ICICI Bank is alerting customers about a new scam that can drain their accounts - Details | Tech News

ICICI Bank is alerting customers about a new scam that can drain their accounts - Details

A new scam, involving malicious links and files is on the rise, prompting ICICI Bank to issue an advisory to its customers. Check out 6 ways to stay safe.

| Updated on: Apr 02 2024, 10:45 IST
Cybercrime in India in 2023: WFH scams and Illegal lending apps top list, reveals I4C report
AI voice scam
1/5 According to the Indian Cybercrime Coordination Centre (I4C), in 2023, the highest number of reported cybercrimes were related to Work from Home (WFH) or Part-time job scams. CEO Rajesh Kumar emphasized the prevalence of digital advertising, online messengers, and bulk SMS as common channels used by fraudsters. (unsplash)
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2/5 Illegal lending apps ranked second in contributing to cybercrimes, with a focus on operations in countries like China, Cambodia, and Myanmar. The Indian government has taken measures to block 595 suspicious apps and has whitelisted 395 instant loan apps approved by the RBI. (unsplash)
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3/5 Customer Care Number and Android malware emerged as the third-largest source of cyber fraud. Scamsters often use fake customer care numbers or install Android malware to steal sensitive information, including OTPs. (unsplash)
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4/5 Impersonation and sextortion are two widely employed tactics by cybercriminals. While Work from Home scams dominate reported cases, sextortion, primarily operated from Mewat, remains underreported due to victims' reluctance to complain. (unsplash)
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5/5 CEO Kumar highlighted the challenge of sextortion cases, revealing that approximately 19,000 such incidents were reported in the past year. The prevalence of sextortion, coupled with victims' hesitancy to report, poses a significant concern for authorities combating cybercrimes. (unsplash)
AI voice scam
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Citizens are advised to avoid downloading any files received through SMS links. (Pixabay)

The advancement in technology, while making our lives easier, has also given rise to a new type of threat - cyber threat. Threat actors are committing fraud using the latest means such as QR codes and artificial intelligence (AI). The ICICI Bank has issued an advisory, urging citizens to be vigilant of a scam involving malicious files and links that could drain their bank accounts, dealing them financial blows.

Also Read: Hundreds Of Indians Are Losing Money To This Scam

What is the scam?

As per the advisory, a new type of scam is on the rise where malicious an APK link is sent to citizens, urging them to download it. Upon installation and registration, the APK begins sending all the messages received on the victim's phone including OTPs.

The bank says, “Remain vigilant and ensure that you do not install any suspicious/malicious application in your mobile from untrustworthy sources. ICICI Bank never sends any SMS/WhatsApp message to its customers, asking them to call a particular mobile number or download any application.”

Also Read: Know how to protect yourself from quishing attacks

If citizens receive such messages, they are urged to report them immediately to the National Cyber Crime portal. The bank has also issued a list of best security practices that citizens can follow to stay safe from similar scams.

How to stay safe against scams

1. Update your mobile with the latest update and install the latest security patches.

2. Install apps only from trustworthy sources such as the Google Play Store and App Store.

3. Install antivirus software from trusted providers, and keep it updated.

4. Before allowing access to any application, pay heed to the permissions.

5. Do not click on suspicious links that you receive in emails or SMS.

Also Read: Apple iPhone scam - Celebs unwittingly promote $35 mn fraud

6. Do not share confidential information such as OTP, PIN or card details with anyone, especially over the phone or Internet.

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First Published Date: 02 Apr, 10:44 IST