Beware! ICICI Bank Issues Warning on Latest Banking Fraud

In today’s world, cybercrimes take on various forms, with a major focus on compromising your digital identity. Your mobile device holds sensitive information and even grants access to your bank accounts, making it a prime target for scammers who are constantly devising new tactics to obtain your personal data and money. While banks are a popular target for these hackers, it’s important to note that any breach can occur if an individual falls victim to the attacker’s scheme.

And this seems to be happening recently, with banks such as India’s ICICI Bank warning of a new type of attack. The bank has even started warning its customers with a detailed email sharing information about the attack, called an SMS scam, which seems to be spreading like wildfire. Here are all the details and how you can prevent yourself from becoming a victim.

SMS scam to steal money: how it works

The bank’s note says cybercriminals create custom SMS forwarding apps that can forward a UPI-binding message to a virtual mobile number registered to a victim’s bank account.

Using this information, the fraudster sends malicious apk files to bank customers via WhatsApp. When a person clicks on the apk file link, the scammer starts saving the information entered by the customer, which gives him confidential information and thus makes it easier to steal money from that person’s account.

Recently, you may have come across cases where people claim to have received a message from their bank asking them to call a number or install an app on their mobile phone. Banks never do anything like this and warn that such a message is part of a scam.

How to avoid falling for such scams

The bank notes that people can easily avoid falling for such scams by following these tips:

Update your phone software to get the latest security patches

– Only install apps from an approved app store (sideloading has its risks)

– Always check which access rights the application requests for your phone

Never click on a link or message from an unknown sender

– Do not share bank details with anyone in a call or message

You might say these are basic tips for online prevention, but that’s all there is to it. People who fall for such scams usually avoid following these basic rules.