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Beware: 7 Ways Scammers Can Steal Money from Your Bank

1 Hidden cameras

Another common way that criminals use to steal your money is by installing hidden cameras near ATM machines. These spy cameras are strategically fitted in a way to read your card PIN number. Since they are quite small in size, so are usually fitted near the keypad.

2 Keystroke logging

Keystroke logging another method used by hackers to trap. It is especially used to steal netbanking information. Here, hackers make users unintentionally download a software, which allows the fraudster to trace their key strokes and steal passwords or credit card and Net banking details

3 Spyware

Downloading or opening the wrong file from an email or website can add spyware to your computer, which is put there with the goal of exporting your card details and other information hackers can use to steal your money or your identity.

For example, keylogging software, like a skimmer, can compromise your credit card while it is in your wallet. But this form of spyware can end up on your computer or device if you accidentally click a link attached to a phishing email. Be careful what you download and prevent spyware by purchasing your own antivirus software.

4 Major data breach

Large institutions, including banks and retail businesses, can be susceptible to targeted data breaches that put your credit card information and other personal details at risk. Some of the biggest data breaches of the last decade, including the Capital One data breach of 2019, led to tens of millions of consumers having their information stolen.

5 Phishing

While phishing involves identity theft through spam mails, Vishing is essentially the same through a mobile phone using SMS or phone calls. Here scamsters trick you into revealing your password, PIN or account number.

6 SIM swap fraud

Here the fraudster contacts your mobile operator with fake identity proof and gets a duplicate SIM card. The operator deactivates your original SIM and the thief generates one-time password (OTP) on the phone to conduct online transactions.

7 Fake apps

Mobile apps too can be very dangerous, if not downloaded from the right source. Always download apps from established app stores like Google Play or Apple’s App Stores as fake apps gain access to your confidential financial information and use it for unauthorized transactions

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