My Bank Account Was Hacked. Is Online Banking Safe?

Online banking has added a new level of convenience to personal and business banking. But the convenience comes with a cost: it is now easier for hackers to breach your bank accounts. One method hackers use to attack online bank accounts is called a “Trojan horse” or just “trojan.” https://en.wikipedia.org/wiki/Trojan_horse_(computing) Trojan malware disguises fake files, so they appear to be safe. There are several common ways hackers use trojans:

• Creating a Fake App – Hackers create an almost identical app to an existing online banking app. As soon as you log in to the fake app, your username and password are captured by the hacker.
• Hiding Trojans in Unrelated Apps – You download and install an app having nothing to do with banking. Unbeknownst to you, a hacker has installed a trojan in the app. Once you install the app, the trojan is activated and scans your device for banking apps.
  • When you launch a banking app, the trojan malware presents its own fake login window that looks identical to the real app window. Once you enter your username and password, they are in the hands of the cybercriminal author of the hack.
• Keylogging – Hackers embed malware in emails and texts that, once clicked on, is installed and begins recording what you are typing on your keyboard. The malware then forwards all your keystrokes back to the hacker. As it captures everything you type, it is just a matter of time until you’ve entered your banking URL, username and password. Eventually, the hacker will be able to steal all your private information and enter and make changes to your accounts.
• Phishing – As people have become more informed about spotting phishing scams, the hackers have become more cunning in their approaches. They concentrate on hijacking email addresses so they can send emails that appear to be from trusted sources. When you recognize the sender, you are more likely to click on a hacker’s attachment or link. This disguise makes it much harder to spot, and the hacker will often address the recipient by their first name, making it more likely for the email to appear legitimate.
• Man-in-the-Middle Hack – Hackers will sometimes hijack communication between you and your bank to steal your private banking details. An older or unsecure server is the easiest entry point for this type of attack. This hack automatically monitors online activity and recognizes when a banking login takes place, ready to steal your banking information.
  • Another attack, DNS cache poisoning, uses DNS-changing malware to redirect the web addresses you type into your browser to their fake sites. Once you log in to the clone site, the hacker will steal your login credentials. FBI.gov warns that cybercriminals understand that if they can get into the DNS servers operated by your service provider, they can control the sites you can connect with and compromise your data.

Is My Bank Account Compromised? Are Bank Apps Safe?

Detecting and protecting against online banking fraud is a serious challenge. The ever-evolving approaches hackers develop for cyberattacks can make cyber security seem quite daunting to a small or midsized business. A significant increase in remote access work has dramatically increased online vulnerabilities. Unless proper defenses are in place, one may not know if their private banking information has been hacked until it’s too late. It does no good to discover a banking cyberattack after your accounts have been emptied and your financial data compromised. You may use online banking apps safely, with the proper protection in place. There are many options available to ensure online security, including Virtual Private Networks. VPNs can secure online transactions by creating a secure network within the network. Professional cyber security experts can help you determine which combination of defenses is best for your type of business.

Get a DIGIGUARD Cyber Security Risk Assessment

With more and more remote-access work, statistics show that it is merely a matter of time before a small or midsized business is hit by cybercrime. All of your connected devices are at risk. Banking apps have made banking functions more convenient. But with convenience comes increased vulnerability. And as your business grows and adds more devices such as smart controls, wireless access and remote access, your network surface attack area for hackers grows, too. DIGIGUARD specializes in proactive cyber threat protection and has a wide array of solutions for small and midsized businesses to defend against online banking hacks. They are cyber security experts who can ensure your confidential business and banking data has the best protection possible. DIGIGUARD can also establish Cyber Security Monitoring, which provides early detection of potential cyber threats. They can also train your employees in cyber security best practices. Many companies, bound by strict compliance and privacy laws, such as law firms, medical practices, and those offering financial services, cannot risk data breaches of any kind and must apply additional data protection measures. For any business, cyberattacks can have devastating consequences. DIGIGUARD can assess your cyber risks and work with you to ensure you have the best network and data protection solution for your business.

Contact DIGIGUARD CYBER SECURITY at 833-33-CYBER (833-332-9237) www.DIGIGUARDsecurity.com to help secure your network.