Banks, card providers, and retailers across Europe have implemented a new online security check to strengthen their online card payment process. As a part of the new check process known as Strong Customer Authentication (SCA), customers have been urged to provide updated contact information. However, this has paved a new way for scammers who aim to steal users’ bank account details and other personal information.
How do the scammers operate?
Phishers are imitating the messages meant for SCA and asking users to provide their updated details. To make it convincing, these messages are sent through emails that appear to come from legitimate banks such as Santander, Royal Bank of Scotland (RBS), and HSBC.
Each of these scam emails includes links to sites that are meant to capture personal details of users. These stolen details can be later used by scammers to hack into victims’ bank accounts.
What is SCA?
SCA or Strong Customers Authentication is a new European regulatory requirement to reduce fraud while making online payments. The security check is required if the payment is over €30. The authentication is based on at least two of the following three criteria such as:
How to spot a phishing email?
Users should follow the basic steps to spot if an email is spoofed or not. This includes: