logging in bank account is considered
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The recent financial breach in the Indian banking system which led to details of over 3.2 million debit cards being compromised, has put a question mark over the security of 'convenient' electronic transactions. Technology has made banking very easy: Many banking functions are now available to you 24X7 and at your finger tips via the mobile. But the flip side of the coin has now shown up. With all the advantages that the world of internet banking offers, there are certain risks involved, which remain huge concerns for the users.
If a recent survey by Telenor is to be believed Indians are losing more money to online fraudsters than their Asian counterparts. As per the statistics, 36% Indians were cheated online, which is about Rs 8.19 lakh average financial loss per person from Internet scams, compared with Rs 6.81 lakh per person in Asia. The survey further reveals 17% of the respondents have fallen prey to fake bank e-mail fraud.
There are various ways in which fraudsters may try to deceive you into giving them your personal and security details. Here are some of the common online banking frauds that are prevalent -
Trojan: Trojan is an internet virus that gets installed in your computer while browsing internet or downloading from unsecured websites. . Once a Trojan is installed in your system the malware monitors your online activities and reads/steals sensitive information such as passwords and credit card numbers etc.