What are the current online banking security threats?

You are encouraged to continue educating yourself on emerging Internet frauds from sources such as the online advisories of your banking institution's website and from industry groups' websites dedicated to eliminate online frauds.

You should stay vigilant for new threats, including phishing, pharming and man-in-the middle attack.
Phishing is the act of sending spoofed e-mail messages falsely claiming to be from your banking institution to lure you into divulging personal information such as PIN or password for the purpose of identity theft. It often contains a link to a website that contains logos, formatting, graphics and wordings that are convincing replicas of the banking institution's original site.
Pharming is the act of exploiting the vulnerability of the Domain Name System (DNS) server software that allows a hacker to acquire the domain name of banking institution's original site and redirect traffic from the banking institution's site to a fraudulent site.
Man-in-the-middle attack is an attack in which fraudsters are able to read, insert and modify messages between you and your banking institution without either party knowing that the link has been compromised.

You may minimise the risk of being victim of these Internet frauds if you undertake the measures listed in 'Actions You Should Take to Ensure Security'. You should also be suspicious of any e-mail with contents or urgent request for your financial information as phishers typically include upsetting or exciting (but false) statements in their e-mails to get you to react immediately.

Recommended reading:

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Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1252
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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