The Hindu : Andhra Pradesh / Hyderabad News : Banks caution customers against online frauds

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Thursday, Aug 14, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Banks caution customers against online frauds

A. Saye Sekhar

People told not to reveal password, customer ID
Beware of ‘phishing email’ which comes with a tone of urgency

HYDERABAD: How safe is your bank account? With fraudsters finding innovative methods to dupe people, banks have begun cautioning their customers to insulate them against such malpractices.

“Falling prey to fraudsters online is common these days. This message from HDFC Bank is to inform and educate you on precautions you must take to ensure that you are not a victim of these fraudsters,” said an email from Vishal Salvi, Chief Information Security Officer of the bank to its customers.

Charudatta Deshpande, General Manager in ICICI Bank, said that the safety alerts were already in place. The bank sends SMS to its customers at times for confirmation of transactions.

The HDFC Bank urged its customers not to share confidential information like password or customer ID, as the bank never asks for such details over an email. Through this method, called ‘phishing’, fraudsters may send some links suggesting keying in of confidential information.

A phishing email comes usually with a tone of urgency with subjects like “your account will be temporarily suspended” or “login to keep your account active.” The bank never sends such emails, Mr. Salvi asserted.

Safeguards

When in doubt, one should not click the links, as they may trigger installation of malicious codes on the PC. If the URL in an email doesn’t match with that of the bank, there must be something fishy. Check for the security padlock icon at the bottom right side of the webpage, when connected to the NetBanking site. The PC too should have anti-virus software and personal firewalls.

The fraudulent emails contain viruses or Trojans that can extract the confidential data to gain access to one’s bank account. The bank suggested to its customers not to transfer funds to unknown sources. Many phishing fraudsters are located overseas who need a ‘money mule’ to route the money into their country of origin. A money mule is someone who receives the illegal funds into his account, withdraws and sends it to the fraudster after deducting commission. This may be easy money, but illegal. Such requests could come through emails, advertisements on genuine recruitment web sites, instant messaging/SMS, and advertisements in newspapers and even on social networking websites. Check the contact details of the company offering employment, if it involves any fund transfer.

Advertisements seeking foreign representatives or agents to act on their behalf for a specific period of time must be ignored.

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