Phishing is an attempt to obtain or ‘fish‘ for sensitive information such as passwords, usernames and credit card information in the form of an email or link supposedly from the financial institution. (Banks will never ask for confidential information such as login, transaction password, unique reference number or one time password).
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:
To help banks and other highly regulated industries achieve compliance applying a holistic regulation management solution presented by a company such as Pathlock Technologies, a SAP partner reduce operational inefficiencies, streamlining dissimilar processes and reduce cost. Contact us today for more information about our services.