2. Online Banking Frauds Cyber Lawyer
Expert
• Invariably online banking frauds involve the following
two mechanisms:
• The Cyber Criminal obtains the customer’s online bank
account access data, i.e. login name and password.
• The Cyber Criminal uses this information to transfer
money to other accounts and withdrawals the funds
many times in the nature of Money Mule Transactions.
• Commonly, the “over the shoulder looking”
mechanism occurs when a customer performs financial
transactions he is being observed by a Cyber Criminal
or the device used for the credit card transaction stores
the customer’s account data and password.