{"id":150747,"date":"2022-06-07T06:25:07","date_gmt":"2022-06-07T13:25:07","guid":{"rendered":"https:\/\/www.mcafee.com\/blogs\/?p=150747"},"modified":"2024-06-19T19:10:45","modified_gmt":"2024-06-20T02:10:45","slug":"types-of-online-banking-scams-and-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/tips-tricks\/types-of-online-banking-scams-and-how-to-avoid-them\/","title":{"rendered":"Types of Online Banking Scams and How to Avoid Them"},"content":{"rendered":"

Online banking<\/span><\/a> puts the ability to pay bills, check your balance, or transfer money at your fingertips. Unfortunately, it can also make you vulnerable to <\/span>scammers<\/span> who may try to trick you into giving them access to your account.\u00a0<\/span>\u00a0<\/span><\/p>\n

By remaining vigilant, though, you can avoid <\/span>common scams<\/span>. This article discusses <\/span>mobile banking scams<\/span> and how to avoid them.<\/span>\u00a0<\/span><\/p>\n

Most common <\/span><\/b>online banking scams<\/span><\/b><\/h2>\n

Online banking<\/span> can be super convenient \u2014 for both you and cybercriminals. And hackers may use a variety of tactics to <\/span>gain access<\/span> to your accounts. Most of these involve tricking you into giving them your <\/span>account information<\/span>.<\/span>\u00a0<\/span><\/p>\n

Phishing scams<\/span><\/b><\/h3>\n

With this type of <\/span>online scam<\/span>, <\/span>fraudsters<\/span> may send a <\/span>text message<\/span> or email that looks like it\u2019s from your bank. Often, the message will ask for immediate action, such as confirming your information to keep the account from being closed.\u00a0<\/span>\u00a0<\/span><\/p>\n

The message might even include a link to the bank, but it actually goes to a fraudulent website designed to look like the bank\u2019s website. When you enter your <\/span>account information<\/span>, the <\/span>scammers<\/span> record it.<\/span>\u00a0<\/span><\/p>\n

Sometimes, the email asks you to call a fake customer service number. If you do, you\u2019ll speak to someone who tries to get you to give over <\/span>sensitive information<\/span>, like your date of birth or <\/span>Social Security number<\/span> (SSN).<\/span>\u00a0<\/span><\/p>\n

Occasionally, <\/span>scammers<\/span> already have some of your personal information. To gain your trust, they might mention personal details like your date of birth or the last four digits of your SSN. They may have learned this information from your <\/span>social media<\/span> posts or accessed it in a data breach.<\/span>\u00a0<\/span><\/p>\n

Cracking passwords<\/span><\/b><\/h3>\n

Another way hackers may try to access your <\/span>bank account<\/span> is to steal or guess your password. If they can log into your account, they can use your <\/span>sensitive information<\/span> for personal gain, otherwise known as <\/span>identity theft<\/span><\/a>. They can then open <\/span>credit card<\/span> accounts in your name, purchase merchandise, or transfer money out of your account.<\/span>\u00a0<\/span><\/p>\n

Cybercriminals use technology to guess billions of passwords per second. However, it\u2019s more difficult to guess long passwords with a combination of letters and numbers.\u00a0<\/span>\u00a0<\/span><\/p>\n

For example, a computer can <\/span>instantly guess a password<\/span><\/a> consisting of eight letters. Adding one uppercase letter extends the time it takes to crack a password to 22 minutes. In contrast, a 12-character password with an uppercase letter, a number, and a symbol would take the computer 34,000 years to crack.<\/span>\u00a0<\/span><\/p>\n

Computer viruses<\/span><\/b><\/h3>\n

When you click a link or attachment in an email or download fake <\/span>antivirus<\/span> software, your device can become infected with <\/span>malicious software<\/span> or <\/span>malware<\/span>. A virus can let hackers view data from your device and use it to access your <\/span>financial information<\/span> or <\/span>bank accounts<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Consider getting <\/span>antivirus<\/span><\/a> software<\/span><\/a> to help protect your devices, like what\u2019s offered through McAfee Total Protection. Our award-winning <\/span>antivirus<\/span> software provides 24\/7 real-time threat protection against online threats like <\/span>malware<\/span>, viruses, ransomware, and <\/span>phishing<\/span>, across Apple and Android systems.<\/span>\u00a0<\/span><\/p>\n

Targeting computers on public Wi-Fi networks<\/span><\/b><\/h3>\n

Public Wi-Fi gives you convenient, free access to the internet in restaurants, airports, and department stores. But it can also be easy for hackers to see your private information on an open network that doesn\u2019t require a password.\u00a0<\/span>\u00a0<\/span><\/p>\n

If you log into your <\/span>online bank account<\/span>, your login information could be exposed, making you vulnerable to <\/span>bank fraud<\/span>. Shopping online with public Wi-Fi could also expose your <\/span>credit card<\/span> information.<\/span>\u00a0<\/span><\/p>\n

How to avoid <\/span><\/b>online banking scams<\/span><\/b><\/h2>\n

Fortunately, you can protect yourself from cybercriminals with sensible precautions and a healthy dose of suspicion. Use the tips below to help safeguard your accounts from <\/span>online banking scams<\/span>.<\/span>\u00a0<\/span><\/p>\n

Secure your devices with McAfee<\/span><\/b><\/h3>\n

McAfee Total Protection provides all-in-one protection for your personal information and privacy. You\u2019ll have coverage for all of your laptops, tablets, and smartphones on most operating systems \u2014 Windows, macOS, Android, or iOS. In addition to premium <\/span>antivirus<\/span> software, you get <\/span>identity monitoring<\/span><\/a> and a secure VPN<\/a> that shields your data when using public Wi-Fi.<\/span>\u00a0<\/span><\/p>\n

Carefully assess any messages claiming to be your bank<\/span><\/b><\/h3>\n

You can better recognize <\/span>phishing emails <\/span>once you understand how banks communicate with customers. There are certain things legitimate banks never do. If you get a message like that, assume it\u2019s fraudulent. Some other tips include:<\/span>\u00a0<\/span><\/p>\n