Every time, when people use credit or debit card online, they will face some risk that their personal information or money could be stolen. In November 2015, a massive criminal computer hacking scheme happened at JP.Morgan Chase. As a result, 76 million households and 7 million small businesses ' user contact information was stolen. There are many similar situations happening at the world. However, have you wonder how hackers steal our accounts information and steal our money?
First of all, hackers will get the victim's internet banking details by a phishing attack or installing a key logger on victim's computer. Then, they will obtain existing hijacked accounts, which are to help them transfer money in and out and they does not function in banking hours to prevent being undetected by actual accountholder.
Second, they will do the SIM swap because they need to receive one-time-passwords which is sent to the banking client via SMS. After the Sim swap has taken place and the fraudster will have access to the number used by the Internet banking victim and now they are able to transfer money to these beneficiaries which hackers create.
In the end, hackers will withdraw the money form these accounts. Then, they successfully steal the money from banking accounts. They simply find and attract the weaknesses of system to achieve their goals. As the financial serive industry continues to develop in providing more security, we can do more things to protect our accounts, such as, using our smartphone's passcode or fingerprint unlocking feature if available.
First of all, hackers will get the victim's internet banking details by a phishing attack or installing a key logger on victim's computer. Then, they will obtain existing hijacked accounts, which are to help them transfer money in and out and they does not function in banking hours to prevent being undetected by actual accountholder.
Second, they will do the SIM swap because they need to receive one-time-passwords which is sent to the banking client via SMS. After the Sim swap has taken place and the fraudster will have access to the number used by the Internet banking victim and now they are able to transfer money to these beneficiaries which hackers create.
In the end, hackers will withdraw the money form these accounts. Then, they successfully steal the money from banking accounts. They simply find and attract the weaknesses of system to achieve their goals. As the financial serive industry continues to develop in providing more security, we can do more things to protect our accounts, such as, using our smartphone's passcode or fingerprint unlocking feature if available. ------------------------------------------------------------------------------------------------
Picture reference:
http://phantomhacker.su/wp-content/uploads/2015/10/Bank-Transfer-to-your-account.png
http://english.manoramaonline.com/content/dam/mm/en/news/world/images/2016/Jul/6/atm-fraud-hackers-kerala.jpg.image.784.410.jpg
http://mybroadband.co.za/news/wp-content/uploads/2013/08/Credit-card-hacker.jpg
Writing reference;
http://www.bankrate.com/finance/savings/could-bank-hackers-steal-your-money-1.aspx
https://www.quora.com/How-do-hackers-steal-money-without-trace
http://mybroadband.co.za/news/banking/125652-how-criminals-steal-money-from-your-online-bank-account.html
http://business.time.com/2012/07/03/how-exactly-do-cyber-criminals-steal-78-million/
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