A new phishing scam is targeting online bank users of an all-digital bank in the United Kingdom, Monzo, wherein hackers attempt to access their accounts to steal their stash of money.
New Phishing Scam Targets Digital-Only Bank
As per a news story by Bleeping Computer, one of the biggest if not the largest digital-only banks in the United Kingdom, Monzo, is now a victim of a growing number of phishing websites, pretending to be the UK online bank.
It is worth noting that Monzo is one of the first online banking platforms in the United Kingdom, which tried to take on the challenge of not having any brick and mortar banks in place.
As such, all of the banking activities are done in its app, which sports tons of financial features, as well as a comprehensive system that detects various fraud activities.
However, a new phishing scam is attempting to overcome the fraud detection system of Monzo to access the bank accounts of its customers, according to a blog post by a cybersecurity researcher, William Thomas.
New Online Bank Phishing Scam: How it Works
The cybersecurity researcher, Thomas, went on to expose how the threat actors are carrying out their attacks against online banking customers using their new phishing process.
The scam starts by sending out a text message that pretends to have been sent by Monzo.
The fraud SMS would then ask its target to click the link provided on the text message to either confirm their account or to reactivate their login on their account.
It turns out that the link in the phishing text message leads victims to a fake website, which asks them to log in to their emails.
Upon requesting their email login, the website would also ask for some of their Monzo account credentials, such as their name, Monzo PIN and account, and their contact number.
As such, the cyberattacks could now access the email accounts of the victims, which also gives them access to their Mozo account.
Read Also: : BazarBackdoor Trojan Involved in a New Phishing Campaign | CSV Text Files Used to Spread Malware
Monzo Phishing Scam: How to Avoid
The official Twitter account of Monzo has already acknowledged the existence of the new phishing scam.
The UK all-digital bank has already issued a warning regarding the fraud scams via SMS or text message. Not to mention that Monzo also shared some of the things that need to be avoided when receiving such phishing messages.
Monzo said that its users should first check their banking app instead of clicking links from text messages, noting that all notifications should be seen on their mobile app.
🚨 FRAUD ALERT: PHISHING SCAMS 🚨
— Monzo 🏦 (@monzo) February 16, 2022
Is that text from your bank, actually from your bank? 👀
We'd never send you a link to verify your account via text, or ask you to log in to a website to confirm any account details.
Here are the red flags of a phishing scam...
THREAD👇 pic.twitter.com/e71TscTLMw
Related Article : LinkedIn Job-Hunting? Beware of Phishing Scams as It Surges to 232% Since Feb. 1 | How to Avoid
This article is owned by Tech Times
Written by Teejay Boris
