HomeBankingDo you use home Wi-Fi for online banking? Beware! Fraudster can steal your money; know how
August 16, 2019
Do you use home Wi-Fi for online banking? Beware! Fraudster can steal your money; know how
Online banking or net banking credentials are very confidential that we never share it with anyone. However, we end up doing a big mistake unintentionally every time we do an online banking transaction from the comforts of our home. Every now and then we do an online transaction like payment by connecting a smartphone or a laptop to ‘secure’ home Wi-Fi. However, you will be shocked to know-how with an easy trick fraudster can get authorise access to your bank account and steal your hard-earned money.
Many customers have complained about the unauthorised use of their card numbers within days of online payment. In this article we explain how you can keep your money safe from online fraudsters who get unauthorised access to personal banking details.
As nowadays for high-speed internet, we all prefer to install a Wi-Fi connection at home as it provides the fastest net with unlimited data. But, what we are not aware of is with a few router trick (installed by your Internet Service Provider) scammer can snoop into your account.
So, if you use home Wi-Fi connection for online banking then here’s a warning for you! According to researchers, Guest Wi-Fi, which is separate from home Wi-Fi) was supposed to be safe earlier, but not anymore! Researchers say Guest Wi-Fi at your home is prone to hacking owing to inadequate in-built security.
Unauthorised access to bank accounts:
A small vulnerability in the home Wi-Fi network can give unauthorised access to almost all the devices that are connected to that Wi-Fi network. This could emerge as a threat for bank accounts, credit card details, debit card details and much more.
Most routers sold these days offer consumers two or more network choices. A finding by Israel-based Ben-Gurion University (BGU), Wi-Fi routers from popular or branded manufacturers are vulnerable to cross-router data leaks through a harmful attack on one of the two separated networks.
“All of the routers we surveyed regardless of brand or price point were vulnerable to at least some cross-network communication once we used specially crafted network packets,” ANI quoted Adar Ovadya from BGU`s department of software and information systems engineering as saying.
The fraudster doesn’t have to live next door, a powerful Wi-Fi network can pull in a home network’s signal from as far away as over 4 kms. According to Finnish cybersecurity firm F-Secure, a hacker can rent a Cloud-enabled computer and guess your network’s password in minutes by brute force or using the powerful computer to try many combinations of your password, reports IANS.
According to Sanjay Katkar, Joint Managing Director and CTO, Quick Heal Technologies, cybercriminals are known to exploit vulnerabilities in-home Wi-Fi routers by delivering a payload.
“Once infected with the malware, the router can perform various malicious activities like redirecting the user to fake websites when visiting banking or other e-commerce sites,” Katkar told IANS.
“In addition to stealing personal and financial data, cybercriminals can also infect smart devices connected to the home network,” Katkar warned.
So how to keep your bank account details and money safe?
To safeguard your bank accounts, card details and money you need to keep your hardware separate. Perhaps, you should not share your Wi-Fi password with anyone.
“Always install the latest software available on the system and download the latest security patches to ensure no security hole or breach is left open to online predators,” says an expert.
You need to keep a long and complex password because it is more complicated for anyone to figure it out. A VPN (virtual private network) connection can protect you online.
You also need to avoid online banking transactions or UPI transactions when you are on a public WiFi.
Precaution to keep your money safe:
Wi-Fi hotspots in coffee shops, libraries, airports, hotels, universities, and other public places are prone to be accessed by fraudsters.
You should also avoid using mobile apps that require personal or financial information.