Stay Safe From Domain Fraud
The Indian banking sector has witnessed considerable growth since the advent of online services. Despite being well regulated with layers of security and continuous supervision, financial fraud is an acute problem. In fact, between the fiscal years of 2017 and 2020, a total of 40,741 fraud cases, amounting to INR 589 crore, were reported. An easy access to victims is through domain fraud. A sophisticated method of spoofing legitimate websites by using social engineering tactics, cybercriminals lure naive people to these dubious links. With a massive surge of cybercrimes being reported in the last decade, malware links that steal client credentials and swindle funds are very common. While banking institutions in India are looking for options to fight domain fraud, it is equally important to undertake precautionary measures at your end.
The first step to avoiding domain fraud is to understand the scam. Domain fraud is the process of creating and using unethical domain names of reputed brands to redirect users or businesses to make financial transactions. Cybercriminals impersonate trusted brand names to launch some of the following attacks:
- Wire transfer fraud
- Phishing
- Counterfeit good sales
- Session stealing
1. Check the Website URL
One way to identify the identity of a trusted bank website is by checking its domain name. For example, a genuine IndusInd Bank website will always have “HTTPS” and a lock icon on the site link-https://www.indusind.com/in/en/personal.html.
Fraud domain links with “HTTP” do not possess the certificate of security despite having similar brand logos and domain names. These could be dummy sites with an identical home page that exists only online. A transaction made on a fraud domain, using a smartphone, laptop or, even leaving a digital footprint behind allows cybercriminals easy access to your financial accounts and details. Below are some fraud domain names similar to that of IndusInd Bank. Designed to look just like the original one, but if you look closer at the address bar, you will notice missing details.
http://indusinno.com
http://indusindbanks.com
http://indusinds.com
http://indusindbankltd.in
http://indusinds.com
http://indusindfastremit.com http://indusindbank.reliablegroupindia.com
http://indusindbnk.com
http://indusindnetbanking.com
http://indusindcards.com
2. Look for Grammatical Errors
More often than not, dubious websites give away their credibility when you read the fine print. Look for grammatical errors, spelling mistakes, and even incorrect/ broken English on the website to verify the authenticity of the site. Trusted banking institutions take pride in creating impeccable websites. It means proper grammar, sharp graphics, and keen attention to detail
3. Verify the Trust Seal
When financial organisations, like IndusInd Bank, provide banking services to their customers, they ensure maximum security. It is for this reason that a credible website will always have a trust seal on the homepage, log in or checkout pages. It is recognisable and can be used as a source to verify the website’s authenticity. The seal is clickable; when clicked it displays privacy terms and a certificate of good standing.
4. Check Contact Details
When you land on an established domain page, the ‘Contact Us’ section will provide useful information, phone numbers, and email addresses that customers can use to inquire or make complaints. Details provided on a website are a telltale sign of its credibility. Ambiguous addresses and a phone number, that leads nowhere when dialed, is a cue to stay away from the website.
However, some fraud websites might have enough information to make you wary of your decision. So do a little homework, google the address or find an employee on reputed sites like LinkedIn to verify the page.
All in all, the internet is extremely useful; but when used mindfully. It is necessary to keep your personal information as secure as possible. Avoid clicking on suspicious links and never share sensitive information with anyone online. Don’t let fraudulent websites deter you from making the most of the many banking services offered online. Be vigilant and manage your digital footprint sensibly.
