How Do Hackers Target Online Transactions in India?

29 August, 2024

Synopsis

• The increase in online transactions has given rise to cybercriminals.

• They attack online through Phishing, Malware, Mitm Attacks and SWL Injections.

• It is essential to understand these techniques to keep yourself safe.
  
  

Online transactions have brought significant convenience. However, this shift towards digital finance has also attracted the attention of cybercriminals. Hackers employ a variety of sophisticated techniques to steal sensitive information, posing a serious threat to the security of online transactions. Understanding how hackers target online transactions is important to safeguard your financial data.

How Hackers Target Online Shoppers

Online transactions face various cyber threats like:

• Phishing 
  Hackers send fraudulent emails or messages mimicking legitimate sources like banks or e-commerce platforms, directing victims to fake websites. Here, hackers steal login credentials, credit card details, and other sensitive information for unauthorised transactions or identity theft.
  
  

• Malware 
  This malicious software infiltrates and damages computers and networks. Keyloggers record keystrokes to capture login credentials, trojans disguise themselves as legitimate software to allow remote access, and ransomware encrypts data and demands payment for decryption. Malware is delivered through email attachments, infected websites or malicious downloads.
  
  

• MitM attacks
  Man-in-the-Middle attacks intercept communication between a user and a service provider, capturing sensitive information like login credentials and transaction data. These attacks enable hackers to manipulate transmitted data and perform unauthorised transactions.
  
  

• SQL injection 
  This technique exploits vulnerabilities in a website’s database by inserting malicious SQL code into web form input fields, allowing hackers to access, modify or delete sensitive information, causing significant disruption to online services.
  
  

• Brute Force Attacks 
  Automated software systematically guesses passwords to gain account access. These attacks are effective against weak or commonly used passwords, enabling hackers to perform unauthorised transactions and steal sensitive information.
  
  

How Do Hackers Choose A Target?

Hackers choose targets based on several factors. They often seek out high-value individuals or organisations with significant financial assets or sensitive data. Vulnerabilities in software, systems or network security also attract hackers. Additionally, they target individuals through social engineering techniques, exploiting those who are less tech-savvy or more likely to fall for phishing schemes. Popular e-commerce platforms, banks and online services tend to be frequent targets due to their transaction volume.

Preventive Measures To Be Safe Against Hackers

Use these measures to keep yourself safe from fraud online:

• Use Strong Passwords: Employ strong, unique passwords for each account, combining upper- and lower-case letters, numbers, and special characters.

• Enable Two-Factor Authentication (2FA): Adding a second verification layer, such as a code sent to a mobile device, significantly reduces unauthorised access risk.

• Be Cautious with Emails and Links: Avoid unsolicited emails or messages, verify sender authenticity, and refrain from clicking on suspicious links. Report internet scammers if you receive such links.

• Keep Software Updated: Regularly update software, including operating systems and browsers, to avoid becoming a target for hackers.

• Use Secure Networks: Avoid public Wi-Fi for financial transactions and use a VPN to enhance security by encrypting internet traffic.

• Monitor Account Activity: Regularly check bank and Credit Card statements for unauthorised transactions and set up alerts for real-time notifications of suspicious behaviour and report online shopping fraud.
  
  

Being Aware Of Common Techniques Used By Hackers Can Help You Stay Vigilant

With the rise of online transactions, cybercriminal threats have increased. Hackers use sophisticated techniques to exploit system vulnerabilities and deceive users. Awareness, making online fraud complaints and robust security practices are vital for protecting financial information.

Join Vigil Army, where Vigil Aunty will decode various frauds and give people a heads-up on the dos and don’ts of combating frauds online. To join the Vigil Army, send ‘Hi’ to her via WhatsApp number: 7290030000. 

​​​​​​​*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.