Social Engineering is a term used to describe the process of manipulating people into giving up their personal information or performing actions they would not normally perform.
Social engineering is a form of identity theft that involves tricking someone into revealing private information or doing something they wouldn’t ordinarily do.
It’s often done by pretending to be someone else or using social media to gain access to sensitive data.
This article will show you how social engineering works and how it can be used against banks and other financial institutions.
It is frequently seen that people are getting fooled and due to lack of knowledge incur a huge financial loss.
Banks and other financial institutions use a variety of methods to protect themselves from fraud.
One method is to require customers to verify their identities through various means such as verifying their address, phone number, or email address.
Another common method is to ask customers to provide additional forms of identification when making transactions.
However, these measures aren’t foolproof. Some criminals have been known to impersonate bank employees and obtain customer account numbers and passwords.
The Basics of Social Engineering
Social engineering is a form of psychological manipulation that involves tricking individuals into revealing sensitive information.
This type of attack is often referred to as “social hacking” because it relies on social relationships between an attacker and the victim.
The Phishing
Phishing is a common method of social engineering where attackers send emails with malicious links or attachments to trick users into divulging confidential information.
On the other hand, social engineering attacks involve more subtle methods of deception. These attacks rely on the trust relationship between the attacker and the victim.
This type of attack can also be carried out with text messages, or by misrepresentation over the phone. This is normally termed voice phishing.
Tailgating
Popularly known as piggybacking. Imagine that you are just entering your office with biometric door authentication or with a smart card.
While entering a guy comes next to you. On one hand, he’s having a laptop bag and on the other has a cup of coffee.
He rushes back to you and sneaks in. This is called tailgating. To gain entry to a workplace, they follow an authorized employee through an open door.
Bank Account Hacking
Hackers use social engineering techniques to gain access to bank accounts.
They might pose as an employee at the bank, a customer service representative, or even a friend who has been given access to the account by mistake.
Once inside, hackers can steal money or transfer funds out of the account.
ATM Card Skimming
If you’re using an automated teller machine (ATM), make sure you keep your eyes open when entering your PIN.
A hacker might place a device on top of the keypad to capture your PIN. This type of attack is called “skimming.”
Impersonation
They try to be like someone else over the phone Or in person. Masquerading as a technician Or a repair person.
They may even act as an employee of an organization who would not arouse suspicion when they request the personal information of the victim.
Dumpster Diving
A typical type of data mining. They would go to the office and home trash container for documents that may contain personal, financial, or business information.
Spyware/ malware
This may come along with a link sent over mail Or messages. It also does come with software that is pirated and free of charge.
Spyware such as trojan horse one installed in the system may harm you more than you think.
You may even don’t know what’s going on with the laptop but someone may have already gained access to your PC.
