mins read

Menace of Fake Banking Services

Menace of Fake Banking Services

February 11, 2020
Green Alert
Last Update posted on
February 3, 2024
Don't let your brand be used to trap users through fake URLs and phishing pages

Identify and counter malicious links and phishing attempts effectively with CloudSEK XVigil Fake URLs and Phishing module, bolstering your defense against cyber threats

Schedule a Demo
Table of Contents
Author(s)
No items found.

We have all received calls from fake bank representatives, offering us complimentary credit card upgrades, free Insurance, and assistance to complete KYC (Know your customer) formalities. And to provide these services, they would have requested us for credit card or debit card details.

However, in the last few years, the general public has smartened up to this scam. And most of us don’t indulge these calls anymore. And in response to this, scammers have repackaged their scams, that are delivered to us, via other channels. The new schemes are so convincing that we reach out to them.

Let’s explore these sophisticated approaches and the various resources that allow scammers to continue defrauding us.

What makes us vulnerable?

Most people unequivocally rely on Google search for everything ranging from bank locations to restaurant reviews. So, it is only natural that scammers have started targeting Google services, to index bogus web pages that contain fake bank branches and customer care numbers. Also, it is simple to list a business on Google, because there is no detailed verification process. In 2018, police busted a scammer who was running a fake branch of Karnataka Bank in UP’s Ballia.

How are fake banking services provided?

  • The scammer buys a domain name that closely mimics the targeted bank. They replicate the bank’s trademarks, logos, and website design, to give it an air of authenticity.
  • They set up telephone numbers which are advertised on the fake website. The scammer goes the extra mile, to convince skeptical users, by mimicking original caller tunes, hold tunes, and following standard operating procedures.
  • Sometimes, scammers even set up interim branches and kiosks, employing people at different levels, so that it appears to be a legitimate operation.
  • They then list themselves on Google services with seemingly genuine location details.
  • When a customer searches for a bank branch or customer care number, these sites appear as top Google search results.
  • When the customer calls the fake number or visits a fake branch, scammers slip questions about CVVs (Card Verification Value) or ask for OTPs (One Time Password) in the middle of the conversation.
  • They may even advise users to download and install certain remote desktop sharing apps or open links that give them the control of the customer’s mobile device.
  • Scammers especially favour UPI (Unified Payment Interface) and other similar apps. They will ask for a victim’s UPI ID, and convince them to accept 1 rupee on the app. Wherein, instead of accepting money, unaware and inexperienced users, will in fact be remitting a large amount from their account.

Are there precautions we can take?

  • Stay abreast of scammers and the different types of online scams.
  • Proactively monitor the surface web and alert authorities of any scams you have identified.
  • Inform targeted banks about such scams. It will also help them to initiate the takedown of such sites and apps and ensure others don’t fall prey to these scams. 

If you have concerns about your organization’s security posture, contact us: Request a Demo now.

Author

Predict Cyber threats against your organization

Related Posts

Cybersecurity Threat Advisory: Recent Attacks Targeting Indian BFSI Sector

This advisory highlights recent attacks on Indian banks, focusing on two primary attack vectors: geopolitical tensions and credential stealers/social media account takeovers.

Shadow Banking in Your Pocket: Exposing Android App Used by Money Mules

CloudSEK's Threat Intelligence (TI) team continued its investigation and has uncovered a network of money mules, posing a significant risk to the Indian banking ecosystem.

KYC Verification Evasions Leads to Exploitation of Virtual Cameras & App Emulators

CloudSEK's Threat Intelligence Team recently uncovered a comprehensive tutorial on bypassing selfie verification in a Russian-speaking Cybercrime Forum.

Join 10,000+ subscribers

Keep up with the latest news about strains of Malware, Phishing Lures,
Indicators of Compromise, and Data Leaks.

Take action now

Secure your organisation with our Award winning Products

CloudSEK Platform is a no-code platform that powers our products with predictive threat analytic capabilities.

Phishing

min read

Menace of Fake Banking Services

Menace of Fake Banking Services

Authors
Co-Authors
No items found.

We have all received calls from fake bank representatives, offering us complimentary credit card upgrades, free Insurance, and assistance to complete KYC (Know your customer) formalities. And to provide these services, they would have requested us for credit card or debit card details.

However, in the last few years, the general public has smartened up to this scam. And most of us don’t indulge these calls anymore. And in response to this, scammers have repackaged their scams, that are delivered to us, via other channels. The new schemes are so convincing that we reach out to them.

Let’s explore these sophisticated approaches and the various resources that allow scammers to continue defrauding us.

What makes us vulnerable?

Most people unequivocally rely on Google search for everything ranging from bank locations to restaurant reviews. So, it is only natural that scammers have started targeting Google services, to index bogus web pages that contain fake bank branches and customer care numbers. Also, it is simple to list a business on Google, because there is no detailed verification process. In 2018, police busted a scammer who was running a fake branch of Karnataka Bank in UP’s Ballia.

How are fake banking services provided?

  • The scammer buys a domain name that closely mimics the targeted bank. They replicate the bank’s trademarks, logos, and website design, to give it an air of authenticity.
  • They set up telephone numbers which are advertised on the fake website. The scammer goes the extra mile, to convince skeptical users, by mimicking original caller tunes, hold tunes, and following standard operating procedures.
  • Sometimes, scammers even set up interim branches and kiosks, employing people at different levels, so that it appears to be a legitimate operation.
  • They then list themselves on Google services with seemingly genuine location details.
  • When a customer searches for a bank branch or customer care number, these sites appear as top Google search results.
  • When the customer calls the fake number or visits a fake branch, scammers slip questions about CVVs (Card Verification Value) or ask for OTPs (One Time Password) in the middle of the conversation.
  • They may even advise users to download and install certain remote desktop sharing apps or open links that give them the control of the customer’s mobile device.
  • Scammers especially favour UPI (Unified Payment Interface) and other similar apps. They will ask for a victim’s UPI ID, and convince them to accept 1 rupee on the app. Wherein, instead of accepting money, unaware and inexperienced users, will in fact be remitting a large amount from their account.

Are there precautions we can take?

  • Stay abreast of scammers and the different types of online scams.
  • Proactively monitor the surface web and alert authorities of any scams you have identified.
  • Inform targeted banks about such scams. It will also help them to initiate the takedown of such sites and apps and ensure others don’t fall prey to these scams. 

If you have concerns about your organization’s security posture, contact us: Request a Demo now.