Mobile Banking Scam; Expert Urges Govt to Boost Cybersecurity Measures

TEMPO.CO, Jakarta - Cybersecurity and digital forensic expert Alfons Tanujaya gave his view on the recent cybercrime that hacks a victim’s mobile banking account by enticing victims to click a link embedded in an online wedding invitation. The Vaksincom expert believes prevention measures must come from financial institution regulators’ increased online transaction security. 

He believes the plethora of cases will eventually reduce public trust in mobile banking’s security. 

“The government has a major role in the financial sector digitization. It will have multiple effects on Indonesia’s economic growth,” said Alfons in a written statement on Monday, January 30. 

The latest modus operandi, as mentioned before, involves APK-based digital wedding invitations. A link made to look like a wedding invite will redirect victims to download software that essentially steals the victim’s one-time password (OTP). 

He highly suggests mobile banking service providers implement a “what you have” verification process whenever a mobile banking account is moved to another device, and not rely solely on “what you know.”

“What You Have verification is an example of verification of ATM cards, authentic ID cards, and physical account holders. Meanwhile,  What You Know verification is a user ID, password, transaction approval PIN, and OTP code," he said.

The cybersecurity expert believes if banks implement systems and procedures properly and cleverly, criminals will have difficulty taking over m-banking accounts. "Even though we managed to get all the credentials and OTP for transaction approval," he added.

MOH KHORY ALFARIZI

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