Phishing Attacks Double in the US and EU

Phishing remains one of the most popular methods used by hacker organisations to compromise networks, with most phishing attacks being email-based threats that utilize fake domain names to deceive victims.

Insights into Attack Trends, between April 2023 and April 2024 show the number of phishing attempts directed at European organisations rose by 112.4%. Over the same time span, they increased by 91.5% in the US.

Rise in BEC, VEC, and Spear Phishing

BEC assaults against US corporations increased by 72.2% year over year, whilst attacks against European businesses increased by 123.8%. 

This includes an increase in vendor email compromise (VEC), a subset of business email compromise (BEC) in which targets are impersonated as vendors in order to trick them into paying fictitious bills, starting fraudulent wire transfers, or updating their banking information for upcoming transactions. 

Facebook and Google phished for over $100 million

This hit the news across the world last month. Evaldas Rimasauskas had to enter a guilty plea to wire fraud after assisting in the planning of a conspiracy that involved creating a phoney company and sending phishing emails to Google and Facebook employees. The Southern District of New York U.S. Attorney's Office claims that the scheme ultimately defrauded those multibillion-dollar corporations of over $100 million in total between 2013 and 2015.

How the Scam Worked?

In the scam, Rimasauskas and his co-conspirators created convincing forgery emails using fake email accounts, which looked like they were sent by employees of an actual Quanta in Taiwan. They sent phishing emails with fake invoices to employees at Facebook and Google who “regularly conducted multimillion-dollar transactions” with Quanta, and those employees responded by paying out more than $100 million to the fake company’s bank accounts, prosecutors said.

Consequences? Well, Rimasauskas now needs to pay $49.7 million and is going to spend a lot of time in jail.

Credential Phishing Attacks

If a credential phishing email is successful, threat actors may obtain usernames and passwords that they can use to breach other accounts and initiate more destructive attacks. These attacks often aim to steal login credentials, which can then be used to gain unauthorized access to sensitive information. Attackers frequently use fake login pages in phishing emails that mimic official sources, create a login box, or request personal information.

Phishing emails can also spread malware, allowing hackers to conduct espionage, disrupt operations, and steal or ransom data. These phishing scams often involve malicious attachments or links that, when clicked, can install malware onto the victim’s device. This malware can then be used to monitor the victim’s activities, access sensitive data, or even take control of the system entirely.

Moreover, phishing attacks frequently exploit social engineering tactics, tricking individuals into revealing personal or financial information by posing as legitimate companies or trusted entities. The attackers craft phishing messages that create a sense of urgency, prompting victims to act quickly without scrutinizing the sender’s email address or the message's authenticity.

What is a Phishing Attack

A phishing attack is a type of social engineering assault designed to steal user data, including login credentials and credit card numbers. In a typical phishing scenario, the attacker masquerades as a trusted entity, duping the victim into opening an email, instant message, or text message. The unsuspecting recipient is then tricked into clicking a malicious link, which can lead to the installation of malware, freezing the system as part of a ransomware attack, or revealing sensitive information. The consequences of a phishing attack can be devastating, resulting in unauthorized purchases, stolen funds, or even identity theft.

Types of Phishing Attacks: Phishing Emails

Phishing attacks come in various forms, each with its unique approach to deceiving victims:

• Spear Phishing: This highly targeted attack focuses on a specific individual or organization, using personal information to craft convincing and personalized messages.
• Whaling: Aimed at senior executives and high-ranking officials, whaling attacks use sophisticated and personalized messages to extract sensitive information.
• Smishing: This method involves sending fraudulent SMS messages to trick victims into revealing sensitive information or clicking on malicious links.
• Vishing: In vishing attacks, phishers use phone calls to impersonate trusted entities and coax victims into divulging sensitive information.
• Angler Phishing: This tactic leverages fake social media accounts that appear to belong to well-known organizations, tricking victims into revealing sensitive information.

Spear Phishing

Spear phishing is a particularly insidious attack that zeroes in on specific individuals or organizations. Unlike generic phishing attempts, spear phishing is highly personalized, making it much harder to detect. Attackers gather detailed information about their targets through social engineering, research, and data breaches. This information is then used to craft convincing emails, messages, or even phone calls that appear to come from trusted sources. The personalized nature of spear phishing communications makes them especially effective, as they often bypass traditional security measures and fool even the most vigilant recipients.

Phishing Tactics

Phishers employ a variety of tactics to deceive their victims and steal sensitive information:

• Cunning Communication: Malicious messages and attachments are often concealed in places where recipients are less likely to scrutinize them closely.
• Perception of Need: Phishers create a false sense of urgency, pressuring victims to act quickly without thoroughly examining the message.
• False Trust: By impersonating trustworthy sources, phishers can fool victims into believing the communication is legitimate.
• Emotional Manipulation: Phishers exploit emotions such as fear, curiosity, or excitement to prompt victims to act impulsively.

Common Phishing Scam Techniques

Phishing scammers employ techniques to deceive victims into revealing sensitive information or performing specific actions. One common tactic is creating a sense of urgency or fear, prompting the victim to act immediately without scrutinizing the message. Scammers often use fake login pages or websites that closely mimic legitimate ones, tricking victims into entering their login credentials. Emails or messages with malicious attachments or links are another frequent method, as these can install malware or direct victims to phishing sites.

Social engineering plays a significant role in phishing scams, with attackers gathering information about their targets to make their messages more convincing. Impersonating trusted sources, such as banks or government agencies, is a common tactic, as it lends credibility to the phishing message. Additionally, scammers use text messages or phone calls to lure victims into revealing sensitive information, exploiting people's trust in these communication methods.

Consequences of a Successful Phishing Attack

The consequences of a successful phishing attack can be severe, leading to identity theft, financial loss, and compromised corporate funds. Organizations must implement robust phishing protection measures, such as employee awareness training and advanced security solutions, to defend against these persistent threats.

By understanding the standard methods used in phishing attempts, individuals and businesses can better recognize suspicious emails and avoid falling victim to these scams. Vigilance and proactive measures are the best defense against the ever-evolving tactics of cybercriminals.

Protecting Against Phishing Attacks

Defending against phishing attacks requires a combination of technical and non-technical measures:

• Security Awareness Training: Educating employees about phishing tactics and how to recognize suspicious emails is crucial.
• Email Security Solutions: Implementing email security solutions can help block and quarantine suspicious emails before they reach the inbox.
• Endpoint Monitoring and Protection: Protecting endpoints from phishing attacks ensures that devices are secure and monitored for any signs of compromise.
• Simulated Phishing Attack Testing: Regularly testing employees’ awareness and response to phishing attacks can help identify vulnerabilities and improve defenses.
• Limiting User Access to High-Value Systems and Data: Restricting access to sensitive data minimizes the risk of leakage in the event of a successful phishing attack.

Employee Security Awareness Training

Employee security awareness training is a cornerstone of adequate phishing protection. Organizations can significantly reduce the risk of a successful phishing attack by educating employees on how to identify and report phishing attempts. Effective training programs should cover common phishing scam techniques and tactics, providing real-world examples of phishing emails, messages, and phone calls. Employees should learn to identify and report suspicious activity and be encouraged to exercise caution when receiving unsolicited communications.

Regular training and updates on the latest phishing threats and trends are essential to keep employees informed and vigilant. Organizations can protect employees from the severe consequences of identity theft, data breaches, and financial loss by equipping them with the knowledge and skills to recognize and respond to phishing attempts.

Best Practices for Cybersecurity

To safeguard against phishing attacks and other cyber threats, consider the following best practices:

• Uphold Zero Trust Principles: Implement multifactor authentication, just enough access, and end-to-end encryption to protect against evolving cyber threats.
• Protect Your Apps and Devices: Use comprehensive security solutions to prevent, detect, and respond to phishing and other cyber-attacks.
• Secure Access: Ensure users are protected from sophisticated attacks while safeguarding your organization from identity-based threats.
• Be Cautious of Phishing Attempts: Always be wary of messages that request sensitive data or ask you to verify your identity.
• Report Suspicious Messages: Promptly report any suspicious messages to the relevant authorities and take action to protect yourself and your organization.

By following these guidelines, individuals and organizations can enhance their defenses against phishing attacks and maintain a robust cybersecurity posture.

How TitanHQ Can Help

TitanHQ Phishing Protection solution is a next-generation solution for your email cybersecurity. It incorporates artificial intelligence, threat intelligence, and algorithms explicitly built for detecting current phishing attacks and tomorrow’s zero-day threats. Not only does this solution stop incoming threats, but administrators can run post-delivery scans on current inboxes to detect phishing and malware attachments and remove them from employees' view. 

Want to learn more about how solutions from TitanHQ such as Phishing Protection and Security Awareness Training can enhance your security posture? Sign up for a demo of the TitanHQ platform.