Phishing Fraudsters Exploit ICICI Bank’s Name

Security experts are warning ICICI Bank customers that a fraud e-mail purporting to be from the bank is circulating on the Internet.

Anybody getting e-mail that poses to be from the ICICI, a leading Indian bank, asking to update the recipient's account information should not click the link included in it. The fraudulent e-mail is phishing bait that fraudsters are using to rob customers of their money, warn experts at MicroWorld Technologies.

The phishing e-mail displays a logo of the bank on the top in attempt to convince the recipient. It says that during the bank's routine account maintenance procedures, it could not verify the recipient's account. Since there is need to update the recipient's account information so that the bank could continue to protect the account from fraud therefore, it requests the reader to spare 5 minutes from his/her online surfing time to renew the records. This would help to avoid facing any problems with the bank's online service.

MicroWorld had sent out a warning about another such phishing e-mail using the ICICI bank's name in 2006. The current one apparently is from the same people because it is conspicuously similar in content and method of reaching the customers. Further, the conmen responsible for this e-mail is trying to exploit the situation to the maximum as they boldly ask for account transaction passwords and ATM card numbers too, indicated Manoj Mansukhani, Head Global Marketing of MicroWorld Technologies. TeachWhack reported this on August 7, 2007.

Phishing techniques in US and Europe use trojans and DNS poisoning as tools. Compared to that, this particular e-mail uses old format and methodology. However, since in India, the majority of online banking people have not even heard about phishing, such e-mails can easily trick consumers to become victims.

There is another case of phishing where the name of UTI Bank, another leading Indian bank is being changed to 'Axis'. With this new name, the spammers are e-mailing customers to loot their accounts, warned security experts at MicroWorld Technologies. This phishing e-mail also asks for security upgrade as most phishing mails attacking Indian banks do.

Related article: Phishing With A Redirector Code

» SPAMfighter News - 8/22/2007