Banking Data Under Threat: Techniques and Tools Used by Cybercriminals and How to Mitigate Risks

• May 9, 2023,
• TG8 Security

With the increasing dependence on technology, online banking has become an essential part of our daily lives. However, with the convenience of online banking comes the risk of cyber-attacks. Cybercriminals use various techniques and tools to steal banking data, putting both individuals and financial institutions at risk. In this article, we will explore some of the techniques and tools used by cybercriminals to steal bank data, and how to mitigate those risks.

Phishing:

Phishing is a common technique used by cybercriminals to steal banking data. In phishing attacks, attackers use fraudulent emails, text messages, or phone calls to trick victims into divulging their login credentials or other sensitive information. To mitigate the risk of phishing attacks, it is essential to be cautious of unsolicited emails and messages, avoid clicking on suspicious links or downloading attachments from unknown sources, and ensure that online banking accounts have multi-factor authentication enabled.

Malware:

Malware is another common tool used by cybercriminals to steal bank data. Malware is a type of malicious software that can be installed on a computer or mobile device without the user’s knowledge. Banking Trojans are a specific type of malware that targets banking information by capturing login credentials or recording keystrokes. To mitigate the risk of malware attacks, it is important to keep antivirus and anti-malware software up to date, avoid downloading software from untrusted sources, and be cautious of clicking on links or downloading attachments from unknown sources.

Ransomware:

Ransomware is a type of malware that encrypts a user’s data and demands payment in exchange for the decryption key. Ransomware attacks on banks can result in the loss of sensitive financial information or the disruption of banking services. To mitigate the risk of ransomware attacks, it is essential to back up data regularly and keep backups stored in a separate location. Additionally, banks should implement security controls, such as firewalls and intrusion detection systems, to detect and block ransomware attacks.

Social Engineering:

Social engineering is a technique used by cybercriminals to trick individuals into divulging sensitive information or performing actions that compromise security. Social engineering attacks can take many forms, such as phishing or pretexting. To mitigate the risk of social engineering attacks, it is essential to educate individuals about the dangers of social engineering and how to recognize suspicious activity. Additionally, banks should implement multi-factor authentication to prevent unauthorized access.

Insider Threats:

Insider threats are when employees or contractors intentionally or unintentionally disclose sensitive information or damage computer systems. Banks must implement strict access controls to limit access to sensitive data and systems. Additionally, regular monitoring and auditing of user activity can help to detect and prevent insider threats. Banks should also conduct thorough background checks before hiring employees and contractors who will have access to sensitive information. Privilege Access Management (PAM) system is recommended here.

In conclusion, cybercriminals use various techniques and tools to steal banking data. It is essential to be vigilant and take proactive measures to protect against these threats. By educating individuals about the risks of phishing and social engineering, keeping antivirus and anti-malware software up to date, backing up data regularly, implementing multi-factor authentication, and conducting thorough background checks, banks and individuals can mitigate the risks of cyber-attacks and keep their banking data safe.

TG8 Security is a pioneer company in producing a consolidated platform that combines DPI firewall and cybersecurity gateways, addressing the limitations of traditional NGFWs and UTMs. The TG8 platform is purpose-built to enhance security, streamline management, and reduce costs for organizations.

Partnering with channel partners globally, TG8 Security offers product implementation and support, providing accessibility to businesses worldwide. With TG8’s advanced technology, organizations can stay ahead of evolving cyber threats while maintaining operational efficiency. www.tg8security.com