Saturday, September 23, 2023

Pitfalls in Digital Money

Manu Prasad is M.Tech in VLSI and embedded systems, and is currently working as assistant professor at AWH Engineering College, Kerala. His interests include VLSI, EDA tools, MATLAB and Latex

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Key-loggers log all user activities on the computer by capturing every keystroke. The sensitive information is then captured and accessed by fraudsters to attack users.
Some security measures that you can take while using Internet banking are:

1. Always access the registered website of the bank. Do not follow any links sent in emails.
2. Beware of phishing attacks. Do not reply or disclose any sensitive information like username and password in response to emails claiming to be from your bank. Banks never ask for sensitive details.
3. Protect your password, and do not write it down. Always use strong passwords that are difficult to hack. Change your password regularly—at least once a month.
4. Install a good antivirus on your system for protection from virus and spyware.
5. Check for https:// instead of http:// in your browser address while using Internet banking.
6. Avoid using public computers or Internet café computers for accessing bank accounts. If you need to do so, use the onscreen keyboard for typing out the username and password, check for unnecessary background programs, clear history and cache after logging out, and hide the password while typing it out.
7. Do not click on unwanted ads on emails or other websites.

(a) Original State bank website for Internet banking, and (b) mimic website example
Fig. 2: (a) Original State bank website for Internet banking, and (b) mimic website example

Mobile security

A lot of us use phone banking these days, but most of us do not check the permissions we give while installing apps on our mobiles. Our mobile phones contain very sensitive information, and giving permission to access these means making it easier for criminals to hack our systems. Always be careful while accessing bank or financial data through mobile phones.

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1. Do not use the same password for wallets and bank accounts.
2. Use dynamic password-generation apps for creating passwords for bank accounts.
3. Check while granting permissions when installing apps.
4. Avoid third-party software that pop up while using other apps.
5. Always log out after accessing your account.
6. Do not save usernames and passwords on the app.



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