How do you imagine a bank robbery? Masked men with guns and lots of terror? Perhaps it has been the most vivid image of a bank robber for many years, but now the situation is changing and the Internet is at the pinnacle of it. Bank robbers no longer need to go to the bank to steal your money. Now they can use the ever growing cyber network to attain your financial credentials, falsify debit cards and then steal the money using a variety of means and methods. Vikram Thakur at Symantec Security Response reveals and entire new scheme of cyberattacks that is not less dangerous than a robber with a mask and a gun.
The new scheme of bank robbery
Perhaps when we imagine a cyber criminal, we think that the person in question does everything from creating malware, to stealing financial data and then eventually stealing the money. However, according to Vikram Thakur, that is not the case with today’s cyber crime networks. Cyber criminals actually practice work-sharing and exchanges software in the underground black market on the Internet. For example, a criminal hacker can buy a malicious software application from a developer. The software is used to steal confidential data. With a high number of malware developers out there, hackers no longer have to be extremely well-versed in technology to hack into computers.
When hackers steal the confidential financial information (such as email addresses, for example), they sell the data on the black market to cybercriminals, who either perform illegal financial operations online, or hire the so-called “money mule” to extract the money via ATM with a stolen PIN code and a fake debit card. Security experts note that experienced cyber criminals usually cut themselves out of the chain, so that they could not be traced, and make use of “money mules” to collect the money. In this network, money mules are the ones that face the highest risk of getting caught, although they get the smallest share of the loot.
An example of an electronic fraud
That being said, with the cyber criminals becoming more and more inventive, I guess it is important to mention of the most prevalent online frauds – the Ukash Virus or the FBI MoneyPak virus. These infections give you an exact taste of what cyber theft feels like, because there are hundreds of different localized versions of this computer infection, each attacking users in different countries. The Ukash Virus blocks user’s desktop and then claims that the user has violated national laws so he/she needs to pay a fine. Granted, Ukash Virus does not tap into your bank account, but it is one of the ways how users’ money can be stolen nowadays.
Future perspectives
Nevertheless, with the increase of cyber frauds online, the banks and other financial institutions are also on high alert in order to protect you from financial loss. Not to mention that, if money is stolen directly from your bank account, the bank covers the loss, because your money is insured. What is more, insurance is not the only thing financial institutions are counting on. Since electronic fraud is only going to increase, the banks have gotten better at preventing financial data breaches as well. Now it is your turn to recognize cyber criminals online and keep your sensitive data away from them!
