Hash code Fraud

Hash code fraud is a new type of cybercrime that is becoming increasingly common. The hash code fraud’ through which hackers hack their target’s phone and steal personal data to commit financial fraud.

In hash code fraud, cybercriminals send victims a text message or email that appears to be from a legitimate source, such as a bank or credit card company. The message will often state that the victim's account has been suspended or that there is suspicious activity on their account.

The message will then direct the victim to a website that looks like the website of the legitimate company. On this website, the victim will be asked to enter their personal information, including their name, address, phone number, and credit card number. Once the victim has entered their information, the cybercriminals will use it to commit financial fraud.

The most dangerous part is, this type of fraud where the victim would be unaware that his phone has been hacked and he would only wonder why his phone is not functioning properly!

As per the subject matter expert, in this fraud the person receives a message from a general server number informing that a certain service has been activated on their number. They provide another server number saying that one has to send a message on it to deactivate the service.

When the person sends a text to the number, they receive a call from the fraudster. The fraudster pretending to be a customer care executive asks the victim to enter some hash code in their dial pad to deactivate the service.

When the person dials the code, the code redirects all the calls to another number which belongs to the fraudster. Using this technology, the fraudsters hack the victim’s bank accounts which could be accessed through call OTP.

When the fraudster accesses the accounts, they start gathering all the details from these accounts. Subsequently, they access the bank credentials of the victim and then commit fraud.

To protect yourself from hash code fraud, there are a few things you can do:

· Do not click on links in text messages or emails from unknown senders. If you are unsure whether a message is legitimate, you can always contact the company directly to verify.

· Be careful about the information you enter on websites. Only enter your personal information on websites that you trust.

· Use a strong password and change it regularly. This will help to protect your accounts from being hacked.

· Be aware of the latest cybercrime scams. You can stay up-to-date on the latest scams by reading security blogs and articles.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA