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 a “Trojan.” Trojan malware disguises fake files to make them appear safe. There are seven common ways hackers use Trojan horses:

• 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
• Hijacking a Banking App – 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
• Keylogging – Hackers embed malware in an email or text that, once clicked on, is installed and begins recording what you’re typing. 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, then log in 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.
• DNS Cache Poisoning – This approach 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. The FBI 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

Q: Why is it important to use strong passwords for online banking?

A: Using strong passwords that include a mix of upper- and lower-case letters, numbers and special characters helps prevent unauthorized access to your financial accounts. Avoid using easily guessed information and create different passwords for each account to further minimize the risk if one account is compromised.

How Can I Keep My 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.

Q: How can multi-factor authentication (MFA) improve online banking security?

A: MFA adds an extra layer of protection to your online banking by requiring two forms of verification, usually something you know (your password) and a second element, such as a code sent to your phone or generated by an authentication app. Even if a hacker obtains your password, they won’t be able to access your account without the second factor.

What Are the Best Tools to Protect Your Online Bank Accounts?

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). Such setups can secure online transactions by creating a secure network within the network. Another option might be hiring an IT management firm that offers cyber security monitoring, which provides early detection of potential cyber threats. Those companies can also train your employees in cyber security best practices.

Q: Why should you avoid using public WiFi for online banking?

A: Public WiFi networks are not secure, and hackers can exploit them to intercept data, including your login credentials and account numbers. Instead, use a secure, private internet connection or a virtual private network (VPN) to protect your data when banking online.

Is My Bank Account Compromised?

With remote-access work, statistics show that it is merely a matter of time before a small or midsized business is hit by cybercrime. All your internet-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.

Many companies, bound by strict compliance and privacy laws, such as law firms, medical practices and financial services companies, or any company that collects and store human resource or financial data cannot risk data breaches of any kind and must apply additional data protection measures. For any business, cyberattacks can have devastating consequences. They can cost hundreds of thousands of dollars and weeks or months to resolve. Contact a professional cyber security expert (different from an IT expert) who can perform a risk assessment to help you determine which combination of defenses is best for your type of business. Taking steps today can help you avoid losing years of effort and profit.