Banking Fraud is a financial crime and it is not limited to Salami Frauds (also known as Salami slicing), Credit Card Frauds, Net and Mobile Banking Frauds, Loan, Insurance and Investment Frauds. Bank Frauds in form of Salami Technique (also known as Salami Slicing) refers to as fraudulent action by alternation of systems either by modification or insertion of malicious program and the main purpose of this for financial gain. A salami attack is considered a minor attack that can be repeated many time, a simple example is referred to as stealing of specific small amount of money from every customer’s bank account in a particular bank. It is very hard for such attack to be notice by customers and such attack are reportedly mostly conducted by crime minded bank’s officials. This cyber crime usually go undetected and unnoticed because of nature and form of the crime, because only small amounts are deduct severally in a specific period of time.
Credit card Frauds is illegal acquiring or using of credit cards. Both individual and corporate (online service provider) handling and using credit card needs to be security conscious because frauds are increasingly happening. A person can loss his/her money by responding to a Spoofed or Phishing Email, Phone call, or SMS. Hackers target corporate database to hack and collect customer’s data including their credit cards. Network and Application Security is necessary for a corporate to protect customer’s data and every individual must get education on how to secure yourself while on internet and to know exactly what Phishing is all about.
Net banking Fraud is a fraud involved hacking of net banking username and password or bank website defacement (making of fake but original looking webpage of a bank). Cyber criminal defaced a bank website to deceive bank’s existing customer to login in order to steal customer’s login credentials. Phishing and Defaced website is what cyber criminals use for this fraudulent conduct. Every net banking or credit card users must know and practically understand How to keep your personal information secure and how to secure yourself while on internet.
Financial crime is not limited to Salami Frauds, Credit Card Frauds, Net and Mobile Banking Frauds, Loan, Insurance and Investment Frauds and so on. It is important for individual, corporate, banker, investor or financier to know how these frauds are carried out. Network and Application Security is necessary for a corporate to protect customer’s data and every individual must get education on how to secure yourself while on internet and to know exactly what Phishing is all about. Reading and learning different online fraud and including all processes, idea and education of “Think before response” “Think before click” and “Think before download “.