Banking Fraud is a financial crime and it is not limited to, any fraud related to Credit Card Frauds, Net and Mobile Banking Frauds, Loan, Insurance and Investment Frauds. Bank Frauds in the form of Salami Crime (also known as Salami Slicing) refer 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 could be repeated many times. A good example is the act of stealing specific small amount of money from every customer’s bank account in a particular bank. It is very hard for such attack to be noticed by customers and such attack is reportedly mostly conducted by crime minded bank’s officials. This cybercrime usually goes undetected and unnoticed because of the nature and form of the crime; only small amounts are deducting severally in a specific period of time.
Credit card Frauds are 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 corporation to protect the customer’s data and every individual must get educated on how to secure yourself while on the 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 for a bank). Cyber criminal defaced a bank website to deceive the bank’s existing customer to login in order to steal customer’s login credentials. Phishing and Defaced website is what cyber criminals use in 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 the 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 corporation to protect the customer’s data and every individual must get educated on how to secure yourself while on the internet and to know exactly what Phishing is all about. Reading and learning different online fraud and including all processes, ideas and educate of “Think before response” “Think before click” and “Think before download “.