Uncovered bank application downloads: Understanding their operations and recognizing fakes
In the digital age, the convenience of banking apps has become a norm. However, this convenience comes with a need for caution, as the number of fake banking apps has been on the rise in India. Here's what you need to know to protect yourself.
Firstly, it's crucial to download banking apps only from the bank's official website or trusted app stores. A recent incident in Kerala serves as a stark reminder of the risks involved. A man lost Rs 4 lakh from his Provident Fund after downloading a fake banking app.
When downloading apps, checking app details such as developer name, reviews, and download count is essential. Be wary of any app that appears too good to be true, or has very few reviews.
Two-factor authentication can provide added security for banking apps. This means that even if your password is compromised, the hacker would need access to your second authentication factor, such as a code sent to your phone or email, to gain access to your account.
Cyber police have reported an increase in cases involving fake banking apps. Scammers use confusing code to hide or delay harmful behavior in these apps. Some fake apps may even start off as clean, harmless apps and later update with malicious features.
To identify and protect against fake banking apps, users should carefully verify app authenticity. This includes checking for slight name changes and reviewing app descriptions cautiously, as counterfeit apps often mimic original ones and optimize keywords to appear legitimate.
Additional protection measures include never sharing One-Time Passwords (OTPs), CVVs, or PINs, and scrutinizing sender details in messages or calls purportedly from banks. Using trusted security apps like Truecaller to detect spam and relying on bank-endorsed apps like BHIM with biometric logins can also help.
Avoid clicking suspicious links or installing files received over social media, SMS, or email, even if they claim to be from trusted institutions. Be cautious about phishing attempts via WhatsApp, emails, or other messaging platforms, which often distribute malicious app droppers that can steal credentials, hijack SMS/calls, and empty accounts.
Malware campaigns targeting Indian banking users often impersonate popular apps like SBI Card, Axis Bank, and IndusInd Bank. Using updated antivirus apps and the latest mobile security software can detect and block such high-risk threats.
In summary, verifying app authenticity visually and via official channels, practicing safe digital hygiene by not sharing sensitive information, avoiding suspicious downloads, using official and secure apps, and reporting fraud are essential steps to stay safe from fake banking apps in India.
- In the realm of business, it's prudent to download banking apps only from official websites or trusted app stores to ensure cybersecurity in technology-driven finance.
- Amidst the surge in fake banking apps, it's crucial for users to employ extra precautions such as two-factor authentication, vigilantly scrutinizing app details like developer name, reviews, and download count, and adopting advanced security measures like updated antivirus apps and biometric logins.
