Various Cases of Cyberattacks in Banking
In the current digital era, the use of the internet continues to rise. Cases of cyberattacks, especially in financial industries such as banking, are increasing in tandem with the expanding use of the internet. Even cases of cyberattacks in banking are anticipated to increase. This occurs by the demand for digital transactions, including access to financial services. Previously, banks used rudimentary analysis to create alerts from disparate data sets by searching for anomalies. Investigators cannot manually monitor transactions and cyberattacks in real time because the data cannot be automated. Because the perpetrator is long gone when a cyberattack is detected, investigators can only do so after the attack or “pay and chase.”
Common Types of Cyberattack Cases in Banking
Cyberattacks in the banking sector are pervasive and never cease. This type of occurrence may be familiar to you, or you may have even encountered it. What types of cyberattacks are prevalent in the banking industry, particularly Mobile Banking? Review it in the following section.
- Emulator Attacks
In this case, the perpetrator will infiltrate the customer’s device with a virus or malicious software to steal data and passwords. Cyberattacks will transmit this information to the emulator, simulating authentic users and automating normal app interactions. This enables the perpetrator to obtain an authorization code from the SMS and obtain transaction approval on the customer’s account.
- SIM Swap
In this cyberattack, the perpetrator will use stolen customer information via phone calls or SMS and social engineering to obtain the customer’s personal information. The perpetrator will go to the opsel outlet to replace the sim card with the customer’s personal information to anticipate any procedural questions. The perpetrator will use a new sim card on the customer’s behalf before using the mobile banking application, logging in, resetting the customer’s password, and initiating the action.
- Mobile Phishing
This is one of the most significant threats to digital banking services. The perpetrators of phishing will conduct their activities online, including via SMS for SMS Banking. This attack can steal customer login credentials and carry out customer-like actions.
- Mobile Banking Trojans
Mobile Banking Trojans are the most dangerous cyberattacks in the world of malware. Typically, these attacks target the victim’s bank account. The perpetrator of me deceived customers into installing the application by posing it as an official application.
Mobile Security: Mobile Banking Application Security Solutions
Companies must take it seriously to anticipate the possibility of a cyberattack, as described in the review above. Moreover, cyberattacks can be an obstacle that impedes the company’s operations, such as financial losses. A company must adopt a comprehensive strategy to identify and stop a series of cyberattacks quickly and precisely while enhancing the customer experience. Phintraco Technology, a subsidiary of the IT infrastructure company Phintraco Group, offers Mobile Security solutions to combat cyberattacks, particularly in the banking industry. Mobile Banking solution as a security solution to protect banking customers’ mobile banking applications. Emulator attacks, SIM Swap, Mobile Phishing, Mobile Banking Trojans, and other cyberattack techniques are frequently used by hackers to attack mobile banking applications. Only one security solution, Mobile Security, is required to prevent this type of cyberattack.
Contact us at marketing@phintraco.com to learn more about Mobile Security for detecting and preventing cyberattacks.
Reference:
https://www.onespan.com/blog/how-banks-can-protect-mobile-banking-apps-transactions
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