Learn more about Online Bank Fraud

Phishing is one of the oldest types of cyberattacks that can result in online banking fraud, and remains one of the most pernicious: nearly a third of all breaches last year involved phishing, according to a 2019 Verizon Report.

Fraudsters are innovative and tireless in their efforts to steal funds and evade detection. They will exploit advances in technology such as Faster Payments and even love to shamelessly use an uncertain and fearful situation such as the current global Covid-19 pandemic to their advantage, employing the coronavirus as a method to swindle innocent people out of their money.

Online banking fraud is all the rage and everything seems to point to the trend continuing in coming years. It may stop being a trend and become something structural, something that banks will have to deal with from here on out, in the same way that the online shopping format has already established itself as something intrinsic in new and future commerce.

Every day, people use their laptops and phones for private tasks, such as online banking, and they input confidential or sensitive information, such as login details and passwords. Here is where Remote Access Trojans (RATs) come into play.

While nations around the world are doing all that they can to lessen the impact of the coronavirus pandemic, fraudsters – true to form – have identified it as an opportunity to make money and are actively using COVID-19 as a way to cash. 

Criminals no longer need to physically rob a bank to steal money; they can do it online where it is quicker, easier, and they are much more likely to get away with it. And even as anti-fraud technology develops in its attempts to counteract online banking fraud, fraudsters are evolving too, creating a never-ending cycle of attacks.

Currently, Information Technologies (IT) are present in many of the activities we perform in our everyday lives. They have long been the basis of our interpersonal communication and are increasingly used for various personal and economic functions, mainly for our financial transactions.

Do you know what Authorized Push Payment or APP fraud is? Imagine this scenario: you’re getting an extension on your house, and after the building work is complete, you receive an email from an account bearing your builder’s name with an invoice attached showing the amount you agreed to pay for their labor.

Banks are shutting down tens of thousands of accounts every year due to suspected fraud; on average, Santander closes down 24,000 accounts each year, and just under half of all those are suspected mule accounts – a huge proportion.

One of the most prolific cyber-attacks in recent times is spear phishing, a subtype of phishing that mainly targets companies' senior management in order to obtain greater benefits compared to massive traditional phishing campaigns.