Financial Cybercrime On The Rise: Cyber Criminals Use Fake SMS And Malicious Apps

 

Financial Cybercrime On The Rise: Cyber Criminals Use Fake SMS And Malicious Apps

Financial cybercrime has emerged as a significant and troubling issue in our society. Unfortunately, a growing number of innocent individuals are falling victim to various schemes employed by cybercriminals. These criminals have adapted to the digital age by resorting to the use of malicious mobile applications to gather sensitive payment credentials and steal One-Time Passwords (OTPs). Furthermore, they are now employing deceptive tactics such as sending fake messages containing harmful links to unsuspecting citizens.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

The modus operandi of these cyber criminals involves sending fraudulent SMS messages to their targeted individuals, disguising them as enticing offers like cashback, reward points, or updates to the Know Your Customer (KYC) process. These messages serve to lure victims into clicking on a phishing link, which leads them to a webpage adorned with the logo of a well-known bank. Within this webpage, a download link for a malicious mobile app is provided. Unaware of the impending danger, the victim downloads and installs the app, requesting permission to access and read SMS messages. Once the malicious app is installed, it prompts the victim to enter sensitive information such as debit or credit card details, including the card number, expiry date, and CVV. Unbeknownst to the victim, this information is then transmitted to the fraudster via the malicious app.

Armed with the stolen payment credentials, the fraudster proceeds to carry out online transactions and exploits the SMS permission granted through the malicious app to intercept any transaction OTPs that are sent to the victim's mobile phone.

To safeguard oneself against such cyber crimes, it is crucial to adhere to the following preventive measures:

  1. Treat any suspicious messages received with caution and immediately delete them without engaging further.

  2. Report any instances of such messages and malicious apps to the National Cyber Crime Reporting Portal at https://cybercrime.gov.in. By doing so, you contribute to the collective efforts in combating cybercrime.

  3. Exercise utmost restraint and refrain from clicking on any links provided in such messages, as doing so may lead to falling victim to fraudsters.

  4. Only install mobile apps from reputable and trusted sources such as the official play store or app store. Avoid installing apps through links or APK files obtained from unreliable sources.

  5. Never divulge your payment credentials, including debit/credit card numbers, expiry dates, CVV, PINs, passwords, or OTPs, through any suspicious apps or links.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

In the unfortunate event of experiencing financial cyber fraud, swift action must be taken. Contact the National Cyber Crime Reporting Helpline Number 1930 or promptly register a complaint on the National Cyber Crime Reporting Portal at https://cybercrime.gov.in. Additionally, it is advisable to visit your bank or get in touch with their toll-free numbers to mitigate further losses and disable any online banking channels linked to your accounts, such as debit cards, credit cards, internet banking, mobile banking, UPI, AEPS, etc. Toll-free numbers for banks are usually provided on the back of debit or credit cards and are also available on the official websites of the respective banks.

It is important to note that the views expressed in this article are the author's personal opinions and should not be considered official statements.

Source: https://www.the420.in/financial-cybercrime-on-the-rise-cyber-criminals-use-fake-sms-and-malicious-apps/



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