Banking frauds are rising as financial info is being stored digitally

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Most Americans are having a habit of storing their ATM pins, bank account details and, to a certain extent, debit/credit card numbers on mobiles, computers and emails. And this is paving way to the rise in financial frauds says a survey conducted by MasterCard USA.

A similar survey conducted by a firm Unisys claims that most of the finance related frauds are taking place as online shoppers are posting or giving away their card details online or on call that can be misused by cyber crooks for cyber frauds.

Although the financial authorities are trying their best in creating awareness among the online users by offering tips that help raise financial literacy and security, some still fail to follow basic cyber hygiene principles leading to phishing attacks from email or messages.

As the usage of smart phones has increased, all sensitive details related to finances are being stored on these devices. And it includes details such as banking passwords, information related to ATM or credit cards and sometimes crypto keys related to e-wallets storing cryptocurrency such as Bitcoins, Ethereum or Monero.

So, security experts are advising online users to keep a check on their credit card transactions; an eye on their credit reports; use additional protections to keep their accounts safe and share the information online wisely.

Using unique passwords, and changing them frequently, and submitting the card info only on websites mentioning ‘https’ makes sense.

Note- Storing sensitive details on mobile phone contact list can also lead to cyber frauds as most of the apps are found accessing content from the contacts and that could lead to situations where hackers can get hold of personal information that can lead to identity thefts or extortion tactics.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security