All About Phishing Attack: Signs, Effect & Protection Tips

Introduction

Imagine checking your inbox and spotting a message that says, 'Congratulations! You've won the latest iPhone!' Sounds exciting, right? But before you click on that tempting link to claim your prize, think twice—this could be a cleverly disguised phishing attack waiting to wreak havoc on your personal information. Cyber threats are becoming more sophisticated, but phishing remains scammers’ favorite bait to trick users into gaining unauthorised access. Still not convinced? These alarming findings by reputed cybercrime research organisations will definitely make your jaw drop.

• 57% of organisations encounter phishing attempts daily and weekly
• In 74% of phishing scams, humans strike the match out of sheer curiosity, negligence, or greed

This blog entails the nitty gritty of phishing attacks, types, and prevention tips to boost your cyber awareness and keep you cyber safe.

What is a Phishing Attack?

A phishing attack is a type of social engineering cyber scam in which attackers impersonate trusted entities to trick individuals into sharing sensitive information - such as passwords, financial details, or personal data. These attacks often occur through deceptive emails, messages, calls, or fake websites that appear “legitimate”. Phishing attacks peak around festive times like Diwali or Black Friday, leveraging tempting offers. Alarmingly, the success rate of social engineering attacks is nearly 100%. There are various types of phishing attacks of which email phishing is the most common. In this case, scammers send phishing link in emails, luring users to malicious sites. Then you have spear phishing, which targets “specific” individuals. Smishing and Vishing are other menacing phishing attacks where attackers manipulate victims through text messages and phone calls respectively. Worse, phishing scams are getting smarter and it’s high time for both individuals and organisations to recognise these methods and stay vigilant.

Signs to identify a phishing attack

Phishing scams are not hard to identify and avoid only if you are smart enough to let go of greed and curiosity. Let’s get into the basics of identifying deadly hooks and tips to avoid phishing attacks so you don't swallow the bait.

1. Credential-request emails from the bank:

A very well-planned bait by the scammers that asks for your personal details, Credit/Debit card number, and PIN. The mail creates a rush by citing that your account will be terminated if you fail to provide the details immediately or within a stipulated tight deadline.
Safety Tip: Remember, legitimate banks never mail you for KYC credentials, OTPs and ATM PINs. If you happen to receive these kinds of emails, check the sender's mail extension, and don’t click on the attachments and links.

2. Unexpected Shipping and Delivery Mail:

If you are an ardent online shopper, it's obvious to get updates through texts and emails. But if you are getting updates on orders that you never ordered, it’s a phishing bait.
Safety Tip: Simply delete such emails and texts.

3. Multi-factor Authentication Warning:

You may get a reminder from your telecommunication provider to enable multi-factor authentication (MFA). you will also be asked to share the code.
Safety Tips: Remember, a legitimate telecommunication provider will never ask for MFA codes. Don’t ever share codes or OTPs with anybody. It’s strictly for you.

4. Tempting Offers:

What makes you smile ear-to-ear on reading a text from an unknown number? A message that declares you the winner of the latest edition iPhone for doing nothing. Definitely a smishing.
Safety Tips: Simply ignore and delete the texts.

5. Random calls asking for personal details:

How many times have you received calls from someone claiming to be your bank, asking for KYC details or a utility provider reminding you about bill payments? This is a vishing scam where scammers pose as legitimate representatives to extract personal or financial information. Put simply, vishing is a lethal combination of phishing and spoofing.
Safety tips: Banks or any legitimate financial service providers never ask for personal details, ATM PINs, and OTPs.

Devastating effects of phishing attacks

Phishing wreaks havoc on mental peace, finances, and even market reputation (if the victim is an organisation). Let’s discuss some of the devastating impacts of phishing attacks on individuals and organisations:

1. Data theft: This happens when a company employee or individual clicks on a malicious link and gives (unknowingly) hackers access to data. Once access is gained, hackers can compromise or delete data or trade it to a different entity, causing irreparable damage.
2. Tainted Trust: Data breaches, particularly those resulting from phishing, often lead to a loss of consumer confidence. Unhappy customers are a serious blow to a company’s reputation.
3. Disrupts productivity: When a phishing attack leads to a data breach or system compromise, it severely disrupts business continuity. Significant time is spent on retrieving lost data and conducting investigations, with regular operations taking a backseat. Employee efficiency declines as systems are taken offline for maintenance and reconfiguration.
4. Regulatory penalties: Mishandling of customer data, even if unintentional, can have grave repercussions. The organisation is most likely to suffer substantial legal penalties for failing to adhere to regulations like HIPAA, PCI, or GDPR.
5. Intellectual property theft: When a phishing scam hits a business, it is not only about losing money or equipment - but also highly valuable intellectual property. In fact, this is the sole objective behind most industrial phishing scams.

How to protect your organisation from phishing attacks?

Conclusion

Phishing attack remains a significant threat in today’s digital age. Equipping yourself with the knowledge to counter such attacks is essential. Enrolment in cybersecurity courses online empowers aspirants with practical skills and expertise - ensuring they stay job-ready while contributing to a safer cyberspace. Secure your future by mastering cyber defense today!