5 common ways hackers use to attack bank accounts

More and more people are using online banking for its convenience and speed, which also makes it an attractive target for cybercriminals who are constantly looking for ways to break into your bank account and steal your money.

What may surprise you, however, is the level of sophistication and tactics hackers are willing to employ to achieve their goals. From using malware and phishing to hacking into unsecured Wi-Fi networks, each method carries serious risks.

To protect yourself, you need to understand how these attacks work and take the right precautions. Here are some of the ways bad guys can break into your bank account, along with effective strategies to help you stay safe in the digital world.

1. Banking Trojans

A Trojan (or Trojan Horse) is a type of malware designed to trick users into installing it on a system by disguising itself as a legitimate, trusted application or file. The name comes from the "Trojan Horse" in Greek mythology, as it also works on the principle of deception and disguise to infiltrate.

Fake banking apps have become a popular way for cybercriminals to break into users' bank accounts. In this type of attack, hackers create a copy of a legitimate banking app and upload it to third-party websites.

When a user downloads and opens the fake app, it asks for a username and password. If the user provides their login information, it is immediately sent to the hackers, facilitating account theft.

A more sophisticated version of this attack is the banking Trojan. These Trojans do not disguise themselves as official banking applications, but instead are often completely harmless applications, with the Trojan hidden inside.

Once you install this app, the Trojan will automatically scan your phone for banking apps, thereby stealing your financial information without being detected.

This type of malware plays a crucial role in the entire process of hacking into a bank account. When it detects that a user has opened a banking application, the malware immediately creates a fake window, identical to the real application you just launched, to trick the user into entering their login information easily.

If this process goes smoothly, the victim will not notice the change and will unwittingly enter their login information into the fake site, which will then be immediately sent to the malware author.

Banking Trojans often request a verification code via SMS to access your account. To do this, they often request access to SMS messages during installation, in order to steal the verification code as soon as it is sent.

2. Fraud

Phishing scams are not uncommon, but they are becoming increasingly sophisticated. One of the most sophisticated and dangerous of these is to hack into the email accounts of trusted individuals, such as lawyers or business partners, and then send fraudulent emails from that legitimate address.

These emails often ask you to provide sensitive information or transfer money to the hacker's account. Many people have lost their guard and become victims of fraud.

Although users are becoming more aware of scams, hackers are constantly innovating their tactics. They can send fake bank messages (SMS Brandname), asking you to update information or authenticate transactions to steal data.

3. Keylogger

A keylogger is a type of malware or hardware designed to record all keystrokes made on a user's keyboard without being detected. The purpose of a keylogger is to monitor and collect sensitive information, such as usernames, passwords, credit card numbers, and other personal information.

Every time you type a key on your keyboard, a keylogger collects it and sends that information back to the hacker. So when you type in your bank address or login information, the keylogger records the data and sends it back to the hacker's server. Everything you type, from passwords to account numbers, can become valuable data to an attacker.

4. Man-in-the-middle attack

A Man-in-the-Middle attack is a type of attack in which an attacker secretly intercepts communications between two parties (such as a user and a website) without either party knowing. The attacker can eavesdrop, change, or tamper with information exchanged between the two parties without being detected, creating serious security and privacy risks.

Typically, a man-in-the-middle attack occurs when an attacker monitors an unsecured server and analyzes the data that is being sent across the network. When you send your login information over the network, the hacker “snoops” and collects your personal information, thereby stealing the data you send without even knowing it.

However, sometimes hackers use a technique called DNS cache poisoning to change the website you visit when you type in a URL. When attacked, your website address will be redirected to a fake website controlled by the hacker. This fake website will look exactly like the real bank website, and if you are not careful, you may accidentally enter your login information into the phishing website, giving the hacker the opportunity to steal your account.

5. SIM Swap

SMS authentication codes are a huge barrier for hackers, however, they have found ways to bypass these security measures and the worrying thing is that they don't even need your phone to do it.

To perform a SIM swap attack, a hacker will contact your network provider and pretend to be you. They will claim that your phone is lost and ask you to transfer your current phone number to a new SIM card that they control. This is one of the most common methods hackers use to hack into bank accounts using a victim's phone number.

If the attack is successful, the network provider will remove your phone number from your current SIM card and transfer it to a SIM card controlled by the hacker. This is often done easily using a national ID number, information that can be leaked in data breaches or stolen if the owner accidentally discloses it.

Once hackers have your phone number on their SIM card, they can easily bypass SMS verification code security. When they try to log in to your bank account, the verification code will be sent to their phone instead of yours. At this point, hackers can access your account without any barriers and make unauthorized transactions.

How to limit bank account attacks?

While hackers have countless ways to access your information, you can minimize your risk with the following security measures:

- Only download banking apps from Google Play, the App Store, or the bank's official website. Check the developer carefully before downloading.

- Never click on links from unknown sources in emails or messages. If in doubt, contact the bank directly via the official phone number.

- Enable two-factor authentication (2FA) on your account to protect against keyloggers and increase security.

- Use a trusted virtual private network (VPN) when connecting to public Wi-Fi to protect your data and stay safe online.

- Do not share important personal information such as ID card, driver's license, vehicle registration, etc. to avoid creating opportunities for hackers to perform SIM swapping.

Online banking is a great convenience for both users and hackers. However, you can protect yourself from these attacks. By keeping your personal information safe, you minimize the opportunities for hackers to exploit it, keeping your money and valuable data out of their reach.