As spring approaches and the weather improves, many of us might take advantage by taking time off and trying to catch some rest and relaxation. Meanwhile, cybercriminals are doing what they do year-round: Trying to catch us off guard and steal vital information. These attacks, particularly phishing scams, are increasing in frequency and sophistication, making it hard for us in the banking industry to get much-needed R&R.
Phishing scams are a method cyber attackers use fraudulent emails to target a specific individual or group of individuals and rely on social engineering tactics to make you feel at ease. A favorite tactic of cyber attackers is to use emails that either appear to be or maybe from a title insurance company. Even though a bank might not be working with that company on anything at the time, bank employees may still get periodic emails from title companies about the services they offer. As a result, such emails feel familiar and safe to open, which the cyber attacker is expecting. When an unsuspecting bank employee clicks on the link or opens an attachment, the malware infects the employee’s workstation. Other times, the cyber attacker prompts the employee to input a username and password to capture the employee’s login credentials.
Firewalls, anti-virus, and SPAM filters alone are not enough to prevent these attacks; BankOnIT works to provide more capabilities to meet the needs of financial institutions. However, it takes each individual’s effort as well.
Stay aware, think before you click on a link or an attachment, and when in doubt, stop. Seek assistance to determine if the email you have received is legitimate. Protect your bank by being aware of these types of attacks, remaining alert, and avoiding links or attachments within suspect emails.