Bank of Israel, the central bank of the country, has stated that there has been a significant increase in attempts of banking frauds in the last six months.

It noted that the technical advancements have enabled the customers to carry out a majority of their banking tasks online; however, it also leads to various considerable risks.

With the increasing threat of cyber attacks and phishing attempts, the central bank has called for an increase in vigilance among banks and its customers to mitigate the risks of online banking.

The bank stated that in the recent weeks there were multiple attempts to steal customer details by impersonating PayPal, which is used to carry out payments for internet purchases.

The attackers were found to send emails in English or Hebrew to several private individuals as PayPal asking them to provide personal details including all information of the card.

Though there were no reports of damages to customers, the attackers were successful in causing a nominal financial damage to the respective banks.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Against this background, the Banking Supervision Department notified the customers of the recent fraud attempts as well as reiterated several recommendations to deal with events as well as to increase customers’ awareness and attention.

The customers were told to install protection software in their devices as well as increase the usage of direct channels among a set of several recommendations.