Internet Banking Security Threats

 We want to help our customers to better protect themselves against potential Internet threats. By familiarizing yourself with current threats and past trends, you can increase of your chances of effectively combating the evolving tactics of fraudsters.

Phishing

·         Phishing is a scam where fraudsters ‘fish’ for your personal details by using hoax emails claiming to be from financial institutions. This method continues to be favored by online thieves.

·         Hoax emails claiming to be from banks are often generated overseas, and are sent in bulk asking recipient to provide sensitive information such as their username, password, Customer Registration Number or Debit Cards / Credit Cards numbers and PINs by providing a link leading to a fake website, enabling thieves to gather the details for later fraudulent use.

An example of a phishing email is shown below:

From: BankMuscat Online <customerservice@bankmuscat.com> Sent: Thu, 1 October, 2009 4:47:54 AM Subject: Final Warning from Customer Service Dear customer, We are currently performing regular maintenance of our security measures for online banking and customer databases. We apologize for the inconvenience but your account was randomly selected for verification and you'll be taken through a short authentication process. To start now BankMuscat Online authentication process. Please note! If we don't receive the appropriate account verification within 24 hours since you've got this email, your online access will be suspended for security reasons. The purpose of this verification is to ensure your account has not been fraudulently used and you're not a victim of identity theft. Thank you for understanding and helping us improve.

An example of a fake website mimicking the ‘look and feel’ of BankMuscat’s Online Banking site:

·         You can minimise your chances of being a victim of Phishing scams by:

1.      Typing ‘www.bankmuscat.com’ into your Internet browser to log on to Internet Banking.

2.      Treating all emails requesting personal log on information such as username, password or PIN with extreme caution.
Authentic BankMuscat emails will not request personal details or log on information.

3.      Immediately deleting emails of unknown origins, no matter how innocent or provocative the subject headings sound.

4.      Changing your Internet Banking password on a regular basis.

5.     If you receive an email requesting you to register or enter sensitive details, do not respond and click on any hyperlink. Immediately forward the email to ebanking@bankmuscat.com. You can also report the same by contacting our Call Center on (+968) 2479 5555, available on 24 X 7 basis.

Spyware and Adware

·         Spyware is a type of software that secretively collects user information while on the Internet

·         Adware is a type of spyware used by marketers to track Internet user’s habits and interests for the purpose of customizing future advertising material. The information is then used to customize future advertisements directed to the user, or can be sold to a third party for the same purpose.

·         You can minimize your chances of unintentionally downloading spyware onto your computer by:

1.      Being wary of banners, ads and pop-ups while surfing the Internet. Do not click on them no matter how enticing they may appear.

2.      Reviewing terms and conditions when you install free programs or subscribe to services from the Internet.

3.      Using up-to-date anti-spyware program to regularly scan your computer.

Viruses

·         A computer virus is software that affixes itself to another program like a spreadsheet or word document. While active, the virus attempts to reproduce and attach itself to other programs. This can tie up resources such as disk space and memory, causing problems on any home computer. An email virus is the latest type of computer virus that is transported through email messages and usually replicates by automatically distributing itself out to all contacts on the victims email address book.

·         You can increase your chances of ensuring your computer is free from  viruses by:

1.      Installing anti-virus software, and keeping it updated with the latest virus definitions.

2.      Downloading and installing security patches for your operating system as soon as they become available.

3.      Not accepting attachments from emails of unknown sources.

4.      Installing software from trusted sources only.

Trojans

·         A Trojan is a destructive program that poses as a harmless application. Unlike viruses, Trojans do no replicate themselves and do not need a host program to attach to.

·         Some Trojans will claim to rid the computer of viruses or other harmful applications, but instead introduce viruses and leave it vulnerable to attacks by hackers and intruders.

·         You can minimize your chances of unintentionally downloading Trojans by:

1.      Not opening emails or accepting attachments from unknown sources.

2.      Installing software from trusted sources only.

3.      Not clicking on links contained within emails of unknown sources.

4.      Regularly scanning your computer for Trojans and other malicious programs with up-to-date anti-virus software.

5.      Using a firewall to monitor traffic to and from your computer while connected to the Internet.

6.      Downloading and installing security patches for your operating system as soon as it is available.

Keyloggers

If fraudster installs a software called "keylogger" on the computer or the device on which the customer is accessing Online Banking, the software copies to a file , every keystroke typed on that pc. This sensitive information gets captured that the fraudster can later use for fraudulent purposes and illegitimate access to your account.


There are ways to prevent this from happening.

a. You should not use computers to access accounts which are not trusted (like don't use cybercafe, or other people's computers for accessing Online Banking).

b. Keep antivirus software updated every day to protect your system and ensure that your system is virus free.