The investigation has led cops to Noida in Uttar Pradesh and Jamtara in Jharkhand so far.

Clocking six complaints a day banking fraud on the rise in HyderabadImage for representation
news Cyber Crime Monday, October 24, 2016 - 08:58

Cyber crime officials in Hyderabad are a worried lot. The reason is the sudden increase in complaints of online banking frauds with six new cases being received every day. 

The investigation has led cops to Noida in Uttar Pradesh and Jamtara in Jharkhand so far, said the official probing the cases, according to a report by Siddharth Tadepalli in The Times of India.

Raghuveer, ACP, cyber crime cell says the fraudsters under the guise of being bank officials, call or send a message to victims with a one-time password (OTP). Once the user entered this into the banking application, it gave the hackers a backdoor-entry into the bank account of the victims, the report said.

One of the victims, Ananth Kumar, received a message from the bank asking him to change his password using the new OTP. Moments after he changed it, he began to lose money in small sums on a regular basis.

The police suspect that the fraudsters were using phishing software. Explaining about the software, Rakesh Phanindra Akula, an expert in cyber security from the Institute of Public Enterprise told Times of India said, “Using such software, scamsters can call anyone from any number, which include toll free numbers used by banks. They then convince users to divulge their credit or debit card details.”

It was also reported that there has been a 31 per cent rise in the number of banking frauds in India, as against last year and in a city like Hyderabad, where the number of people accessing the Internet through the mobile has grown, several new cases have been emerging from the city.

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