Phishing Attacks: A Real Problem

Phishing attacks are a type of cybercrime in which attackers attempt to trick individuals into revealing sensitive information or installing malware by disguising themselves as trustworthy entity. These attacks can take many forms, such as fake emails, websites, or social media messages.

Phishing attacks can have serious consequences, including identity theft, financial loss, and damage to a person’s or organization’s reputation. It is important for individuals and organizations to be aware of the risk of phishing attacks and to take steps to protect themselves.

This may include using strong passwords, being cautious when clicking on links or downloading attachments, and using security software to protect against malware. It is also important to be aware of the signs of a phishing attack and to report any suspicious activity to the appropriate authorities. It is likely that phishing attacks will continue to be a significant problem in the future.

SMS and Email: The Dark Side
Almost all businesses have to deal with phishing attacks targeting their customers and employees. The IT internal teams of every company can add layers of security to kick out obvious spam and invest in training, education, and processes to prevent successful attacks. Protecting your customers from phishing attacks against your brand, however, is another challenge altogether.

A successful attack can damage your brand reputation, create vulnerabilities in customer accounts, and at last expose you to fraud and theft.

Costs
In general, a company has two types of costs associated with phishing attempts against customers. First obvious costs: fraud, theft, and direct financial loss. Other types are more subtle but can be even more expensive like loss of brand trust and reputational damage.

A successful phishing attack can waste a lot of time and money on customer support, damage your reputation, and lose customers. And while you can’t protect your customers directly, you can invest in authentication (you can check the blog regarding authentication here) and security to detect when your customer’s credentials, accounts, or information are compromised and prevent further damage.

Tips to Prevent Phishing
There are serious problems with traditional anti-phishing methods. Here are some unique and dynamic ways to tackle this problem.

Prevent Security Recession
A dynamic approach to detection and mitigation is required to mitigate the ever-changing attacks that customers face every day to stay ahead. Staying one step ahead of low-tech scams like phishing can feel like swimming against the tide. Phishing is often considered a one-time hit that results in an identifiable loss. However, phishing is usually not a one-time attack.

Small-scale attacks are often used to take over accounts and carry out large-scale fraud and theft. As such, account integrity must be prioritized, and continued and adaptive efforts must be made to prevent account takeovers and associated losses.

Understand the Different Types of Phishing and Respond Appropriately
Traditionally, phishing was done via email, but the technology is changing. Smartphones now behave like computers, making them vulnerable to smishing attacks (a.k.a SMS phishing).

You probably want to communicate with your customers in bulk. A good messaging API allows this while guaranteeing the highest level of security.

Awareness is Key
97% of people can’t spot a phishing scam. This is a clear indication that customers are at risk and need to be more careful. Implementing the right systems is critical to prevent phishing from becoming a bigger problem. However, there is no default system for alerting customers to potential phishing attacks. In cases like this, transparency is key and your customers will appreciate it if you let them know about possible fraud being carried out under the guise of your brand name.

Beyond simple username/password monitoring, it’s important to have a better understanding of who your customers really are. This includes recognizing when something has changed and knowing when is the right time to ask customers for security advice. All of these combine to give you the best chance of avoiding an account takeover. After that, it’s up to you to brief your team on the types of hazards that can lead to disaster.

Recap
Tecomsa, being one of the best IT companies in Lebanon, makes phishing attacks hardly a problem. Our professional team works on maintaining the utmost security you would ever think of. Phishing is a serious problem but with the right hands, nothing is impossible to defeat.

Written by: Venus Marwani