Safeguarding Your Bank Account from Takeover Frauds

Account takeover fraud is when a fraudster gains unauthorised access to your bank account by hacking into your system or using stolen credentials. This cybercrime may involve an individual or an entity that targets a person's or another entity's bank account without their consent.
Cybercriminals can easily purchase a list of credentials via the dark web. These lists are generally created via data breaches, social engineering and phishing attacks. The fraudsters use these lists to login into your account and commit fraud.

What are the modes of attack?

A cybercriminal can target you in various ways; below is a list of possible ways a threat can approach you -

• Theft of credentials - Billions of documents containing personal and sensitive information of individuals are leaked eyer year. People usually use duplicate credentials across different platforms. Cybercriminals use this information to access multiple online services you use. The attacker can also gain unauthorized access to your bank account using net banking platforms or mobile applications.
• Phishing - Attackers may often contact the target directly, asking them to share their login details. They may pose as bank personnel, calling you for telephonic verification and trick you into sharing your personal information. This is called a phishing attack. Such attacks can happen through phone calls, SMS, E-mails, or unverified websites.
• Virus and malware – Attackers use malicious software (malware) or even malicious apps to steal login details and other sensitive information. Malicious software can secretly download your personal information and passwords. The fraudsters can then access such downloaded information to commit a scam.
• MitM attack – Man in the Middle (or MitM) is an attack where the attacker intercepts your communications with your bank. Your internet traffic travels through multiple channels and servers before connecting with the bank.

An intruder can intercept your connection in this route and monitor all your activities, including your sensitive information. The attacker can easily break into your internet traffic using the connection, especially when you are on a public network.

• Stolen devices - Cybercriminals can target to gain physical access to your digital devices, such as a phone, tablet or laptop. If these devices are not adequately secured, they can serve the attacker with easy access to your personal information. Using this device, the attacker can get your credentials to various online services, including your internet and mobile banking details.
• Brute force attack – Cybercriminals often deploy bots to make multiple login attempts using different combinations of usernames and passwords. This repeated trial and error helps them discover the correct combination of login credentials and gain unauthorized access to your account. Using the efficiency of the current bot technology, an eight-character password can be cracked in less than an hour.

The attacker can access your account using any of these methods, compromising your security. They can then use this access to change account settings such as turning off alerts, transferring funds, and finally covering, their tracks. 

How to safeguard yourself

Below are some checks you can deploy to prevent the threat of bank account takeover -

• Additional layers of security - To prevent unauthorized access to your accounts, it is crucial to have multi-factor authentication in place. This can be done through security questions, secure devices or biometric verification.

You can enable these additional layers of security with conditional triggers, such as a login attempt from a new device or a new location. These security measures will help you ensure that only you can access your account hassle-free.

• Monitoring - It is essential to monitor your account regularly. Check the transactions and account activities regularly to detect any unauthorized activity. This will help you take timely action against any threat and prevent further loss. An account with suspicious records might have been compromised and should be suspended immediately to avoid further losses. 
• Password management - You should not use the same password across different platforms. This will help you ensure that attackers cannot use your credentials from one platform to gain access to other platforms. It is also crucial to change the password frequently. This will ensure that the attackers cannot breach your privacy using a dated list of credentials. 
• Secure and trusted connections - You should always ensure your devices have a secure internet connection. If you are connected to a public network, it is crucial to use a VPN connection to ensure the safety of your device.
• Firewall - To avoid the threat of malicious traffic, you should always have a strong firewall deployed on your digital devices. These firewalls can identify malicious traffic and block it. They help you prevent an account takeover attack. 
• Awareness is the primary key - It is vital to stay aware of the kind of scams around you and the ways and technologies that can help you mitigate those risks. You can use HDFC Bank's Vigil Aunty to stay aware. She not only tells you about recent scam techniques but also their prevention methods!

Now that you understand the meaning of bank account takeover fraud, you are better equipped to safeguard yourself. It is time for you to consider opening a new HDFC Bank Savings Account to save your funds with the most secure and reliable bank. The bank offers a variety of accounts with different features to suit every individual’s requirements!

Join Vigil Army, where Vigil Aunty will decode various frauds and give people a heads-up on the dos and don’ts of combating frauds online. To join the Vigil Army, send ‘Hi’ to her via WhatsApp number: 7290030000

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