8 Valuable Tips for Secure Online Banking | Total Security Software

Every use of Internet service is associated with risks. But almost nowhere can this have such drastic consequences as with online banking. Even the smallest security mistake could put your login data - or even your TANs - into the wrong hands and your account could be emptied from anywhere in the world.

In this article, we will tell you how online banking attacks work and how you can protect your hard-earned money from them.

How Do Attacks Online Banking Work?

The most common form of attack is to steal your credentials and then withdraw funds from your account or shop online. The exact procedure is always different, but usually malicious software, manipulation tactics, or a combination of both are used. Here are some of the most common attack vectors:

Phishing

Phishing is and will remain one of the most popular approaches. In this type of attack, the criminals send fake e-mails that resemble security messages from reputable banks. The link often contained in it leads to a fake website that is almost indistinguishable from the original. Enter your login data here and serve the attackers your confidential information on a silver platter. Sometimes the email may have an attachment that is supposed to be an important document. Then, once you open it, malicious software will be installed on your computer.

Man-In-The-Middle Attacks

“Man-in-the-middle” (MITM for short, literally translated “man in the middle”) means that communication between two interlocutors (or their devices) is intercepted. In this way, cybercriminals can pass themselves off as the other interlocutor - in this case you and your bank - and not only “eavesdrop” on your communication but also manipulate it for their own obscure purposes. So while you believe that you are communicating with your bank through a private connection, your messages are actually being received and sent by the attackers. With the modified version of the “man-in-the-browser”, the whole thing takes place, as the name suggests, directly in the browser. The SSL encryption, which is actually supposed to protect you from conventional man-in-the-middle attacks are ineffective.

Malware

Malware such as banking Trojans and Infostealers are supposed to steal bank data, for which purpose they usually infiltrate running browser processes. This gives you full control over which pages you visit and what exactly you do on those pages. The banking malware can then also record all entered user data and passwords. Also, it can manipulate the websites displayed without you noticing.

In this way, for example, transfers can be modified and redirected to other accounts. It also happens that existing forms on the bank websites are changed to request multiple TANs. Together with the copied login data, the attackers can then use these TANs to gain access to your account. Some notorious examples of banking malware include:

·         Zeus: The Trojan integrates the infected devices into a gigantic botnet and uses website monitoring and keylogging (recording of keystrokes) to steal bank access data.

·         Qakbot: The malware developed by the hacking group Mealybug spreads like a worm and is also designed to collect bank access data.

·         Ramnit: This is a file infector that is distributed via removable media. It collects various login data, including those for online banking

How Can You Protect Your Account?

1. Don't Blindly Trust Email.

Phishing is such a powerful attack method because it exploits the weaknesses of human nature. The best way to counteract this is to remain vigilant about your email. Double-check each link in your email. Only open attachments if absolutely necessary. It is also important to remember that a reputable bank will never ask you to provide access data such as your full password, PIN or TANs.

2. Use Two-Step Authentication.

Two-factor authentication offers an additional layer of protection by requiring a unique code to be entered in addition to the user name and password. Many banks provide you with a small device that generates a new code every time you log in. Please note that sending the code as a text message is not entirely secure because it is relatively easy to intercept.

3. Keep Your Software Up To Date.

Many attacks take advantage of vulnerabilities in software. To close these security gaps and make their applications more secure, developers publish updates. Always install these so that the risk of an attack remains as low as possible. The easiest way to do this is to activate automatic updates.

4. Never Enter Sensitive Information on A Public Wi-Fi Network.

In recent years there has been an increasing number of public WLAN access. Unfortunately, you can't necessarily trust them. Many of these public networks are unencrypted and have no security precautions. Anyone who connects their device to it is easy prey for man-in-the-middle attacks. Plus, you can never be sure if it's not a honey pot hotspot. These are public and free WLAN access points set up by criminals to gain access to confidential data. So never enter your bank access data in a public WLAN. Better wait until you are back home and surf your private network. If that isn't possible, use your cellular data or invest in a commercial VPN service.

5. Enable Account Notifications.

Many banks offer you the option to activate notifications so that you are informed of certain activities in your account. For example, you can have messages sent to you when a certain amount of money is withdrawn or the credit reaches a certain value. These notifications cannot prevent attacks, but you will be informed immediately of any suspicious activity and you can take countermeasures as soon as possible.

6. Use Strong Passwords.

Sometimes passwords are not stolen but simply guessed by so-called brute force or dictionary attacks. Minimize the risk of such threats by choosing a long, unique, and random password. You can also check out our article on creating and storing strong passwords for more information.

7. Be Careful on Mobile Devices Too.

Too often it is forgotten that mobile devices can also fall victim to banking malware or other malicious software. So always use your bank's app, as it is usually more secure than the mobile browser. Mobile devices are also much easier to steal than a computer. It is therefore essential to protect it with a password, a PIN, or your fingerprint to make it more difficult for thieves to access your data. For additional protection, it is also worth investing in proven mobile security software.

8. Get Reliable Anti-Malware Software.

Also, one of the safest precautions you can take to protect your account from digital attacks is to buy reliable antivirus and anti-malware software. A good solution detects and blocks potential threats before the malware can make changes to your system that could compromise your bank credentials and other sensitive information. If you are looking for a resource-saving solution that offers a high level of protection against known as well as unknown threats, please download the free trial version of Protegent360's Total Security Software.