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Combatting iPhone Scams: Steps Towards Enhanced Security

 

The latest revelation in the realm of iPhone scams comes in the form of MFA (Multi-Factor Authentication) bombing. This sophisticated threat targeting Apple users underscores the need for heightened awareness and informed responses. Apple has promptly responded to the phishing attacks exploiting its password recovery system. The attackers, displaying adeptness, have bypassed CAPTCHA and rate limits, bombarding users with relentless MFA requests. Apple is now bolstering its defenses through backend solutions to thwart these cyber threats and ensure a safer user experience.

Contrary to common belief, changing passwords or email addresses may not offer complete protection against such attacks. This scam ingeniously targets phone numbers to evade security measures, highlighting the vulnerability of personal information readily available to scammers.

In the face of this escalating threat, vigilance is paramount. Users should approach unsolicited phone calls, especially those seeking sensitive information or one-time passwords, with caution. Regularly purging personal details from public databases can significantly reduce one's digital footprint, making it harder for scammers to exploit personal information.

The response to this threat extends beyond immediate countermeasures. There's a crucial need for Apple to enhance password recovery security measures, potentially integrating robust rate limiting into device lockdown modes. Such proactive steps, combined with a commitment to not share one-time passcodes, can strengthen defenses against current and future threats alike.

This scam is just one chapter in the ongoing saga of digital security challenges. By understanding its intricacies, users can better defend against similar threats. It's an ongoing learning process that requires vigilance and staying informed in the digital age.

Moving forward, safeguarding digital identities entails proactive defense measures. With informed decisions and a vigilant mindset, users can navigate the digital landscape securely and confidently.

Decoding the Elusive 'FedEx' Scam: An Inside Look at the Tactics and Challenges

 


One type of spam that is going around lately is FedEx scam calls, which have been targeting people, and are also doing the rounds. Most people have been victims of online fraud at some point in their lives. For us to better understand this scam, Tejal Sinha partnered up with experts to walk through it and explain it to people in detail to make the case easy to understand what, when, and how it occurs. 

The Internet has become a place full of scams, fraud, identity theft, and problems with online shopping. People have experienced all of these problems at times. The way to navigate the internet with the best intention of avoiding these hazards can seem like a challenge. 

Scammers are always trying to find new ways to trick people, so now, they are not only misusing big names to fool people, but they are also posing as law enforcement officials to scare people into giving them money, so it is more and more dangerous to give money to them.   

There has been a cyber fraud campaign that has swindled a retired policeman out of Rs 9.14 crore over the past fortnight in which cyber fraudsters posed as police officers claimed a courier package delivered by FedEx in his name contained illegal drugs and that he had been involved in money laundering. A number of the unknown suspects, infamous for their use of WhatsApp and Skype, have been allegedly holding the terrified victim under duress for some time from November 14 to November 28. 

Several alarming incidents have occurred over the past few years in Bengaluru in which residents have been scammed in an attempt to impersonate FedEx employees and law enforcement officials. Amit (name changed) is the latest victim, a 52-year-old businessman living in HSR Layout, who lost Rs 1.98 crore as a result of the scam. 

Typically, the scammers tell the victims that they will be placed in contact with the Mumbai Police Cyber Cell in response to their call, suggesting that there may be legal trouble imminent and potentially making them anxious and afraid. However, in the majority of cases, the victims had no involvement with sending or receiving the package.

It is also the case that Amit’s call was transferred to the Mumbai Police cybercrime branch. To inform Amit that his name had been mentioned as a subject of a money laundering investigation involving the intercepted package, the man posing as the police officer then made a Skype video call with him, informing him of the arrest.

In the end, Amit believed that he would need to transfer substantial sums of money to a "specified account" to be verified based on the allegations against him that had been made against him. Despite having been unable to leave the Skype conversation for more than two days, Amit's wife was also engaged in a call with someone claiming to be from law enforcement and even his wife was part of that conversation.  

Since the start of the year, Bengaluru police have been dealing with 163 cases of FedEx courier fraud. Till August, the total loss as a result of the fraud was more than Rs 5 crore. Attempts are underway by government authorities to deter students from taking part in this growing menace by promoting awareness and prevention. The National Crime Records Bureau (NCRB) has reported that the number of cybercrime cases reported in 2022 across 19 metropolitan cities accounted for an alarming 73.4% of the total of 13,534 cybercrime cases reported across the country. 

How to Prevent FedEx Package Scams and Other Fraudulent Schemes


Incoming Calls Can Be Concealed, People need to be attentive to calls they receive from unknown parties, especially those claiming to be FedEx representatives, law enforcement agencies, or other organizations they do not know. 

People should always consider their privacy when it comes to sharing sensitive information over the phone, especially if they are not certain of the legitimacy of the person they are speaking with. This includes details about the user's bank account, credit card information, or passport information.

Verify if a package appears suspicious: If any person receives a call regarding a suspicious package, do not hesitate to contact FedEx directly by calling their customer service hotline or by visiting their verified website. It is necessary to provide them with the tracking number as well as other relevant details that will enable them to confirm the status of the shipment and verify the validity of any claim they may be making. 

The best way to keep financial and personal information secure online is by using a strong, unique password for every account, enabling multi-factor authentication whenever available, updating the software, and keeping an eye out for links and attachments that seem suspicious or suspicious in an email or message. 

Please report any suspicious activity to the appropriate authorities. Victims should inform local law enforcement agencies as well as the Cybercrime Division if they suspect that they have encountered scams or fraudulent activity. Moreover, inform the courier company involved, such as FedEx, of the incident, so that the company can investigate the matter and provide any relevant information necessary to aid them in their efforts. 

Make sure friends, family members, and colleagues are aware of scams and fraudulent schemes by sharing information with them. The more people are aware of these scams, the more likely they are to be protected from them and to contribute to making the online environment a safer one.

CID (Criminal Investigation Department) is in the process of deciphering the methodologies and modus operandi of scammers so that they can locate their pockets and find out how they operate. In Bengaluru, where the CID runs its Centre for Cybercrime Investigation Training and Research, the agency imparts focused training to the CID’s sleuths for them to stay one step ahead of criminals in their pursuit of nefarious activities.

FTC Warns: QR Codes May Result in Identity Theft


One might want to reconsider before scanning QR codes.

The codes, which are a digital jumble of white and black squares that are frequently used to record URLs, are apparently commonplace; they may as well be seen, for example, on menus at restaurants and retail establishments. The Federal Trade Commission cautioned on Thursday that they could be dangerous for those who aren't cautious.

According to a report by eMarketer, around 94 million US consumers have used QR scanner this year. The number is only increasing, with around 102.6 million anticipated by 2026. 

As per Alvaro Puig, a consumer education specialist with the FTC, QRs are quite popular since there are endless ways to use them.

“Unfortunately, scammers hide harmful links in QR codes to steal personal information,” Puig said.

Why is Stolen Personal Data a Threat? 

The stolen data can be misused by threat actors in a number of ways: According to a separate report by FTC, the identity thieves can use victim’s personal data to illicitly file tax returns in their names and obtain tax refunds, drain their bank accounts, charge their credit cards, open new utility accounts, get medical treatment on their health insurance, and open new utility accounts.

In some cases, criminals cover the legitimate QR codes with their own, in places like parking meters, or even send codes via text messages or emails, luring victims into scanning their codes. 

One of the infamous tactic used by scammers is by creating a sense of urgency in their victims. For example, they might suggest that a product could not  be delivered and you need to reschedule or that you need to change your account password because of suspicious activity.

“A scammer’s QR code could take you to a spoofed site that looks real but isn’t,” Puig wrote. “And if you log in to the spoofed site, the scammers could steal any information you enter. Or the QR code could install malware that steals your information before you realize it.”

How can User Protect Themselves?

According to FTC, some of the measures one can follow to protect themselves from scams are:

  • Inspect URLs before clicking: Even if a URL looks familiar, it is advisable to check for any misspelling or switched letters in order to ensure it is legit. 
  • Do not scan a QR code in a suspicious/unexpected message: This is particularly valid when the text or email demands a quick response. If a user believe this to be a genuine message, it is advisable to get in touch with the business using a reliable channel, such as a working phone number or website. 
  • Protect devices and online accounts: Users are advised to use strong passwords and multifactor authentication and keep their phones’ OS in their latest versions.  

Crypto Investors Face Nearly $1M in Losses Due to Rug Pull Schemes

 

Check Point's Threat Intel Blockchain system has exposed a new fraudulent activity, spotlighting the ongoing issue of Rug Pulls – a deceitful maneuver causing financial harm to investors. The system recently detected dubious actions associated with a specific wallet address, unveiling an elaborate scheme that successfully siphoned nearly $1 million.

The scam, orchestrated by the wallet address 0x6b140e79db4d9bbd80e5b688f42d1fcf8ef9779, involved the creation of tokens related to popular topics to attract unsuspecting buyers. The detailed disclosure on Tuesday outlined the deceptive process, starting with the generation of counterfeit tokens like GROK 2.0. Subsequently, funds were injected into the token pool to create a false sense of legitimacy.

The scammer, through orchestrated trading activities, created an illusion of market engagement, particularly in trades between the WETH cryptocurrency and the GROK token. This inflated demand successfully lured in investors, and once a critical mass was achieved, the scammer rapidly withdrew liquidity from the token pool, resulting in substantial losses for investors.

Behind the scenes, the scheme involved two distinct smart contracts, each playing a crucial role in trading and artificially inflating the token's volume. The function 0x521da65d executed a total of 226 trades, while the contract at the address 0x4b2a0290e41623fbfeb5f6a0ea52dc261b65e29b facilitated the function 0xf029e7cf, strategically increasing the token's volume through swaps between WETH and GROK tokens.

Check Point emphasized that this incident underscores the inherent risks in the cryptocurrency market, emphasizing the importance of ongoing vigilance and due diligence. In a statement, the company stressed, “As the crypto landscape continues to evolve, staying vigilant and informed is paramount for investors,” the company wrote.

“The recent Rug Pull incident serves as a stark reminder of the need for heightened awareness and due diligence. By understanding the tactics employed by scammers, we can collectively work towards creating a safer and more secure crypto environment.”

$1.2 Million Stolen from Grafton Family Business, Sparks Cyber Security Warnings

 

Paul Fuller has revealed how his business suffered a devastating loss of nearly $1.2 million due to a fraudulent call. The caller, identifying as "Mike" from the National Australia Bank (NAB), seemed trustworthy since Mr. Fuller's company had prior dealings with a NAB representative named Mike in Coffs Harbour. 

This imposter displayed an alarming level of knowledge about the business, including recent payments made. With deceptive claims of investigating fraudulent activities, the imposter coerced the accounts manager into granting access to the company's bank accounts. In a matter of minutes, $1.2 million vanished, causing severe damage to the business.

Although NAB managed to recover $84,000, they informed Mr. Fuller that further retrieval efforts were futile. This substantial financial setback has put immense strain on Mr. Fuller, who is now struggling to maintain the viability of his business. A total of 25 families depend on the company for their livelihoods, a responsibility that weighs heavily on his shoulders.

Mr. Fuller promptly reported the incident to both the police and the banking ombudsman, though he held little hope for additional restitution. In response, the company has implemented stringent security measures, including a policy to exclusively communicate with their designated bank manager.

Mr. Fuller issues a stern warning to fellow businesses, emphasizing that legitimate banks do not initiate such inquiries over the phone. He urges against divulging sensitive information to any unsolicited callers.

In a contrasting narrative, Bastian Treptel shares his unique journey from teenage hacker to cybersecurity advocate. At the age of 14, he infiltrated a major Australian bank, pilfering credit card details. When apprehended at 17, authorities offered him a choice between juvenile detention and aiding in cybercriminal detection. Opting for the latter, he spent the next 14 years running a company devoted to safeguarding businesses from cyber threats.

Mr. Treptel likens cyber attacks to a silent menace, with many erroneously assuming immunity. He stresses that a staggering one in three individuals falls victim to such breaches, yet only 4 percent manage to reclaim their losses.

Highlighting the vulnerability of small businesses, Mr. Treptel explains that they often possess fewer security measures and more accessible funds, making them attractive targets. He underscores the evolution of hacking, now employing sophisticated techniques aided by artificial intelligence. Malicious emails or files are no longer prerequisites; even innocuous actions, like downloading images, can facilitate cyber infiltration.

Furthermore, Mr. Treptel cautions about the potential risks posed by everyday devices like smart TVs and printers, all of which can serve as gateways for cyber intrusion. He advocates for the widespread adoption of two-factor authentication as a crucial defense measure.

ID Support NSW, a state agency aiding victims of identity theft and hacking, underscores the importance of bolstering cybersecurity. Recommendations include enforcing robust passwords, scrutinizing the security of third-party systems, limiting access to sensitive information, and collecting only essential personal data.

Vishing Scams: Here's How to Spot & Defend Against Them

 

Vishing (voice or VoIP phishing) is a sort of cyber attack that uses voice and telephony technologies to deceive targeted persons into disclosing sensitive data to unauthorized entities. 

The information could be personal, such as a Social Security number or details about a financial account, or it could be tied to a commercial environment. For example, fraudsters may use vishing to entice an employee to provide network access information.

In 2022, "38% of the reports submitted to the FTC by consumers ages 80+ indicated phone calls as the initial contact method," according to Ally Armeson, executive program director of Cybercrime Support Network. (Calls were the most popular mode of contact for this age group.)"

"Vishing, also known as voice phishing," Aremson continues, "is a growing threat in the world of cybercrime, particularly targeting the elderly."  

The scam takes advantage of the fact that the elderly are more likely to trust phone contacts by impersonating false charities, appearing as relatives, or pretending to be trustworthy locations like government agencies. 

As a result, sharing credit card information, social security numbers, login credentials, or other valuable data is likely.

How to defend yourself?

  • Take the effort to confirm the caller's identification by visiting the organization's website.
  • Never give up personal or financial information over the phone. Legitimate organizations will never ask for credit card information, social security numbers, or passwords.
  • Do not be hesitant to call into question the legitimacy of unknown numbers. Legitimate organizations will never ask for credit card information, social security numbers, or passwords.
  • Don't be hesitant to question the legitimacy of unknown phone numbers, and be wary of providing important information over the phone without first verifying the caller's identity.
  • Since caller ID can be easily spoofed, don't rely on it alone to decide whether a call is real. I recommend remaining attentive and exercising caution while disclosing sensitive information.
  • Any unknown phone caller should be routed to voicemail so you can screen the call. Remember to notify the FTC of any unusual calls or suspected fraudulent activities at ReportFraud.ftc.gov.
  • In general, do not give any financial or Social Security information over the phone, by text, or via email.  
By following these tips, you can help protect yourself from vishing scams

Vietnamese Cybercriminals Exploit Malvertising to Target Facebook Business Accounts

Cybercriminals associated with the Vietnamese cybercrime ecosystem are exploiting social media platforms, including Meta-owned Facebook, as a means to distribute malware. 

According to Mohammad Kazem Hassan Nejad, a researcher from WithSecure, malicious actors have been utilizing deceptive ads to target victims with various scams and malvertising schemes. This tactic has become even more lucrative with businesses increasingly using social media for advertising, providing attackers with a new type of attack vector – hijacking business accounts.

Over the past year, cyber attacks against Meta Business and Facebook accounts have gained popularity, primarily driven by activity clusters like Ducktail and NodeStealer, known for targeting businesses and individuals operating on Facebook. 

Social engineering plays a crucial role in gaining unauthorized access to user accounts, with victims being approached through platforms such as Facebook, LinkedIn, WhatsApp, and freelance job portals like Upwork. Search engine poisoning is another method employed to promote fake software, including CapCut, Notepad++, OpenAI ChatGPT, Google Bard, and Meta Threads.

Common tactics among these cybercrime groups include the misuse of URL shorteners, the use of Telegram for command-and-control (C2), and legitimate cloud services like Trello, Discord, Dropbox, iCloud, OneDrive, and Mediafire to host malicious payloads.

Ducktail, for instance, employs lures related to branding and marketing projects to infiltrate individuals and businesses on Meta's Business platform. In recent attacks, job and recruitment-related themes have been used to activate infections. 

Potential targets are directed to fraudulent job postings on platforms like Upwork and Freelancer through Facebook ads or LinkedIn InMail. These postings contain links to compromised job description files hosted on cloud storage providers, leading to the deployment of the Ducktail stealer malware.

The Ducktail malware is designed to steal saved session cookies from browsers, with specific code tailored to take over Facebook business accounts. These compromised accounts are sold on underground marketplaces, fetching prices ranging from $15 to $340.

Recent attack sequences observed between February and March 2023 involve the use of shortcut and PowerShell files to download and launch the final malware. The malware has evolved to harvest personal information from various platforms, including X (formerly Twitter), TikTok Business, and Google Ads. It also uses stolen Facebook session cookies to create fraudulent ads and gain elevated privileges.

One of the primary methods used to take over a victim's compromised account involves adding the attacker's email address, changing the password, and locking the victim out of their Facebook account.

The malware has incorporated new features, such as using RestartManager (RM) to kill processes that lock browser databases, a technique commonly found in ransomware. Additionally, the final payload is obfuscated using a loader to dynamically decrypt and execute it, making analysis and detection more challenging.

To hinder analysis efforts, the threat actors use uniquely generated assembly names and rely on SmartAssembly, bloating, and compression to obfuscate the malware.

Researchers from Zscaler also observed instances where the threat actors initiated contact using compromised LinkedIn accounts belonging to users in the digital marketing field, leveraging the authenticity of these accounts to aid in social engineering tactics. This highlights the worm-like propagation of Ducktail, where stolen LinkedIn credentials and cookies are used to log in to victims' accounts and expand their reach.

Ducktail is just one of many Vietnamese threat actors employing shared tools and tactics for fraudulent schemes. A Ducktail copycat known as Duckport, which emerged in late March 2023, engages in information stealing and Meta Business account hijacking. Notably, Duckport differs from Ducktail in terms of Telegram channels used for command and control, source code implementation, and distribution, making them distinct threats.

Duckport employs a unique technique of sending victims links to branded sites related to the impersonated brand or company, redirecting them to download malicious archives from file hosting services. Unlike Ducktail, Duckport replaces Telegram as a channel for passing commands to victims' machines and incorporates additional information stealing and account hijacking capabilities, along with taking screenshots and abusing online note-taking services as part of its command and control chain.

"The Vietnamese-centric element of these threats and high degree of overlaps in terms of capabilities, infrastructure, and victimology suggests active working relationships between various threat actors, shared tooling and TTPs across these threat groups, or a fractured and service-oriented Vietnamese cybercriminal ecosystem (akin to ransomware-as-a-service model) centered around social media platforms such as Facebook," WithSecure said.

Understanding Blagging in Cybersecurity: Tactics and Implications

 

Blagging might sound intricate, resembling an elaborate hacking maneuver, yet it is remarkably simpler. Despite its less "high-tech" nature compared to other cybercrimes, blagging can inflict significant harm if businesses are unprepared.

Blagging involves crafty fraudsters attempting to deceive or manipulate individuals into divulging confidential information that should remain off-limits.

These blaggers fabricate convincing stories to coax their targets into revealing data that could fuel illicit activities like identity theft, corporate espionage, or extortion.

So, how does blagging work precisely? Here are some typical blagging tactics:

1. Impersonation: The perpetrator pretends to be someone else, such as a colleague, bank representative, or law enforcement officer. This engenders trust and raises the likelihood of the target sharing confidential information. For instance, they might make a call posing as an IT specialist needing a password to rectify a computer issue.

2. Fabricating Urgency: The scammer employs pressure by framing the request as time-critical. Threats to close accounts or initiate legal action are utilized to extract information swiftly, leaving the target with insufficient time to verify the request's legitimacy.

3. Phishing: Blaggers resort to phishing emails or links infused with malware to breach target systems and pilfer data. These emails are meticulously designed to mimic trustworthy sources, enticing victims to click or download.

4. USB Drop Attack: This stratagem entails leaving malware-laden devices like USB drives in public venues where victims are likely to discover and insert them. Parking lots and elevators serve as popular spots to entice unsuspecting individuals.

5. Name-Dropping: Scammers invoke names of genuine managers, executives, or contacts to create an illusion of authorization for accessing otherwise confidential information. This lends credibility to their dubious appeals.

6. Sympathy Ploys: Fraudsters play on the target's empathy by fabricating emotional narratives to manipulate them. They might claim to be single parents requiring funds in an account to feed their family.

7. Quid Pro Quo: Scammers promise incentives like bonuses, time off, or cash in exchange for information. These are hollow assurances employed to achieve their aims.

8. Tailgating: Blaggers physically tail an employee into a building or restricted area to gain access. They rely on people holding doors open or not questioning their presence.

9. Elicitation: Blaggers engage in friendly conversations to surreptitiously extract information about systems, processes, or vulnerabilities. This innocuous approach is perilous due to its seemingly harmless nature.

The crucial point to remember is that these attackers are adept at deceit and will employ any means necessary to attain their objectives.

Defending Against Blagging Attacks

Given the array of cunning tactics utilized by blaggers, how can individuals and businesses shield themselves from these scams? Here are some essential strategies to counter blagging attacks:

1. Verify Claims: Never take claims at face value—always corroborate stories. If someone claims to be tech support or a colleague in need of information, hang up and call back using an official number to confirm legitimacy. Scrutinize email addresses, names, and contact details closely to ensure they match up.

2. Validate Requests: As an employee, investigate any unusual requests, even if they seem urgent or credible. Consider escalating it to a supervisor or submitting a formal request through established channels. Slow down interactions to allow for thorough investigation before divulging confidential data.

3. Limit Account Access: Employers should grant employees only the minimum access required for their tasks. For instance, customer service representatives likely don't need access to financial systems. This containment strategy mitigates potential damage if an account is compromised.

4. Report Suspicious Activity: If a request appears suspicious or a story doesn't add up, voice your concerns. Alert security or management immediately if you suspect a blagging attempt. Monitor systems and user behavior closely for unusual activity.

5. Security Awareness Training: Well-informed employees are more resistant to blagging attempts. Continuous education fortifies the human defense against social engineering. Real-world scenarios and examples should be integrated into training, including simulated phishing emails and unexpected visitors.

6. Layered Security: Employ multiple overlapping security measures instead of relying on a single point of defense. This encompasses physical security controls, perimeter defenses, endpoint security, email security, access controls, and data loss prevention tools.

7. Remain Vigilant: Blagging targets not only businesses but also individuals. Vigilance is necessary to thwart seemingly innocuous calls or emails from scammers posing as various entities. Recognizing blagging techniques and red flags is paramount.

For business proprietors, comprehensive security awareness training and robust technical defenses are instrumental in neutralizing this threat. With the appropriate safeguards in place, blaggers can be effectively deterred.

Defend Against Phishing with Multi-Factor Authentication

 

Phishing has been a favored attack vector for threat actors for nearly three decades, and its utilization persists until it loses its effectiveness. The success of phishing largely hinges on exploiting the weakest link in an organization's cybersecurity chain—human behavior.

“Phishing is largely the same whether in the cloud or on-prem[ise], in that it’s exploiting human behavior more than it’s exploiting technology,” said Emily Phelps, director at Cyware.

These attacks primarily aim to pilfer credentials, granting threat actors unfettered access within an organization's infrastructure. Yet, successful cloud-based phishing assaults might be more intricate due to the nuanced ownership of the environment.

Phelps explained that in an on-premise scenario, a compromised ecosystem would be under the jurisdiction of an organization's security and IT team. However, in the cloud—like AWS or Azure—a breached environment is managed by respective organizations yet ultimately owned by Amazon or Microsoft.

Cloud Emerges as the Preferred Phishing Arena

As an increasing number of applications gravitate toward cloud computing, threat actors are unsurprisingly drawn to exploit this realm. Palo Alto Networks Unit 42's report unveiled a staggering 1100% surge in newly identified phishing URLs on legitimate SaaS platforms from June 2021 to June 2022.

The report delineated a tactic where visitors to legitimate web pages are enticed to click a link directing them to a credential-stealing site. By leveraging a legitimate webpage as the principal phishing site, attackers can modify the link to direct victims to a new malicious page, thereby sustaining the original campaign's efficacy.

Cloud applications provide an ideal launchpad for phishing assaults due to their ability to bypass conventional security systems. Cloud-based phishing is further facilitated by the ease of luring unsuspecting users into clicking malevolent email links. Beyond SaaS platforms, cloud applications such as video conferencing and workforce messaging are also being increasingly exploited for launching attacks.

The Role of Phishing-Resistant MFA

Among the most robust defenses against credential-stealing phishing attacks is multifactor authentication (MFA). This approach incorporates several security factors, including something known (like a password), something possessed (such as a phone or email for code reception), and/or something inherent (like a fingerprint). By requiring an additional code-sharing device or a biometric tool for authentication, MFA heightens the difficulty for attackers to breach these security layers.

In the event of a user falling prey to a phishing attack and credentials being compromised, MFA introduces an additional layer of verification inaccessible to threat actors. This may involve SMS verification, email confirmation, or an authenticator app, with the latter being recommended by Phelps.

However, as MFA proves effective against credential theft, threat actors have escalated their strategies to compromise MFA credentials. Phishing remains one of their favored methods, as cautioned by the Cybersecurity and Infrastructure Security Agency (CISA):

"In a widely used phishing technique, a threat actor sends an email to a target that convinces the user to visit a threat actor-controlled website that mimics a company’s legitimate login portal. The user submits their username, password, as well as the 6-digit code from their mobile phone’s authenticator app.”

To counter this, CISA endorses phishing-resistant MFA as a strategy to enhance overall cloud security against phishing attacks. Fast ID Online/WebAuthn authentication stands out as a popular option. It operates through separate physical tokens linked to USB or NFC devices or embedded authenticators within laptops and mobile devices.

An alternative approach, albeit less common, is PKI-based phishing-resistant MFA, employing security-chip embedded smart cards linked to both an organization and the individual user. While highly secure, this method necessitates mature security and identity management systems.

While any form of MFA contributes to safeguarding cloud data against phishing, relying solely on commonly used code-sharing methods falls short. Threat actors have devised ways to manipulate users into revealing these codes, often relying on users' inconsistent MFA setup practices. Adopting phishing-resistant MFA and incorporating multiple layers of authentication offers the utmost security against this prevalent cyber threat.

SCARLETEEL Hackers Target AWS Fargate in Latest Cryptojacking Campaign

 

An continuing sophisticated attack effort known as SCARLETEEL continues to target cloud settings, with threat actors currently focusing on Amazon Web Services (AWS) Fargate.

According to a new report from Sysdig security researcher Alessandro Brucato, "Cloud environments are still their primary target, but the tools and techniques used have adapted to bypass new security measures, along with a more resilient and stealthy command and control architecture."

The cybersecurity firm originally revealed SCARLETEEL in February 2023, describing a complex attack chain that resulted in the theft of confidential information from AWS infrastructure and the installation of bitcoin miners to illicitly profit from the resources of the compromised systems.

However, Sysdig told The Hacker News that it "could be someone copying their methodology and attack patterns." Cado Security's follow-up investigation revealed possible connections to the well-known cryptojacking outfit TeamTNT.

The threat actor's recent action is a continuation of his propensity to target AWS accounts by taking advantage of weak public-facing web apps in order to achieve persistence, steal intellectual property, and maybe earn $4,000 per day utilizing bitcoin miners.

According to Brucato, "The actor discovered and exploited a flaw in an AWS policy which allowed them to escalate privileges to AdministratorAccess and gain control over the account, enabling them to then use it however they wanted."

The rival starts by taking advantage of JupyterLab notebook containers that are set up in a Kubernetes cluster. Using this initial foothold, the adversary conducts reconnaissance on the target network and gathers AWS credentials to gain further access to the victim's environment.

The installation of the AWS command-line tool and the Pacu exploitation framework for later exploitation come next. The assault is notable for using a variety of shell scripts, some of which target AWS Fargate compute engine instances, to retrieve AWS credentials.

"The attacker was observed using the AWS client to connect to Russian systems which are compatible with the S3 protocol," Brucato said, adding the SCARLETEEL actors used stealthy techniques to ensure that data exfiltration events are not captured in CloudTrail logs.

Other actions done by the attacker include the employment of a DDoS botnet virus known as Pandora and the Kubernetes Penetration Testing tool Peirates, all of which point to continued efforts on the side of the actor to monetize the host.

"The SCARLETEEL actors continue to operate against targets in the cloud, including AWS and Kubernetes," Brucato said. 

"Their preferred method of entry is exploitation of open compute services and vulnerable applications. There is a continued focus on monetary gain via crypto mining, but [...] intellectual property is still a priority."



Surge in 'Call Center Gangs' Linked to Organized Crime and Human Trafficking

 

Online, robocall, and other call scams are well-coordinated and often operated by criminal organizations based overseas. These scams primarily target older Americans.

Biocatch, a biometric company, conducted a recent study revealing a significant surge of 200% in call scams between 2022 and 2023. These scams are conducted by "call center gangs" located in Southeast Asia, engaging in various illegal activities, including investment fraud and human trafficking.

“These organized cybercriminal entities conduct a variety of scams,” the Biocatch report found, “including tech support, romance, and investment frauds, often targeting victims internationally and exploiting legal jurisdictional complexities to evade consequences.”

“The disconcerting link between these scams and human trafficking is hard to ignore,” Biocatch warns. 

Further, it added, “Amid the COVID-19 lockdowns, unsuspecting victims lured with job offers are detained in these call centers. Criminal rings are shifting from sex trafficking to human trafficking for scam call centers, with a higher profit margin in cybercrime.”

The primary objective of these scams is to deceive individuals into providing them with money or personal information. It is advised to disregard any unsolicited calls, text messages, or emails received.

Microsoft Issues Alert Over Rise in Advanced Phishing Scams

Microsoft has issued a warning regarding a surge in sophisticated phishing scams targeting individuals and organizations. These scams employ advanced tactics to deceive users and steal sensitive information. With an increasing number of people falling victim to such attacks, it is crucial to stay vigilant and implement necessary precautions.

Phishing scams involve cybercriminals impersonating trusted entities to trick individuals into revealing personal information, such as passwords, credit card details, or social security numbers. The scams typically rely on social engineering techniques and fraudulent emails or messages designed to appear legitimate.

According to Microsoft, the new wave of phishing scams has become more sophisticated and harder to detect. Attackers are utilizing residential internet protocol (IP) addresses instead of traditional data center IPs to evade detection by security systems. By operating through residential IPs, scammers can bypass security filters that typically flag suspicious activity from data center IPs.

These phishing campaigns often target high-value individuals, such as company executives or employees with access to sensitive data. Scammers employ persuasive language, urgency, and personalized information to deceive their targets and convince them to take action, such as clicking on malicious links or providing confidential information.

To protect against these sophisticated phishing attacks, Microsoft advises individuals and organizations to implement multi-factor authentication (MFA). By enabling MFA, users must provide additional verification, such as a unique code sent to their mobile device, in addition to their password. This adds an extra layer of security and makes it significantly harder for attackers to gain unauthorized access.

Furthermore, individuals should remain cautious when interacting with emails or messages, especially those that request sensitive information or seem suspicious. It is essential to scrutinize sender addresses, look for signs of grammatical errors or inconsistencies, and avoid clicking on links or downloading attachments from unknown sources.

Organizations must prioritize cybersecurity awareness training for employees to educate them about the latest phishing techniques and the potential risks they pose. Regular training sessions and simulated phishing exercises can help individuals develop a strong sense of skepticism and recognize the warning signs of a phishing attempt.





Report: Crypto Crime Hits Record $20 Billion in 2022

 

The unlawful use of cryptocurrencies reached a new high of $20.1 billion last year, as transactions involving companies sanctioned by the United States skyrocketed, as per data from blockchain analytics firm Chainalysis released on Thursday.

In 2022, the cryptocurrency market lost momentum as risk appetite started to wane and various crypto firms went bankrupt. Investors suffered significant losses, and regulators increased calls for greater consumer protection. 

Despite a drop in overall crypto transaction volumes, the value of unlawful crypto transactions increased for the second year in a row, according to Chainalysis. As per Chainalysis, transactions linked with sanctioned entities increased more than 100,000-fold in 2022 and accounted for 44% of illicit activity last year. 

Funds received by Garantex, a Russian exchange sanctioned by the US Treasury Department in April, accounted for "much of 2022's illicit volume," according to Chainalysis, adding that the majority of that activity is "likely Russian users using a Russian exchange." 

According to a Chainalysis spokesperson, wallets are labelled as "illicit" if they are not part of a sanctioned entity.

Garantex did not respond immediately to an emailed request for comment.

Last year, the US also sanctioned cryptocurrency mixing services Blender and Tornado Cash, alleging that they were being used by hackers, including those from North Korea, to launder billions of dollars in cybercrime proceeds.
 
The volume of stolen crypto funds increased by 7% last year, but volumes of other illicit crypto transactions, such as those related to scams, ransomware, terrorism financing, and human trafficking, decreased.

"The market downturn may be one reason for this. We've found in the past that crypto scams, for instance, take in less revenue during bear markets," Chainalysis said.

Chainalysis stated that its $20.1 billion estimate only encompasses blockchain activity and excludes "off-chain" crime such as fraudulent accounting by crypto firms.

According to Chainalysis, the figure also excludes instances where cryptocurrencies are the proceeds of non-crypto-related crimes, such as when cryptocurrency is used as a means of payment in drug trafficking.

"We have to stress that this is a lower bound estimate - our measure of illicit transaction volume is sure to grow over time," the report said, noting that the figure for 2021 was revised to $18 billion from $14 billion as more scams were discovered.





How to Prevent Corporate Login Credential Theft?

 

Expenditure on enterprise cybersecurity is growing rapidly. According to the most recent estimates, the average figure for 2021 will be more than $5 million. Despite this, US organizations reported a record number of data breaches in the same year. 

So, what's the problem? Static passwords, user errors, and phishing attacks continue to undermine security efforts. Threat actors benefit greatly from easy access to credentials. And user training alone will not be enough to restore the balance. A strong credential management strategy is also required, with multiple layers of protection to ensure credentials do not fall into the wrong hands.

During the first half of this year, nearly half of all reported breaches involved stolen credentials. Once obtained, these credentials allow threat actors to disguise themselves as legitimate users in order to deploy malware or ransomware or move laterally through corporate networks. Extortion, data theft, intelligence gathering, and business email compromise (BEC) can all be carried out by attackers, with potentially huge financial and reputational consequences. Breaches caused by stolen or compromised credentials cost an average of $4.5 million in 2021, and they are more difficult to detect and contain (327 days).

It may come as no surprise that the cybercrime underground is rife with stolen credentials. In fact, 24 billion were in circulation in 2021, a 65% increase over 2020. Poor password management is one factor.  Since password reuse is common, these credential hauls can be fed into automated software to unlock additional accounts across the web, a technique known as credential stuffing. They are quickly put to use once they are in the hands of hackers. 

As per one study, cybercriminals gained access to almost a quarter (23%) of accounts immediately after the compromise, most likely through automated tools designed to quickly validate the credibility of the stolen credential.

Phishing is a particularly serious enterprise threat that is becoming more sophisticated. Unlike the error-ridden spam of yesteryear, some efforts appear so genuine that even a seasoned pro would have difficulty detecting them. Corporate logos and typefaces are accurately reproduced. Domains may use typosquatting to appear identical to legitimate domains at first glance.

They may even use internationalized domain names (IDNs) to imitate legitimate domains by replacing Roman alphabet letters with lookalikes from non-Latin alphabets. This enables fraudsters to register phishing domains that look exactly like the original.

The same holds true for the phishing pages that cybercriminals direct employees to. These pages are intended to be convincing. URLs will frequently use the same tactics mentioned above, such as letter substitution. They also intend to imitate logos and fonts. These techniques make pages appear to be the "real deal." To trick users, some login pages display fake URL bars that display the real website address. This is why you can't expect employees to know which sites are legitimate and which are attempting to dupe them.

This means that user awareness programs must be updated on a regular basis to account for specific hybrid-working risks as well as constantly changing phishing tactics. Short, bite-sized lessons with real-world simulation exercises are required. Creating a culture in which reporting attempted scams is encouraged is also important.

But be aware that there is no silver bullet, and user education alone will not reliably prevent credential theft. Bad actors only need to be fortunate once. And there are numerous ways for them to contact their victims, including email, social media, and messaging apps. It is unrealistic to expect every user to detect and report these attempts. Education must use technology and solid processes.

Credential management should be approached in layers by organizations. The goal is to reduce the number of sites where users must enter passwords. Single sign-on (SSO) should be implemented by organizations for all reputable necessary work applications and websites. SSO should be supported by all SaaS providers.

In the meantime, a password manager would be useful if there are logins that require different credentials. This also allows employees to determine whether a login page can be trusted, as the password manager will not provide credentials for a site it does not recognize. To secure logins, organizations should also enable multi-factor authentication (MFA).

FIDO2 is also gaining popularity. It will provide a more robust solution than traditional authenticator apps, though those apps will still be superior to text-message codes. Not everything is foolproof, and risky login pages may slip through the cracks. Employees should only be flagged for risky login pages as a last resort. 

This can be accomplished by analyzing threat intelligence metrics, webpage similarities, domain age, and how users arrived at a log in page in real-time. This rating can then be used to either block high-risk login pages or warn users to check again for less-risky ones. Importantly, because this technology only intervenes at the last second, security appears transparent to the user and does not make them feel watched.

A layered approach to credential management, when combined with an architectural approach to security across the entire stack, can help reduce the attack surface and mitigate risk from an entire class of threat.

Hundreds of Predatory Loan Apps on Google Play and Apple App Store

Lookout Threat Lab team came up with new research in which they have discovered that around 300 mobile loan applications on Google Play and the App Store collect user credentials from mobile devices and harass borrowers for repayment. 

These apps reportedly have been found working in Southeast Asian and African countries, as well as India, Mexico, and Colombia, allegedly promising to provide fast-track work and fully-digital loan approvals with fair loan terms. 

However, in reality, these are just tricks to lure victims for quick cash to ensnare borrowers into fraud loan contracts and ask them to provide access to their sensitive data including their contact details, SMS messages, addresses, etc.  

In total, the team of researchers has uncovered 251 Android apps on the Google Play store with over 15 million collective downloads. Along with this, 35 apps on the App Store were in the top 100 finance apps in their regional stores. 

Users reported that their loans come with hidden fees, high-interest rates, and repayment conditions that are less favorable than what is promised on the app stores. Researchers also discovered that the information exfiltrated from mobile devices is sometimes used for creating pressure on users for repayment. 

According to the research, there are a few essential steps that you can take to protect your system and yourself from loan scams. 

  • The first and most important step one should take is to apply for loans from established institutions. Before applying for a loan one should study and research thoroughly the organization’s history, registration with legal agencies, and reputation.
  • Before accepting conditions and granting permissions to any app, first learn what permission should be granted, especially when the app asks to grant access to contacts, location, SMS, and files. 
  • Always Install apps from official sources, before installing apps check and read from multiple sources whether the app is legitimate or not.
All in all, the apps have a very similar business model, which is to lure victims into fraud loan terms and blackmail them to pay. Along with this, the research reads that the loan operators also display scam-like actions. 

Reverse Tunnelling & URL Shortening Services Used in Evasive Phishing

 

Researchers are detecting an increase in the usage of reverse tunnel services, as well as URL shorteners, for large-scale phishing operations, leaving malicious activity more difficult to detect. This strategy differs from the more typical practise of registering domains with hosting providers, who are more inclined to answer complaints and remove phishing sites. 

Threat actors can use reverse tunnels to host phishing websites locally on their own computers and route connections through an external service. They can evade detection by using a URL shortening service to produce new links as frequently as they desire. Many phishing URLs are renewed in less than 24 hours, making tracing and eliminating the domains more complex. 

CloudSEK, a digital risk prevention company, has seen a rise in the number of phishing efforts that combine reverse tunnelling and URL shortening services. According to a report shared with BleepingComputer by the business, researchers discovered more than 500 sites hosted and disseminated in this manner. CloudSEK discovered that the most extensively misused reverse tunnel services are Ngrok, LocalhostRun, and Cloudflare's Argo. They also saw an increase in the use of URL shortening services such as Bit.ly, is.gd, and cutt.ly. 

Reverse tunnel services protect the phishing site by managing all connections to the local server where it is housed. The tunnel service resolves any incoming connections and forwards them to the local computer. Victims who interact with these phishing sites have their personal data saved directly on the attacker's computer. Thus according to CloudSEK, the threat actor conceals the name of the URL, which is often a string of random characters, by utilising URL shorteners. 

As a result, a suspicious domain name is masked under a short URL. Opponents, according to CloudSEK, are disseminating these links using popular communication channels such as WhatsApp, Telegram, emails, SMS, or bogus social media pages. It is important to note that the abuse of these services is not new. 

In February 2021, for example, Cyble produced proof of Ngrok misuse. However, according to CloudSEK's results, the situation is worsening. CloudSEK discovered one phishing campaign that impersonated YONO, a digital banking platform provided by the State Bank of India. The attacker's URL was masked under "cutt[.]ly/UdbpGhs" and directed to the site "ultimate-boy-bacterial-generates[.]trycloudflare[.]com/sbi," which made advantage of Cloudflare's Argo tunnelling service. 

This phishing page asked for bank account information, PAN card numbers, Aadhaar unique identification numbers, and mobile phone numbers. CloudSEK did not disclose the effectiveness of this operation, but it did point out that threat actors seldom use the same domain name for more than 24 hours, however, they do recycle the phishing page designs.

"Even if a URL is reported or blocked, threat actors can easily host another page, using the same template" - CloudSEK 

This sensitive information may be sold on the dark web or utilised by attackers to deplete bank accounts. If the information comes from a business, the threat actor might use it to execute ransomware attacks or business email compromise (BEC) fraud. 

Users should avoid clicking on links obtained from unknown or dubious sources to protect themselves from this sort of danger. Manually typing a bank's domain name into the browser is an excellent way to avoid being exposed to a bogus website.

FBI: Business Email Compromise is a $43 Billion Scam

 

The FBI recently announced that the amount of money lost to business email compromise (BEC) scams is increasing each year, with a 65 per cent rise in identified global exposure losses between July 2019 and December 2021.

From June 2016 to July 2019, IC3 received victim complaints about 241,206 domestic and international occurrences, totalling $43,312,749,946 in exposed cash loss. 

The FBI stated, "Based on the financial data reported to the IC3 for 2021, banks located in Thailand and Hong Kong were the primary international destinations of fraudulent funds. China, which ranked in the top two destinations in previous years, ranked third in 2021 followed by Mexico and Singapore." 

This was revealed in a new public service announcement issued on the Internet Crime Complaint Center (IC3) site as an update to a prior PSA dated September 2019, in which the FBI stated victims reported losses to BEC attacks totalling more than $26 billion between June 2016 and July 2019. 

About BEC scams:

BEC scams were the cybercrime type with the highest recorded overall victim losses last year, according to the IC3 2021 Internet Crime Report [PDF]. Based on 19,954 registered complaints relating to BEC attacks against individuals and businesses in 2021, victims reported losses of about $2.4 billion. BEC scammers use a variety of techniques to infiltrate business email accounts, including social engineering, phishing, and hacking, to transfer payments to attacker-controlled bank accounts. 

Small, medium and big enterprises are frequently targeted in this form of scam (also known as EAC or Email Account Compromise). Nonetheless, if the payout is high enough, they will attack individuals. Given that they often imitate someone who has the target's trust, their success rate is also very high. 

However, "the scam is not always associated with a transfer-of-funds request," as the FBI explained in the PSA alert. "One variation involves compromising legitimate business email accounts and requesting employees' Personally Identifiable Information, Wage and Tax Statement (W-2) forms, or even cryptocurrency wallets."

The FBI also offered advice on how to protect yourself from BEC scams:
  • Use secondary channels or two-factor authentication to verify requests for changes in account information.
  • Ensure the URL in emails is associated with the business/individual it claims to be from.
  • Be alert to hyperlinks that may contain misspellings of the actual domain name.
  • Refrain from supplying log-in credentials or PII of any sort via email. Be aware that many emails requesting your personal information may appear to be legitimate.
  • Verify the email address used to send emails, especially when using a mobile or handheld device, by ensuring the sender's address appears to match who it is coming from.
  • Ensure the settings in employees' computers are enabled to allow full email extensions to be viewed.
  • Monitor your personal financial accounts on a regular basis for irregularities, such as missing deposits.

$50 Million Lost to Fraudsters Impersonating as Broker-Dealers

 

A California man admitted his involvement in a large-scale and long-running Internet-based fraud scam that allowed him and other fraudsters to drain about $50 million from hundreds of investors.

Between 2012 and October 2020 Allen Giltman, 56, and his co-conspirators constructed phoney websites to collect money from people via the internet by advertising various investment opportunities (mainly the purchase of certificates of deposit). 

According to court documents, "The Fraudulent Websites advertised higher than average rates of return on the CDs, which enhanced the attractiveness of the investment opportunities to potential victims. At times, the fraudulent websites were designed to closely resemble websites being operated by actual, well-known, and publicly reputable financial institutions; at other times, the fraudulent websites were designed to resemble legitimate-seeming financial institutions that did not exist." 

They advertised the phoney investment sites in Google and Microsoft Bing search results for phrases like "best CD rates" and "highest cd rates." The scammers pretended to be FINRA broker-dealers in interactions with victims seeking investment possibilities, claiming to be employed by the financial companies they imitated on the scam sites. 

They employed virtual private networks (VPNs), prepaid gift cards to register web domains, prepaid phones, and encrypted applications to interact with their targets, and false invoices to explain the huge wire transfers they obtained from their victims to mask their genuine identities during their fraud schemes. 

"To date, law enforcement has identified at least 150 fraudulent websites created as part of the scheme," the Justice Department stated. 

"At least 70 victims of the fraud scheme nationwide, including in New Jersey, collectively transmitted approximately $50 million that they believed to be investments." 

The charge of wire fraud conspiracy, which Giltman consented, carries a possible sentence of 20 years in jail, while the charge of securities fraud carries a maximum sentence of five years in prison. Both are punishable by fines of $250,000 or double the gross gain or loss from the offence, whichever is greater. Giltman is scheduled to be sentenced on May 10, 2022. 

Stay Vigilant

The FBI's Criminal Investigative Division and the Securities and Exchange Commission cautioned investors in July 2021 that scammers posing as registered financial professionals such as brokers and investment advisers were posing as them. 

The July alert came after FINRA issued a similar fraud alert the same week regarding broker imposter frauds involving phishing sites that impersonate brokers and faked SEC or FINRA registration documents. 

"Fraudsters may falsely claim to be registered with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) or a state securities regulator in order to lure investors into scams, or even impersonate real investment professionals who actually are registered with these organizations," the FBI and SEC stated. 

Investors should first use the Investor.gov search engine to see if people marketing investment possibilities are licensed or registered, and then ensure they're not scammers by contacting the seller using independently confirmed contact information from the firm's Client Relationship Summary (Form CRS).

Consumers Warned of Rising Delivery Text Scams

 

Consumers are being advised to be wary of delivery scam texts while purchasing online for Christmas and Boxing Day sales. 

New research from cybersecurity firm Proofpoint shows that delivery 'smishing' scams are on the rise during the busiest shopping season of the year, according to UK Finance. So far in Q4, more than half (55.94%) of all reported smishing text messages impersonated parcel and package delivery firms. In Q4 2020, only 16.37 percent of smishing efforts were made. 

In comparison to Q4 2020, Proofpoint saw a considerable decrease in different types of smishing frauds in Q4 2021. Text scams mimicking financial institutions and banks, for example, accounted for 11.73 percent of all smishing attacks in 2021, compared to 44.57 percent in 2020. 

The information comes from Proofpoint's operation of the NCSC's 7726 text message system. Customers can use this method to report suspicious texts. 

Delivery smishing scams typically begin with a fraudster sending a bogus text message to the recipient alerting them that the courier was unable to make a delivery and demanding a charge or other information to rearrange. The consumer will be directed to a fake package delivery company's website, where they will be asked to provide personal and financial information. 

Following the significant development in online shopping during COVID-19, this form of scam has become increasingly common. Over two-thirds (67.4%) of all UK texts were reported as spam to the NCSC's 7726 text messaging system in the 30 days to mid-July 2021, according to Proofpoint. 

Which? revealed a very clever smishing fraud involving an extremely convincing DPD fake website in a recent investigation. 

Katy Worobec, managing director of economic crime at UK Finance, commented: “Scrooge-like criminals are using the festive season to try to trick people out of their cash. Whether you’re shopping online or waiting for deliveries over the festive period, it’s important to be on the lookout for scams. Don’t let fraudsters steal your Christmas – always follow the advice of the Take Five to Stop Fraud campaign and stop and think before parting with your information or money.” 

Steve Bradford, senior vice president EMEA at SailPoint, stated: “The sharp rise in text message scams – or smishing, which has increased tenfold compared to last year, should be a stark warning to the public. With parcel delivery scam texts expected to spike this Christmas, it’s clear cyber-criminals are using every opportunity available to target victims using new methods. This comes as more businesses use SMS to engage with customers, to accommodate the digital-first mindset that now characterizes many consumers. But this also opens the doors to threat actors able to masquerade as popular websites or customer service support."

“Consumers must be extra vigilant and refrain from clicking any links in text messages that they’re unsure about. It’s also crucial they are keeping their data, identities, and banking information safe – for example, by not taking pictures of their credit card and financial information, since photos often get stored in the cloud, which risks potential exposure to malicious actors.”

Bracing for Evolving Phishing Frauds

 

Phishing scams are still the most common type of cybercrime. Unfortunately, as social engineering attacks get more advanced, this tendency is likely to continue in 2022. The numbers are worrisome and the phishing attacks account for more than 80% of all security issues reported. 

In fact, phishing attacks have been successful in 74 percent of firms in the United States. Companies must be watchful and proactive by implementing a defense strategy as phishing will remain the favoured method of attack for cybercriminals in the coming year. Phishing attacks have the potential to compromise infrastructure and organizations will need to plan ahead and anticipate investing more money in preventative measures in 2021 than they did in 2021. 

Phishing takes a new turn 

As cybercriminals get more sophisticated, here are some of the tactics that businesses should be aware of. It will be considerably difficult to distinguish between spoof and legitimate emails. Email recipients may be alarmed by clever subject lines. Email recipients may be alarmed by clever subject lines such as "Changes to your health benefits" or "Unusual login detected." 

Other common methods of attack include denied memberships, fraudulent subscription calls-to-action, and billing and payment warnings. Furthermore, fraudsters are becoming more sophisticated in their use of false links. Users who aren't paying attention may be scammed into clicking on links that lead to harmful websites. Phishing assaults will be elevated to a new level as a result of social engineering attempts. Artificial intelligence-based tactics, such as copying someone's voice to elicit sensitive information, will become more common. 

A good offense is the best defense

The good news for businesses is that they can use artificial intelligence (AI), email security, and cybersecurity training to protect themselves from more sophisticated phishing assaults. Investing in AI-based preventative tools that track and examine email communications is the first line of defence. 

A strong AI solution examines variables like the devices' external senders and employees, who they message, what time of day they communicate, and where they communicate from. This data is then used to create trusted email sender profiles, which are subsequently compared to incoming emails to authenticate the sender and detect and avoid sophisticated phishing efforts. Artificial intelligence-based monitoring software may even scan photos for fake login sites and altered signatures, then immediately quarantine malicious emails so that the end-user never sees them. 

Another preventative step is email security. Technology that displays warning banners and identifies problematic emails is beneficial since it allows users to quarantine or mark messages as safe with a single click. Passwords that have been compromised can be used to launch cyberattacks. Single sign-on (SSO), multifactor authentication (MFA), and password management are all included in an identity and access management (IAM) tool. 

Another option to mitigate the security concerns associated with passwords is to use passwordless authentication. This method confirms a user's identity by utilizing biometrics, such as fingerprints, and one-time passwords, which require users to enter a code that is either emailed, transmitted through SMS, or received via an authenticator app. 

Finally, a company is only as powerful as its employees, emphasising the importance of cybersecurity training. The first line of defence is employees. An organization's odds of experiencing a cybersecurity incident can be reduced by up to 70% by boosting security awareness. Security awareness training should always be included in onboarding, and phishing simulation campaigns should be run regularly, at least once a month. 

While this may appear excessive, research reveals that four to six months after each training session, trained employees begin to forget what they learned. With hybrid workplaces becoming increasingly widespread post-pandemic, over half of the remote workers use email as their major mode of contact, demonstrating the importance of security awareness training. 
 
According to the FBI, firms in the United States lost more than $1.8 billion in costs due to business email compromise (BEC) or spearphishing last year. Phishing scams resulted in adjusted losses of more than $54 million, according to the FBI. Given that phishing remains a popular type of intrusion, it's reasonable to assume that number will continue to rise. 

Organizations may help defend their businesses from being hacked by utilising AI's complete functionality to construct a powerful security platform that detects threats, as well as strengthened email security measures and employee training.