Cyber Security


In the banking industry business landscape has experienced dramatic changes in the past decade and the pace of change shows no signs of abatement. Intense competition has necessitated new economics, new organizations and new market dynamics. Banks are targeting like different channels like internet banking and ATM’s, increased customer base using technology as an enabler, everywhere banking and a renewed and invigorated emphasis on customer.

These forces have driven banks to constantly improve business processes and to make them effective and efficient. It has also created an intense demand for processing large amount of information within banks to assist faster information availability and better decision making in response to the changing business environment. The ability of technology to meet these needs has transformed information technology from a support function to an integral part of core processes spanning across all business functions and processes.

Debit Card Security:

  • Beware of your surroundings while performing ATM transactions through ATM machines or POS devices. Cover the keypad while entering the PIN.
  • Always verify the authenticity of e-commerce websites before performing the transactions.
  • Manage your debit card transactions through online Banking Set a limit for card transactions at e-commerce platforms, POS and ATM both for domestic and international transactions.

Phishing

Phishing is a type of social engineering where an attacker sends a fraudulent message designed to trick a person into revealing sensitive information like login ID and Password, Debit / Credit Card details, PIN, Date of Birth, and Mobile Number etc.to the attacker or to deploy malicious software on the victim’s infrastructure.

Most Phishing scams endeavour to:

  • Obtain personal information such as names, bank account details (User ID, Password, OTP), PAN, Aadhaar etc. by using shortened or misleading link.
  • Incorporate threats, fear, and a sense of urgency with phishing message/ email to manipulate the user into responding quickly.
  • There are different types of Phishings like SMS Phishing, Email Phishing, Voice Phishing etc.,

Example of Email Phishing attacks:

From:XYZ Bank Online
Date: Tuesday5 February 2013 8:08 AM
Subject: XXX Bank: Please Confirm Your Account


Dear XXX NetBanking User,

Xxx Bank is constantly striving to provide you with more convenience, control, and security to assist in managing your finances online. As part of our ongoing efforts to operate on RBI requirements, and create an enhanced security portal for your online banking services, we have upgraded the XXX bank NetBanking. To Confirm your account existence status it is mandatory that you download and fill the attached file sent to you.

Do kindly Confirm NetBanking account profile by downloading the attached file

Note: Failure to update your account details within seventy two (72) hours of receiving this notice could lead to account being suspended and online access restricted.

Thank you for banking with XXX Bank. We take pleasure in having you as our customer and look forward to providing you with all the privileges of our state-of-the-art banking products and services.


Regards,

Security Department
XXX Bank

Note: This is a system generated mail. Please do not reply. To view your statement, you will require Acrobat Reader.

Best practices to avoid Phishing attacks

  • Do not click on unknown hyperlinks or mail attachments.
  • Check the veracity or authenticity of the sender.
  • Check the URL to confirm whether it is a legitimate website.
  • Check for typos and grammatical errors in the body of the mail.
  • Always remember, the bank never asks for your personal information.
  • Be wary of tempting offers.

Vishing:

Vishing is the voice form of Phishing where frauds take place over phone calls. It is an act of using telephone to trick the user into surrendering private information that will be used for fraudulent purposes. The scammer usually pretends to be from a legitimate entity and tries to befool the victim by luring or threatening him.

Examples of Vishing attacks

  • OTP/CVV Fraud – Criminals attempts to dupe bank customers into revealing OTP/CVV or read it by accessing their smartphone by inducing the customer to download remote access apps such as Quick support, AnyDesk, TeamViewer etc.
  • Lottery Fraud – Fraudsters make a call stating that you have won a huge lottery. To receive the lottery money, you will be asked to submit your personal details by following a link leading to a fake website. You may also be asked to transfer some token money as acceptance of the offer. Once you submit your details and try to make payment through those websites, all your personal information and financial details are stolen.
  • Income TAX Refund Fraud – Cyber criminals targets bank customers through phone calls luring them to receive Income Tax refunds and are thus fraudulently collecting customer’s sensitive personal details.
  • KYC Fraud – Cyber criminals are calling customers asking them to click on a link to update their KYC details. Such calls come with a threat if the KYC is not updated, then the account will be blocked.

Best practices to avoid Vishing attacks:

  • Always verify the caller’s identity.
  • Do not install any unknown software in your smartphone/computer on the advice of strangers.
  • Do not respond to unsolicited sales, marketing, or outreach messages.
  • Do not share OTP, ATM PIN, CVV over the phone.
  • HDCCB will never ask for your bank account details, Debit / Credit Card details, CVV number etc.

Ransomware is a type of malware from cryptovirology that threatens to publish the victim’s personal data or perpetually block access to it unless a ransom is paid. While some simple ransomware may lock the system without damaging any files, more advanced malware uses a technique called cryptoviral extortion

How Does Ransomware Work?

After a device is exposed to the malicious code, the ransomware attack proceeds as follows. Ransomware can remain dormant on a device until the device is at its most vulnerable, and only then execute an attack.

Ransomware seven-stage attack

1. Infection—Ransomware is covertly downloaded and installed on the device.

2. Execution—Ransomware scans and maps locations for targeted file types, including locally stored files, and mapped and unmapped network-accessible systems. Some ransomware attacks also delete or encrypt any backup files and folders.

3. Encryption—Ransomware performs a key exchange with the Command and Control Server, using the encryption key to scramble all files discovered during the Execution step. It also locks access to the data.

4. User Notification—Ransomware adds instruction files detailing the pay-for-decryption process, then uses those files to display a ransom note to the user.

5. Cleanup—Ransomware usually terminates and deletes itself, leaving only the payment instruction files.

6. Payment—Victim clicks a link in the payment instructions, which takes the victim to a web page with additional information on how to make the required ransom payment. Hidden TOR services are often used to encapsulate and obfuscate these communications to avoid detection by network traffic monitoring.

7. Decryption—After the victim pays the ransom, usually via the attacker’s Bitcoin address, the victim may receive the decryption key. However, there is no guarantee the decryption key will be delivered as promised.