Pharming occurs when hackers seize and redirect bank’s URL to a fake site that looks like the real thing. The most popular form of this scheme is through DNS cache poisoning where attacks made on the internet naming system allow users to enter important names for websites such as www.co.usa instead of a series of numbers.
Credit card redirection is the new kid on the block and the nemesis of e-commerce sites. Modification of these valuable gems in the underground market by thieves alter the flow of the payment process redirecting all payment details to a domain the attackers manage, enabling the access of credit card details. The various forms of online banking i.e. laptops, mobile devices are convenient platforms for the consumer but also make them easy targets. While cyber attackers continue to build their empire banks are continually challenged with attempting to keep up with sophisticated techniques at lightening speeds in technology. Banks understand the grave consequences of this never-ending war and protect the consumer by doing the following:- Laws are now in place notifying customers in the event a breach occurs.
- Banks consume costs associated with reissuing credit cards and new account numbers for compromised accounts.
- Many banks are switching to chip-based payment cards aka Europay, MasterCard and Visa, which uses a smart chip and pin instead of magnetic strip.
- Capitalizing on Smartphone technology banks use push alerts that notify customers of transaction made, helping consumer identify fraud sooner.
- Monitor transactions for unusual spending behavior
