Have you also downloaded this fake banking app? Know how fraudsters cheat and what the ways are to avoid it.

Fake Banking App: With the increasing use of digital banking in India, the threat of fake banking apps has also increased rapidly.

Fake Banking App: With the increasing use of digital banking in India, the threat of fake banking apps has also increased rapidly. Recently, a similar incident happened with a person from Kerala in which he updated the banking app as per a message received on his mobile, and within no time, Rs 4 lakh disappeared from his provident fund account. This message looked absolutely real and the person was convinced that it was from his bank. As soon as he downloaded the app and entered the login details, the entire money was cleared through two transactions.

How do these fake apps work?

According to cyber crime experts, this app was completely fake and a screen sharing tool was already hidden in it. With the help of this tool, scammers can see every activity of the user live. As soon as the victim enters the details, the fraudster gets full access to the account. Such apps initially look exactly like the real apps, even the logo, name and interface are similar to the real apps. These apps are sometimes also uploaded on Google Play Store or third party websites.

How is the fraud done?

Scammers send fake links to the user via SMS, email or social media. These links take the user to a site that looks like the real bank website where the user enters his information. Sometimes such apps are also sent through APK files which the user downloads from outside the Play Store. Once installed, these apps can read SMS, steal OTP and capture login details. Through the screen sharing tool, they can also take control of the entire phone remotely.

How to avoid fake banking apps?

Always download banking apps from the official website of your bank or Play Store/App Store.

Carefully check the app's details, developer name, user reviews and download numbers.

Be cautious if an app asks for permission to access your contact list, photos or screen.

Ensure two-factor authentication (2FA) is activated.

Do not click on messages from unknown numbers or links, especially those claiming a reward or emergency update.

If the app or website has spelling mistakes or a suspicious developer name, ignore it.

Never install APK files received from social media or advertisements.