E-banking scams on the rise

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According to the scams targeting electronic banking have increased of 1426 reports were made to CyberSecurity Malaysia last year compared with 634 in 2009. CyberSecurity Malaysia had identified at least 900 phishing sites targeting financial institutions in the country, it is easy to obtain personal information, usernames, passwords or credit card information through the phishing websites. The rise in Internet banking scams to the increasing popularity of the online banking among Malaysians.

Step by step to scams targeting electronic banking: -

1. Phishing was to despatch e-mails to account holders informing them of a “hitch” in their accounts, and that they should quickly log in to the account to verify some information.

2. Victims may will be to click on the link in the e-mail which leads the victims to a fake website.

3. The fake websites are used to mislead the victims log in by entering their usernames and passwords, which are immediately copied by the creator of the fake website.

4. The cyber criminal can then log in and empty the victim entire account in minutes if the amount is within the limit allowed to be transferred in a day.

References

E-banking scams on the rise , the star online,[Online],Retrieved on 17 February 2011.

URL: http://www.thestar.com.my/news/story.asp?sec=nation&file=/2011/2/16/nation/8071653