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Scams » Scam And Its Types » Banking and Phishing Scams

Banking and Phishing Scams

What is bank phishing scams?

Scammers intrude in finding a larger space where they could earn more money by tricking people. In this row, banking sector plays the major role in attracting hackers as they find every individual is being associated with the banking policy. If you are manually getting on the process with your banking accounts it is well and good, if using online to check and process the banking details your password and account number is the target of the scammers. The intruders illegally get access to your credentials and they manage extracting your money on wider basis

Bank Phishing scam

Fake bank emails

One of the popular methods where the common people fall to victim is by responding to those fake bank emails which asks you to give your personal and complete banking information. These emails are carefully crafted looking similar to that of the actual ones from the legitimate bank. The skilled scammers even replicate the logos, layout and general tone of such emails to uncanny degrees. On assuming those emails to be true many innocent users fall prey by sending their bank account number, password and even attach their transaction slips.
fake emails

To avoid falling victim to such spoof bank emails is to curb them closely. Never assume that such messages originate from legitimate sources. Be especially vigilant if the email requests information from you
Bank and Phishing scam

Duplication of bank websites

This spoof bank websites are not actually allowed to authentically show their run on website as like regular domain part. You are directed by some false links or messages to log on to those duplicated websites which resembles as the generic bank website logins. Once you log in by entering your valid credentials the scammers take the entire control of your transaction. The way to notice the spoof bank websites is that you may very often get popup windows that ask you to enter your bank details. Never follow a link to your bank's website. Always type the URL manually into your browser's address bar.
update account

Chase bank phishing scam

This is one of the crucial types of banking scams where the scammer collect the list of email address abruptly without having any knowledge of the users. Later they try filtering the email id's associating with bank login address which they manage to get from some third party which they claim as the dropped or changeable mail address of the user. The scammers buy lists of address from those third party intruders for huge chunks of money. On having those email id's they send mail representing as the bank manager or some related high officials notifying that you are under some trouble related transaction process. They also claim in order to resolve the problem you need to login with new user account and password which have to be shared with scammer, a so called bank official.

Be cautious while responding back to any of your bank related information. If something important really needs your attention, you should be alerted about it somewhere on the online interface.

With technology advancing and banking transaction going online, there is more room for scammers to seep in their ways to cheat the innocent users. Phishing is an old technique adopted by scammers to direct the users to a legitimate looking webpage where the user's personal information is stolen. In banking and phishing scams, the scammers try to redirect the users to a legitimate looking replica page from the bank where the users are asked to enter their personal and confidential information like credit card details etc.

The facets of banking and phishing scams: single

Spoof bank emails:

These are emails that are sent out in bulk by the scammers. These spoof bank emails appear to be like an email from the bank replicating the logo's the style of writing and every single aspect of the email. These emails redirect you to a phishing page designed just to conquer the user's personal information.
Bank and Phishing scam

Spoof Bank Websites:

These websites find open their doors from the spoof bank emails that are sent out in bulk to the target victims. Spoof bank websites are legitimate looking replica websites of banks. These are carefully designed by the scammers to cheat the users.
Banking and Phishing scam website

The chase bank phishing scam example:

Below is an example of the famous chase bank phishing scam example. The scammers sent emails to thousands of users, redirecting them to fake phishing websites. It was very difficult to judge these websites as they had used the same logo of the bank. The emails forced the users to fill up their information in the case otherwise the bank accounts would be closed. The urgency shown in the email was a clear sign that the email was not from a legitimate source.
Chase Bank Phishing Scam
Below is another example of bank phishing scam that cost $1 billion dollars. It is inferred that the bank security is so bad that many people are losing out on the money by way of phishing scams. The detailed example in the screenshots show how the scammers worked towards achieving the target of scamming the innocent users.
Simple Phishing scam
Since 2013, a group of scammers have scammed close to 300 million dollars from banks across the world. Majority of the victims are reported to be from Russia. The scammers are sending emails via a malware program called carbanak to the employees of various banks around the world. The ultimate aim of the scammers is to hack the administrative computer of the bank.
Phishing Hackers Filter scam
The malware that gets installed in the employee's computer record the keystrokes and send screenshots of the bank procedures to the scammer. In some cases, this malware also allows the scammer to remotely access the admin computer of the bank.
Phishing Hackers scam
After the scammer successfully hacks the admin computer of the bank, they perform all the operations that help the scammers earn money. Scammers transfer money from bank accounts to their personal accounts, they use e-payment system to send money to their accounts overseas and also set the ATMs to dispense money at their desired time and locations. There is no stone left unturned by the scammers in bank and phishing scams. By the time the banks realize that the money is lost, it is too late for the bankers to catch the scammers activities.

Tips to avoid banking and phishing scams:

  • Always verify the emails that you receive from banks. Spoof bank emails are on the rise and users are not able to differentiate between legitimate and spoof bank emails.
  • Any email that redirects the users to a bank website should be verified. It is always a best practice to directly enter the URL of the bank website rather than to follow the link from emails. These links are always suspicious of phishing attacks.
  • Any email from the bank that shows forceful entry of personal information or any urgency should be verified before any action to the call.
  • Banks have tightened their security are making their users aware of fake and fraudulent calls and emails that are sent by scammers, but there are many unknown ways that scammers operate to swindle money out of the innocent bank user's accounts. Users need to be very careful in dealing with these issues.

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