A Man-in-the-Middle (MITM) attack is a type of cyberattack where the attacker secretly intercepts and possibly alters the communication between two parties who believe they are directly communicating with each other. The attacker can eavesdrop on the conversation, intercept important messages, and even inject new ones.
A MITM attack can lead to bank fraud in several ways. For instance, an attacker can monitor digital activities, conversations, and emails to steal account login information, credit card numbers, bank information, and more. This stolen information can then be used for unauthorized password changes, fund transfers, or even identity theft. A classic example of a MitM attack leading to bank fraud is where the attacker asks the victim to change the bank account to which payment should be made, often after the real party has sent an invoice with the genuine bank details on it. The attacker can then abscond with the payments before either party realizes that a third party was involved.