How do hackers hack a bank account and how to protect themselves?

how to protect your bank account
how to protect your bank account

Last updated: January 27, 2023

Today, banking services are being revolutionized by mobile applications. And yet, bank accounts are often hacked in this way.

It is then important tolearn how hackers gain access to your bank accounts.

This may allow you toavoid losing all your savings...

In fact, you might be surprised at how far these malicious individuals are willing to go to steal your money.

We examine in this article how hackers target bank accounts and how you can protect yourself.

The 5 methods used by hackers to steal your bank details

1- The Keylogger

Let's start with the first method, that of the keylogger. A keylogger, also called keylogger, is a type of malware that records what you type on your keyboard. The hacker can then access your bank account once you enter your account information.

How to protect yourself from keylogger?

Make sure your computer is free of malware using anti-virus software. A good antivirus program will detect and remove keyloggers before they can cause damage. Keyloggers can indeed be deleted before causing damage.

Know that two-factor authentication can prove to be a valuable layer of security for mobile banking. A hacker will still need the passcode even if they have obtained your login details.

2- Phishing

Another method widely used by hackers is phishing. Indeed, hackers are becoming more adept at tricking people into clicking on their links as the public becomes increasingly savvy about phishing tactics.

The goal of phishing is to hack into individuals' bank accounts and steal their information. The most devastating aspect of this hack is thatit is more difficult to detect it. Indeed, the hacker can even show your first name in the email sent.

How to defend against phishing?

First, treat any email with skepticism if the address seems suspicious. And every time you see an address that looks legitimate, but looks strange, ask the sender. If the account has been compromised, however, it is best not to communicate by email (contact him instead by phone or via the website directly).

3- “Man-in-the-Middle” type attack

In order to obtain your personal information, hackers can target your communications with your bank's website. They can in fact initiate a Man-in-the-Middle attack (MITM) when they intercept communications between your computer and a real-looking online service.

attack hacker Man in the Middle

The MITM attacks typically involve monitoring an untrusted server and analyzing the data it sends and receives. Hackers take your login credentials on this network and steal them. However, they can change the web page you visit when you type a URL using DNS cache poisoning. The hacker's clone site will be redirected to your site due to cache contamination. If you're not careful, you may end up giving your login details to the fake site because it appears to be the right one!

How to protect yourself from MITM?

Don't do anything sensitive on a public or unsecured network. If you want to be sure, you should use your home WiFi or tethering with your own 4G network. When you connect to sensitive sites, always look for https in the address bar. If not, it may be a fake website.

4- The SIM Swapping method

Do you know how to hack the SIM Swapping ? With it, hackers can access your bank account without having to enter your phone due to SMS authentication. This is a SIM card swap.

In most cases, mobile networks ask questions to confirm that the person requesting the transfer is who they say they are. This is why scammers usually collect your personal information before carrying out a SIM card exchange.

Be aware, however, that there are still network providers that perform lax controls on SIM transfers, making it easy for hackers to pull off this trick.

How can you protect yourself?

Protect your personal information to avoid identity theft. It's also worth checking with your mobile operator to see if they protect you against SIM swapping. This way, if a hacker tries to swap SIM cards on your phone without your permission, your network provider will do due diligence and the ID check will fail.

To protect yourself, you must choose a company that offers high security against SIM swapping. Only enable two-factor authentication if you trust your service provider.

As soon as your SIM card no longer works, go to the nearest branch of your service provider and request that any new cards be deactivated.

5- Fake Mobile Banking App and Trojan Horse

Today, mobile banking apps allow you to manage all of your finances from your phone. Although it's not always easy to do, malware authors use it as a primary attack vector to steal your data.

How? 'Or' What ? With apps that aren't actually real.

Hackers actually create an exact copy of a bank's app and distribute it on dubious websites. The hacker asks for your username and password after downloading the fake app.

As to Trojan horse, here, hacking is on yet another level.

The apps are usually not disguised as an official banking app, but are rather unrelated to banking apps that contain trojans. As soon as you install the app, the Trojan starts searching for banking apps on your computer/smartphone.

When the hacker detects the opening of a banking application, it brings up a window that looks like the one you just launched. If done correctly, you will not notice the change and will enter your credentials in the fake login tab.

The author of the fake app will then receive this information and download it. He may then ask you for confirmation by SMS in order to steal all your data.

How to protect yourself?

Consulting : Be careful not to give apps access to your personal information. Stay safe and don't install a mobile game or other app that asks for permissions via SMS without clearly explaining why it needs them. Third-party websites may contain malware, making it unsafe to install apps from these sites.