Cyber attacks are malicious attempts to access, damage, or disrupt computer systems, networks, or devices. They can target individuals, businesses, organizations, or governments, and they can have various motives and objectives. One of the most common and dangerous types of cyber attacks is the one that targets bank accounts. This article will discuss how to protect your bank account from cyber attacks in Bangladesh and provide tips on how to keep your money safe.

Bank accounts are valuable assets that store your money and personal information. If hackers or fraudsters manage to access your bank account, they can steal your money, identity, or data, or use your account for illegal activities. This can result in financial losses, identity theft, fraud, or legal troubles.

According to a report by the Bangladesh Bank, the central bank of the country, there were 2,887 cases of cyber attacks on bank accounts in Bangladesh in 2019, resulting in a loss of Tk 1.26 billion (about $14.8 million). Globally, cyber attacks in Bangladesh on bank accounts are estimated to cost $6 trillion annually by 2021, according to Cybersecurity Ventures.

Therefore, it is crucial to protect your bank account from cyber attacks in Bangladesh, especially in Bangladesh, where the cyber security infrastructure and awareness are still developing. In this article, you will learn how to protect your bank account from cyber attacks in Bangladesh with these simple and effective tips. You will also learn how to prevent, detect, and recover from cyber attacks on your bank account.

How Cyber Attacks Can Affect Your Bank Account

There are many ways that cyber attackers can target your bank account and cause you harm. Here are some of the most common types of cyber attacks in Bangladesh and how they can affect you:

• Phishing scams: Phishing scams are fraudulent emails, calls, or messages that pretend to be from your bank or other trusted entities, and ask you to provide your bank account details, passwords, PINs, or other sensitive information. If you fall for these scams, you can give away your account access to the attackers, who can then use it to steal your money or data, or perform unauthorized transactions.
• Malware infections: Malware infections are malicious software programs that can infect your computer, smartphone, or other devices, and monitor, record, or manipulate your online activities, including your banking transactions. If you have malware on your device, the attackers can capture your keystrokes, screen, or camera, and obtain your bank account credentials, or alter your transactions to divert your money to their accounts.
• Credential stuffing: Credential stuffing is a technique that uses automated tools to try to log into your bank account using stolen or leaked usernames and passwords from other websites or data breaches. If you use the same or similar passwords for multiple accounts, the attackers can easily guess your bank account password and gain access to your account.
• SIM swapping: SIM swapping is a technique that involves transferring your phone number to a new SIM card that is controlled by the attackers, without your knowledge or consent. If you use your phone number for receiving verification codes or alerts from your bank, the attackers can intercept them and use them to log into your bank account or authorize transactions.
• ATM skimming: ATM skimming is a technique that involves attaching a device or a camera to an ATM machine that can read or record your card information and PIN when you insert your card or enter your PIN. The attackers can then use this information to clone your card or access your bank account online.

These are just some of the examples of how cyber attacks in Bangladesh can affect your bank account. There are many other types of cyber attacks that can pose a threat to your bank account security, such as ransomware, denial-of-service, man-in-the-middle, or social engineering attacks. Therefore, you need to be vigilant and cautious when using your bank account online or offline.

Ways to Protect Your Bank Account from Cyber Attacks in Bangladesh

Use Strong Passwords

Having strong passwords is one of the first lines of defense against cyber criminals. Avoid easy-to-guess passwords like your birthday, name or common words. Instead, use long passwords with a mix of letters, numbers and symbols.

Some tips for creating secure passwords:

• Use a passphrase by combining random words with numbers and symbols
• Don’t use the same password across different accounts
• Update passwords frequently, at least every 90 days
• Use a password manager to generate and store unique passwords

Enable Two-Factor Authentication

Two-factor authentication (2FA) provides an extra layer of security beyond just a password. It requires you to enter a one-time code or approval sent to your mobile phone when logging in.

Banks in Bangladesh like DBBL, BRAC Bank and City Bank now offer 2FA for added security. Enable this option to better protect online accounts from unauthorized access.

Keep Software Updated

Cyber criminals are constantly finding new vulnerabilities in operating systems, browsers and other software. They exploit these security holes to break into devices and access sensitive data.

To prevent this, it’s critical to keep all your software up-to-date. Enable automatic updates where possible. Also update antivirus software regularly to detect emerging threats.

Be Careful of Phishing Attacks

Phishing is a common ploy used in cyber attacks in Bangladesh targeting bank accounts in Bangladesh. It involves fraudulent emails, texts or calls that appear to come from a trusted source like your bank. The aim is to trick you into revealing account details and passwords.

Look out for telltale signs of phishing like poor spelling and grammar, threats to close your account, or mismatching links. Avoid clicking links or downloading attachments in suspicious messages. Always access your bank’s website directly through the browser.

Monitor Bank Account Activity

Keep a close watch on your account activity to spot any unauthorized transactions quickly. Review bank statements frequently and set up alerts for large transfers or withdrawals. Report discrepancies to your bank promptly to prevent losses.

Don’t Use Public Wi-Fi

Public Wi-Fi networks can be insecure and leave you vulnerable to eavesdropping by hackers. Avoid accessing your bank account through public hotspots. If you need to use public Wi-Fi, connect through a VPN app to encrypt your connection.

Install Security Software

Having comprehensive security software is essential for safeguarding devices against cyber attacks in Bangladesh. Use a reputed antivirus program to block malware and viruses. Install a good internet security suite with a firewall, anti-spyware, anti-phishing and other protections.

How to Recover from a Cyber Attack on Your Bank Account

If you are unfortunate enough to experience a cyber attack on your bank account, you should not panic, but act quickly and decisively to minimize the damage and restore your account security. Here are some of the steps you should take to recover from a cyber attack on your bank account:

• Contact your bank immediately: The first and most important thing you should do is to contact your bank and inform them of the cyber attack. You should provide them with as much information as possible, such as the date, time, amount, and type of the attack, and any evidence or clues you have. Your bank can then freeze your account, stop any pending transactions, reverse any fraudulent charges, or issue you a new card or account number.
• Change your passwords and PINs: The next thing you should do is to change your passwords and PINs for your bank account and any other accounts that are linked to it, such as your email, phone, or online shopping accounts. You should also change your security questions and answers, and any other settings that can affect your account security. You should use strong and unique passwords and PINs, and enable two-factor authentication if possible.
• Report the incident to the authorities: The third thing you should do is to report the cyber attack to the relevant authorities, such as the police, the cyber crime unit, or the consumer protection agency. You should file a complaint or a report, and provide them with the details and evidence of the cyber attack. This can help them to investigate the case, catch the perpetrators, and prevent further attacks.
• Monitor your credit report and identity: The fourth thing you should do is to monitor your credit report and identity for any signs of identity theft or fraud. You should check your credit report regularly, and look for any inquiries, accounts, or transactions that you did not authorize or recognize. You should also check your identity documents, such as your national ID, passport, or driving license, and make sure they are not lost, stolen, or tampered with.
• Seek professional help if needed: The fifth and final thing you should do is to seek professional help if needed. You can consult a lawyer, a financial advisor, or a cyber security expert, depending on the nature and severity of the cyber attack. They can help you to recover your losses, protect your rights, or improve your security.

These are some of the steps you should take to recover from a cyber attack on your bank account. However, you should remember that prevention is better than cure, and that you should always follow the best practices to protect your bank account from cyber attacks in Bangladesh.

How can I protect my bank account from cyber attacks when shopping online?

Online shopping is a convenient and popular way to buy goods and services from the comfort of your home or office. However, it can also expose your bank account to cyber attacks, such as:

• You may enter your card or account details on fake or insecure websites, which can steal your information or charge you for products or services that you did not order or receive.
• You may click on malicious links or ads, or download malicious attachments, which can infect your device with malware or redirect you to phishing websites.
• You may fall victim to online shopping scams, such as fake offers, reviews, or coupons, which can lure you into paying for products or services that are low-quality, defective, or non-existent.

To protect your bank account from cyber attacks in Bangladesh when shopping online, you should follow these tips:

• Use a secure and trusted website, and check the URL, the padlock icon, the HTTPS protocol, and the domain name before entering your card or account details. You should also check the website’s privacy policy, terms and conditions, and contact information, and avoid any websites that look suspicious or unprofessional.
• Use a secure and trusted payment method, such as a credit card, a debit card, a prepaid card, or a digital wallet, and avoid using cash, wire transfers, or gift cards. You should also check the payment options, fees, and exchange rates, and choose the best option for you.
• Use a secure and trusted device and network, and avoid using public or shared devices or networks, such as public Wi-Fi, internet cafes, or hotel computers. You should also update and protect your device with antivirus and firewall software, and clear your browser history, cache, and cookies after shopping online.
• Use common sense and caution, and do your research before buying anything online. You should compare prices, reviews, and ratings of different products, sellers, and websites, and look for any red flags, such as too-good-to-be-true offers, poor grammar, or spelling errors. You should also read the product description, specifications, and warranty, and check the delivery, return, and refund policies.

Frequently Asked Questions

How can I identify if an email from my bank is legitimate or a phishing scam?

Look for poor grammar, spelling mistakes and mismatching links in emails. Also watch for threatening language demanding immediate action. Visit your bank’s website directly rather than clicking embedded links to confirm any notifications.

Should I use the same passwords across different banking and financial accounts?

No, using the same password across accounts makes you more vulnerable if one account is compromised. Have unique complex passwords for every important account.

What are some good internet security suites with antivirus that I can use?

Some top options are Norton Security, McAfee Total Protection, Bitdefender Internet Security, and Kaspersky Internet Security. Compare features and prices before choosing one.

Is a VPN necessary if I only access my bank account briefly through public Wi-Fi?

Yes, even quickly checking your balance or transactions over unsecured connections poses risks of credential theft. Use a VPN every time you access any sensitive accounts on public networks.

How often should I review my account activity and bank statements?

Check your account activity and transactions at least once a week, if not every few days. Review bank statements thoroughly as soon as you receive them to identify discrepancies quickly.

Should I report minor unauthorized charges or just ignore them?

Immediately report every unauthorized or fraudulent transaction to your bank, no matter how small. This can help prevent future attacks and limit losses.

Final Words

Safeguarding your finances against cyber attacks in Bangladesh should be a top priority. Following the tips outlined in this article can help secure your bank accounts from online threats. Adopt practices like strong passwords, two-factor authentication, antivirus software, avoiding public Wi-Fi and monitoring your accounts closely. Being proactive about protecting your money will give you great peace of mind.