What is Phishing? All You Need To Know About Phishing

What is Phishing? All You Need To Know About Phishing

Phishing is a kind of cyberattack in which people are tricked into giving private information, downloading malicious software, or otherwise exposing themselves to crimes by means of phony emails, texts, phone calls, or websites.

Another type of social engineering is phishing attacks.  Social engineering assaults, in contrast to conventional cyberattacks that target networks and resources directly, use pressure tactics, phony stories, and human error to trick victims into inadvertently hurting themselves or their organizations.

A hacker poses as a trusted individual, such as a coworker, supervisor, authority figure, or representative of a well-known company, in a conventional phishing scam.  The hacker sends a message telling the victim to click on a link, open an attachment, pay an invoice, or do something else.

The user follows the directions and immediately falls into the scammer’s trap since they believe the message’s purported source.  That “invoice” could take you straight to the account of a hacker.  The user’s device may get infected with ransomware as a result of that attachment.  The user may be directed to a website that steals login passwords, bank account numbers, credit card numbers, and other personal information by clicking on that link.

Why is phishing a major cyber threat?

Phishing is a common and very successful tactic used by cybercriminals.  Phishing is the most prevalent data breach vector, making almost 15% of all breaches, according to IBM’s Cost of a Data Breach report.  Phishing-related breaches cost businesses an average of USD 4.88 million.

Because it preys on human weaknesses rather than technological ones, phishing poses a serious threat.  Attackers don’t have to outsmart cybersecurity tools or directly compromise systems.  They can deceive those with permission to access their target, whether it is money, private data, or something else, into carrying out their nefarious activities.

Phishers might be sophisticated criminal gangs or lone con artists.  Phishing can be used for a variety of nefarious purposes, such as espionage, account takeovers, extortion, identity theft, credit card fraud, and financial crime.

The target of phishing can be anyone from large enterprises and government organizations to regular citizens.  Russian hackers stole thousands of emails from Hillary Clinton’s 2016 US presidential campaign using a phony password-reset email in one of the most well-known phishing attempts.

 

Standard network monitoring technologies and approaches are not always able to detect phishing schemes in process because they manipulate people.  Even the Clinton campaign’s IT support desk believed the phony password-reset emails were real throughout the hack.

Organizations must utilize both sophisticated threat detection systems and extensive employee training to prevent phishing and make sure that users are able to recognize and securely react to scam efforts.

Types of phishing attacks

The term “phishing” refers to the fact that, similar to how fishermen use bait to hook real fish, scammers employ alluring “lures” to deceive their victims. Phishing lures are fake messages that seem real and arouse powerful feelings like curiosity, fear, and greed.

What and whom phishing scammers target determines the types of lures they employ. The following are some typical instances of phishing attacks:

Bulk Email Phishing

Scammers send spam emails to as many people as they can in the hopes that some of the targets will fall for the attack. This is known as bulk email phishing.

Scammers frequently craft emails that seem to be from big, reputable companies, such as banks, internet merchants, or developers of well-known applications.  Scammers improve the likelihood that their targets are consumers of well-known brands by posing as those brands.  A target is more likely to open a phishing email that looks to be from a brand they frequently contact.

To make phishing emails look authentic, cybercriminals go to considerable measures.  They may use the branding and logo of the phony sender.  To give the impression that the message is from the phony sender’s domain name, they may use spoof email addresses.  Even a real email from the phony sender could be copied and altered for nefarious purposes.

Email scammers craft subject lines that evoke strong feelings or a sense of urgency. Astute con artists utilize topics like “Your invoice is attached” or “Problem with your order” that the phony sender might actually address.

The email’s body instructs the recipient to do something that seems sensible at first but ends up revealing private information or downloading malicious software. A phishing link might say, for instance, “Click here to update your profile.” The malicious link directs the victim to a phony website where their login details are stolen.

Phishing campaigns are sometimes timed by scammers to coincide with holidays and other occasions when individuals are more vulnerable to pressure.  For instance, Prime Day, the online retailer’s yearly sales bonanza, is frequently when phishing assaults against Amazon users increase. To exploit people’s reduced guards, scammers send emails about phony offers and payment issues.

Spear Phishing

Spear phishing is a type of phishing assault that targets a particular person. The target is typically someone who has particular power or privileged access to sensitive information that the fraudster can take advantage of, like a finance manager who has the ability to transfer funds between company accounts.

In order to pretend to be someone the target trusts, like a friend, coworker, boss, vendor, or financial institution, a spear phisher researches their target to obtain the information they need. Professional networking sites and social media, where users frequently overshare, publicly thank colleagues, and recommend suppliers, are excellent places to find information for spear phishing research.

Spear phishers utilize their research to design messages that contain specific personal information that gives the target the impression that the message is very legitimate.  “I know you’re leaving tonight for vacation, but can you please pay this invoice before the close of business today?” is an example of an email sent by a spear phisher posing as the target’s supervisor.

Whale phishing, also known as a whaling attack, is a type of spear phishing attack that targets a high-value target, such as a C-level executive or a wealthy individual.

Business email compromise (BEC)

BEC is a type of spear phishing assault that aims to steal money or important data from a company or other entity, such as financial information, trade secrets, or customer information.

There are various types of BEC assaults.  Among the two most prevalent are:

CEO fraud	Usually by taking over the executive’s email account, the scammer poses as a C-level executive. A lower-level employee receives a communication from the scammer telling them to send data to an unauthorized party, buy something from a bogus vendor, or transfer money to a false account.
Email account compromise (EAC)	The email account of a lower-level employee, such as a manager in sales, finance, or research and development, is compromised by the scammer. Using the account, the scammer requests access to private information, instructs other staff members to make fraudulent payments, or sends phony invoices to suppliers.

 

Scammers frequently steal millions of dollars at a time in BEC assaults, which can be among the most expensive cyberattacks.  In one prominent instance, a gang of con artists pretended to be a genuine software seller and stole almost $100 million from Google and Facebook.

Some BEC scammers are choosing to target more people with smaller attacks rather than using these well-known strategies.  The Anti-Phishing Working Group (APWG) reports that although BEC attempts increased in frequency in 2023, scammers typically requested less money in each attack.

Other Phishing Techniques

Smishing

Fake text messages are used in SMS phishing, also known as smishing, to deceive targets. Typically, scammers send an SMS offering a “free gift” or requesting that the victim update their credit card details while posing as their telecom provider.

Smishers sometimes impersonate shipping companies, such as the US Postal Service. They inform victims via SMS that they need to pay a charge in order to get the product they ordered.

Vishing

Phishing by phone call is known as voice phishing or vishing.  According to the APWG, vishing incidences have skyrocketed in recent years, rising by 260% between 2022 and 2023. 5.  The availability of voice over IP (VoIP) technology, which scammers may use to make millions of automated vishing calls every day, is partially to blame for the growth in vishing.

Caller ID spoofing is a common tactic used by scammers to make their calls seem to originate from reputable companies or local phone lines.  Receivers of vishing calls are usually alarmed by threats of credit card processing issues, past-due payments, or legal issues.  In order to “resolve” their problems, recipients ultimately give the fraudsters money or sensitive data.

Social Media Phishing

Social media phishing is the practice of deceiving individuals by using social media platforms.  The built-in messaging features of the platforms, such as Facebook Messenger, LinkedIn InMail, and X (previously Twitter) direct messages, are used by scammers in the same manner as email and text messaging.

Scammers frequently pretend to be users who require assistance from the target in order to gain access to their account or win a prize.  By using this trick, they are able to obtain the target’s login information and take control of their platform account.  Because it’s all too usual for victims to use the same passwords for many accounts, these attacks can be very expensive.

Recent Trends in Phishing

In order to evade detection, scammers are always coming up with new phishing strategies.  Recent advancements include the following:

AI Phishing

AI phishing generates phishing communications using generative artificial intelligence (AI) techniques.  Spelling mistakes, grammatical irregularities, and other typical warning signs of phishing efforts can be avoided in customized emails and texts produced using these technologies.

Scammers can expand their activities with the aid of generative AI.  A scammer needs 16 hours to manually create a phishing email, according to IBM’s X-Force Threat Intelligence Index.  In just five minutes, scammers may use AI to craft ever more convincing communications.

In order to give their schemes more legitimacy, scammers also employ voice synthesizers and image producers.  For instance, in 2019, hackers exploited artificial intelligence (AI) to impersonate the CEO of an energy company and defraud a bank manager of USD 243,000.

Quishing

Quishing makes use of phony QR codes that are posted in the real world or included in emails and texts.  Hackers can conceal dangerous software and websites in plain sight by using quishing.

For instance, last year, the US Federal Trade Commission (FTC) issued a warning about a fraud in which scammers use their own codes to replace QR codes on public parking meters in order to steal payment information.

Hybrid vishing

Voice phishing is one technique used in hybrid vishing attacks to get past spam filters and win over victims.

For instance, a fraudster may send an email claiming to be from the IRS. The target of this email is informed that there is an issue with their tax return. The target must contact the scammer directly by calling the phone number supplied in the email in order to fix the problem.

What are the signs of a phishing attack?

Although specifics can differ from scam to scam, there are several telltale indicators that a message may be a phishing attempt.  Among these indicators are:

Strong emotions and pressure tactics

Phishing schemes aim to instill a sense of urgency in their victims so they would act without hesitation.  This is frequently accomplished by scammers by appealing to strong emotions like curiosity, fear, and greed.  They may set deadlines and make irrational threats of punishment, like jail time.

Typical phishing ruses consist of:

• “Your account or financial information is having issues. You have to update it right away to keep access.
• “We have found evidence of unlawful activities. You risk being arrested if you don’t pay this fine right away.
• “You have won a free gift, but you must claim it right now.”
• “This bill is past due. If you don’t pay it right away, your service will be terminated.
• “For you, we have a thrilling investment opportunity. Make a deposit right away, and we promise amazing returns.

Requests for money or sensitive information

Phishing scams usually request either money or personal information. Phishing attacks may be indicated by unexpected or unsolicited requests for personal information or money.

Scammers pose as past-due invoices, penalties, or service costs in order to obtain money. They pass off information requests as notifications to change passwords or update accounts or payment details.

Poor spelling and grammar

Since many phishing gangs operate globally, they frequently compose phishing communications in languages they are not proficient in. Consequently, linguistic mistakes and inconsistencies are common in phishing attempts.

Generic messaging

Specific information is frequently included in messages from reputable brands. They may refer to specific order numbers, call clients by name, or describe the issue in detail. A warning sign is an ambiguous message like “There is an issue with your account” that provides no additional information.

Fake URLs and email addresses

Scammers frequently utilize email addresses and URLs that seem authentic at first sight. An email from “[email protected]” can appear secure, but double-check. In reality, the “m” in “Microsoft” is a “r” and a “n.”

Another popular strategy is to use a URL such as “bankingapp.scamsite.com.” Though it actually goes to a subdomain of scamsite.com, a user may believe this links to bankingapp.com. Link-shortening services may also be used by hackers to mask harmful URLs.

Other signs

Files and attachments that the victim did not ask for or anticipate may be sent by scammers.  To get over spam filters, they may utilize text graphics rather than real text in emails and webpages.

Some con artists use contentious topics to agitate their victims.  IBM® X-Force®, for instance, discovered that scammers frequently exploit the Ukrainian crisis to inflame the emotions of their victims.

Phishing Prevention and Mitigation

Security awareness training and organizational policies

Employees are frequently an organization’s first and last line of defense against phishing schemes because they target individuals.  Users can be trained by organizations to spot phishing efforts and know how to react to dubious emails and texts.  Giving staff members simple tools to notify the IT or security team of phishing attempts is one way to do this.

Additionally, organizations might implement procedures and regulations that hinder the success of phishers.

Organizations can, for instance, prohibit individuals from sending money transfers via email.  Employees may be asked to confirm requests for funds or information by getting in touch with the person making the request via methods other than those specified in the communication.  Employees can, for instance, phone a colleague’s office line rather than responding to a text from an unknown number or enter a URL straight into their browser rather than visiting a link.

Antiphishing tools and technology

Security solutions that help identify phishing messages and stop hackers who use phishing to breach networks can be used by organizations to support staff training and corporate policy.

• To detect phishing emails and other spam messages, spam filters and email security software use machine learning algorithms and data on previous phishing attempts. After that, the spam and scams are transferred to a different location where harmful links and code are removed.
• Phishing emails can contain dangerous files or code that antivirus and antimalware software can identify and remove.
• Hackers may be prevented from gaining access to user accounts by using multifactor authentication. Phishers are capable of collecting passwords, but they are far less successful at stealing a second factor, such as a one-time passcode or fingerprint scan.
• Artificial intelligence (AI) and advanced analytics can be used by endpoint security products, such as unified endpoint management (UEM) and endpoint detection and response (EDR), to stop malware and intercept phishing attempts.
• Web filters inform users whenever they visit questionable pages and block access to recognized harmful websites. When a user clicks on a phishing link, these tools can assist in lessening the harm.
• AI and automation are used by enterprise cybersecurity solutions, such as security information and event management (SIEM) platforms and security orchestration, automation, and response (SOAR), to identify and react to unusual activity. Phishers trying to install malware or take over accounts can be thwarted with the use of these solutions.