usage devices to snap identity details.
Some of the common practices are people using the key-log applications in public computers to capture the keystrokes of user-id and password.
In the absence of multi-factor authentication, it is easier for the hackers for this kind of banking scam to use identity theft.
The stolen identity information is used for transferring funds from the bank accounts. This is one of the popular.
To prevent this kind of attack, one must rely on secured computers or other digital devices from the private environment for managing financial transactions and avoiding bank account scams.
2. Phishing Attacks
Among the popular cyber security challenges, phishing attacks are the major issue. In the phishing attacks, the hackers create a similar website as the banking sites replica to execute bank account scams.
Targeting the random and vulnerable segment, a luring message is forwarded to the customers using the search engine results or scamming URL links by email, etc.
When the users click on the banking page and enter login details, the page gets blank and often users ignore them.
The hackers use such data to enter the actual banking systems and execute financial frauds as planned for bank account scams.
Millions of dollars are lost by businesses and consumers for clicking on such banking scams and phishing sites.
To avoid falling prey to such bank account scams, one should avoid clicking on any URL links shared from untrusted sources or via email links, to have a scam check in Malaysia.
3. SMS Phishing
The other digital model of banking scams is popular in the form of SMS phishing used by hackers.
A typical message is sent from the replica servers like bank messages, and the hackers ask consumers to click on the links.
Using the link, they shall seek some information and transact funds unauthorized from the account.
In no time the consumers shall realize huge amounts getting transferred from their respective accounts.
Everyday thousands of consumers are receiving such messages, and it has become a common kind of bank account scam taking place in Malaysia.
Despite bankers educating their customers not to rely on such messages seeking pin or card information, these scams are prevalent.
Consumers need to be cautious not to click or respond to such SMS messages to avoid banking scams and check scams in Malaysia.
4. Payment Gateway Links
Ecommerce and mobile commerce are on the rise, and global businesses and consumers are keen on online transactions for purchases.
\With millions of eCommerce orders being processed every day, this becomes a good avenue for hackers to target banking scams.
In this modus, the scammers try to identify vulnerable eCommerce websites, and spam the payment gateway links to their servers.
When consumers enter their credit or debit card information and other details, scammers use it for fraudulent transactions in banking scams.
The other simpler way is about unusual or purposefully designed eCommerce links selling products at deep discounts.
When the users click on such sites and add products to the cart and make payments, transactions go through, but thereafter the site becomes unresponsive.
Consumers have lost money to such bank scams, and businesses need to ensure their eCommerce stores are not infected with malware or ransomware viruses to avoid bank account scams.
5. Tele-Calling Scam
Phishing calls are the other modus used by hackers for online scams. In the tele calling scams, using the stolen data of customers, hackers disguise as bank representatives and seek the debit or credit card details and passwords.
Consumers unaware of such malicious intent, offer the details over the phone, and their bank accounts scam takes place.
Consumers should avoid disclosing their bank account details or credit or debit card details over the phone.
6. Card Cloning
One of the old practices is debit or credit card cloning wherein the PoS devices or ATMs are induced with cloning strips.
When consumers or businesses use the card for transactions, the details are stolen and used for bank account scams.
To avoid such banking scams, and scam checks in Malaysia, consumers need to be very careful in sharing banking or other related data thru unsecured means.
Also, there are many cybersecurity solutions available to guard against secured transactions, which should be used by consumers.
Businesses must deploy robust financial cybersecurity solutions for securing their e-business systems to prevent banking scams.
Reach out to the Exabytes Malaysia team to know more about the challenges and have the right kind of solutions for better ecommerce cyber security solutions.