Zero click attacks – a new cyber threat for the e-banking sector
| Date | 16 August 2022 |
| Pages | 1150-1161 |
| DOI | https://doi.org/10.1108/JFC-06-2022-0140 |
| Published date | 16 August 2022 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
| Author | Nisha TN,Mugdha Shailendra Kulkarni |
Zero click attacks –a new cyber
threat for the e-banking sector
Nisha TN and Mugdha Shailendra Kulkarni
Symbiosis Centre for Information Technology (SCIT),
Symbiosis International (Deemed University) (SIU), Pune, India
Abstract
Purpose –The purpose of the study is to confirm the fact that in informationssecurity, the human factor
was consideredas a key carrier of the majority of attacks that an information system faces.Banking and other
financial services are always top among the most attractive targets for cyber attackers. Blind phishing or
spear phishing is still one of the major contributors to all maliciousactivities in the e-banking sector. All the
counter mechanisms,therefore, revolve around the concept of how security-aware the customersare. To fool
these mechanisms, attacks are becoming smarter and are searching for methods where the human
involvement is diminishingto zero. Zero click attacks are one big leap that attackers are taking that removes
the requirement of human involvement in initiating attacks and are moving toward an era of unassisted
attacks. Even though the standard procedure and protocols are built into the banking system, they fail to
detect thisattack resulting in significant losses.
Design/methodology/approach –This paper follows a conceptual review of the upcomingconcept in
security and its implicationin e-banking sector. The methodology adopted in this paper uses reviewpapers,
articles and white papers to conclude a theoretical model. A detailed analysis of unassisted attacks is
consideredfrom 2010 onwards till 2022.
Findings –This research deliberates on the methodologies of zero click attacks and gives a detailed
analysis of attackvectors and their exploits. This research also identifiesthe likely attacks on e-banking that
these vulnerabilitiescan trigger.
Originality/value –The key contribution is towardthe early detection of zero click attacks, suggesting
countermeasure,reducing the likelihood of these attacks and the financial impact.
Keywords E-banking, Financial frauds, Zero-click attacks, Unassisted attacks,
Attack vectors and counter measures
Paper type Research paper
1. Introduction
In this era of financial technology, especially during the Covid 19 outbreak, cyber-attack is
increasing. (Buil-Gil et al.,2021;Lallie et al., 2021). This is because individuals are using the
internet, mobile banking, e-wallets, banking apps for paying their utility bills, p2p lending,
e-loan processes, secondary market transactions, etc. (Chaum, 1992;Averin and Averina,
2019). Accessing the bank account using digging passwords or passcode can do huge
damage with little skill. According to the report by BlueVoyant report mentions that the
financial sector is the sector with the highestcyber-attacks (Anon, 2021a,2021b,2021c).
Attackers are becoming extremely risky and a threat not only to the organization but
also to individuals. Identity theft, cyber-attacks and cyber-crimes have ferociously
increased. They are leveraging different techniques such as password cracking apps,
malware attacks, redirecting or creating phony websites by tricking the customers. These
cyber invaders are engagingin using innovative strategies to surpass the passive defense.
Thanks to rigorous phishing campaigns,now people are reluctant to click a link or open
a website sent by unknowns. This made the attackers think about alternate methods of
baiting the victims (Alabdan, 2020). The beginning of an unassisted attack is motivated by
JFC
30,5
1150
Journalof Financial Crime
Vol.30 No. 5, 2023
pp. 1150-1161
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-06-2022-0140
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1359-0790.htm
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