
Let's Phish Out Cybercriminals: A Deep Dive into Their Deceptive Tactics
PACE has discussed Phishing scams many times as they pose a significant threat to all our businesses. It is extra crucial to understand how threat actors leverage these deceptive tactics. So for Cybersecurity Awareness Month let’s explore different types of phishing scams, their intent, the various types of attacks, and most importantly, how to safeguard your email and business.
What do they hope to gain?
The intent behind phishing emails is to lure unsuspecting victims into taking actions that can compromise business operations, such as sharing sensitive information, transferring funds, or downloading malware. Cybercriminals are primarily driven by the desire to steal your money, data, or both.
Financial theft is a common objective of phishing attempts, with scammers employing tactics like business email compromise (BEC) to execute fraudulent fund transfers or ransomware attacks. On the other hand, your valuable data, including usernames, passwords, and financial information, is highly sought after by cybercriminals. They can exploit your login credentials for financial theft or inject malware into your systems. In some cases, your sensitive data may even be sold on the dark web for profit.
No business is secure unless there is a process for system, security and best practices checks and balances in place. All of this is part of the PACE standard network administration process. However, there is still room for human error. To protect yourself and your colleagues from phishing attempts, it's imperative to remain vigilant and be aware of common signs. If an email asks you to click on a link or directs you to an unfamiliar website, exercise caution as it may be a malicious attempt to steal your personal information. Similarly, be cautious when opening email attachments, as disguised malware can compromise your computer and compromise your data. Finally, if an email prompts you to take urgent actions like transferring funds, take the time to verify the authenticity of the request before proceeding. We recommend all fund transfer requests should be verified with a phone call you initiate as nowadays; deep fake AI video and audio can be utilized.
Phishing attacks continue to evolve and can target businesses of all sizes. While phishing emails remain a popular method, cybercriminals also utilize text messages, voice calls, and social media messaging.
Have a look at these types of phishing traps, chances are you, or someone in your organization, has experienced one or many of these already:
Spear phishing: Highly personalized emails aimed at convincing individuals or businesses to share sensitive information or spread infected malware.
Whaling: Targeting high-level executives, this scam involves impersonating trusted sources or websites to steal information or money.
Smishing: Using text messages from seemingly trusted sources, smishing attempts to deceive victims into sharing sensitive information or making financial transactions.
Vishing: Voice phishing involves impersonating legitimate entities, such as the IRS, to convince victims to disclose personal information over the phone.
Business email compromise (BEC): Scammers use seemingly legitimate email addresses to trick senior-level executives into initiating unauthorized financial transactions.
Angler phishing: Targeting social media users, this scam involves fake customer service accounts that aim to extract sensitive information, particularly from disgruntled customers of financial institutions and e-commerce businesses.
Brand impersonation: Cybercriminals impersonate popular brands across multiple channels to trick customers into revealing sensitive information, which can severely impact the brand's reputation.
That’s a lot of ways cybercriminals can try to take advantage of you and your organization.
To enhance your email security knowledge and avoid potential traps, we invite you to download PACE’s eBook, "Your Guide to Email Safety." This comprehensive resource will provide invaluable insights into improving email security and protecting your inbox from potential threats.