Did you know that 91% of all cyberattacks begin with a phishing email? Despite its prevalence, many individuals and organizations still fall victim to these scams, leading to costly data breaches, financial losses, and damaged reputations. The good news? Phishing attacks are highly preventable with the right knowledge and proactive measures.
In this blog post, we’ll explore the tactics attackers use and actionable steps you can take to safeguard your sensitive data. Here’s what we’ll cover:
- What is phishing and how does it work?
- Common types of phishing attacks
- How to recognize phishing attempts
- Peak scammer seasons (when you’re most likely to fall victim)
- Prevention best practices
What is phishing?
Phishing is when cybercriminals try to trick you into sharing private information or downloading harmful software. They do this by pretending to be someone you trust in an email, text, or other online message.
The cybercriminal wants to steal your private data, usernames, passwords, account numbers, credit card info, and other personal details. They can use this to steal your identity, take your money, or attack an organization’s computer systems.
How phishing works
In a typical phishing attempt, the attacker sends an email that looks like it came from a real company, like your bank, a service you use, a government office, or even a person you know. These emails often convey a false sense of urgency. They want you to act quickly; they’re betting that you won’t have time to look too carefully at the message.
The malicious email will usually direct you to click a link that takes you to a fake website, nearly identical to the real one, where you’re asked to enter login credentials or other sensitive information. If you do, that data goes straight to the attacker.
A phishing email might trick you into opening an attachment that looks safe. Everything may seem normal, but without you knowing, malware could be secretly installed on your device.
Types of phishing attacks
Phishing vs. spear phishing
While regular phishing campaigns cast a wide net by blasting out thousands of generic emails, spear phishing is a more targeted approach.
Here, the attacker researches their target to craft highly personalized messages for greater credibility. They might reference a recent purchase you made, include personal details pulled from your social media accounts, or even perfectly spoof the email address of someone you know. Due to their targeted nature, spear phishing attacks have a much higher success rate.
Beyond email-based trickery, other common types of phishing include:
- Smishing via SMS text message.
- Vishing via phone call or voice message.
- Angler phishing, targeting social media users.
- Whaling, which targets high-ranking individuals within an organization.
Peak phishing seasons
While phishing attacks happen year-round, there are certain times when accounting professionals need to be extra vigilant. Cybercriminals often exploit busy periods and tax-related deadlines to catch their targets off guard.
Busy season scams
The months leading up to April 15 are prime time for tax-related phishing scams. Attackers may pose as the IRS, a tax software provider, or even a senior partner in your accounting firm, using spoofed email addresses and convincing logos.
These phishing emails might claim there’s an issue with your tax return, request sensitive client information for an “urgent” matter, or ask you to open an attachment with “important tax documents.” During the hectic tax season, it’s easier to fall for these scams in the rush to meet deadlines.
Financial year-end phishing
Similar to tax season, cybercriminals ramp up their efforts around the financial year-end close. They know accounting teams are under pressure to wrap up audits, reconcile accounts, and generate reports. Phishing emails may impersonate clients, auditors, or financial institutions, making urgent requests related to year-end matters.
W-2 and 1099 scams
In the first quarter of each year, attackers often target payroll and HR professionals with W-2 and 1099 phishing scams. These emails appear to come from company executives or clients requesting employee tax forms or sensitive payroll data. Accidentally sending this information to a scammer can lead to identity theft and significant liability for your firm. Visit the IRS’s “Tax scams” resource to learn how to protect yourself.
Holiday distractions
The end-of-year holiday season can be a vulnerable time for accounting professionals. With staff taking time off and the general festive atmosphere, it’s easy to let your guard down. Cybercriminals seize this opportunity, sending phishing emails disguised as holiday greetings, year-end bonus notifications, or fake invoices for holiday party expenses.
Stay extra safe in high-risk periods
While it’s crucial to follow threat prevention best practices all year, be extra cautious during high-risk periods. Take an extra moment to scrutinize any requests for sensitive information or urgent action, even if they appear to come from trusted sources. When in doubt, always verify requests through a separate communication channel before responding.
Phishing attack prevention tips
Now that you know what it is, how common it is, and the many, many lengths cyber thieves will go to get access to your personal information…it’s time to learn how to protect yourself from email security threats.
Phishing prevention best practices:
- Scrutinize messages before acting. Question the legitimacy of unexpected emails demanding urgent action.
- Verify suspicious requests through an alternate channel. If an email claims to be from your bank, call your bank directly to verify. Don’t use contact info provided in the suspicious message.
- Never open attachments or click links from unknown senders. This is how most malware infections happen. If you must open an attachment, first scan it with antivirus software.
- Check URLs carefully before entering sensitive data. On the web, look for https:// at the beginning and the proper domain name. Beware slightly misspelled or typo-ridden URLs.
- Enable multifactor authentication wherever possible. That way, even if an attacker obtains your password, they still can’t access your account without a second factor, like a security token.
- Use antivirus and anti-phishing security tools. Modern internet security suites include specific protection against malicious attachments, links, and phishing websites.
- Keep software updated. Vendors routinely patch security flaws that phishing attacks can exploit.
- Provide social engineering training. Ensure your team knows how to spot and report phish so human error doesn’t give attackers an opening.
By understanding what phishing is, being aware of the different types of phishing attacks, and following phishing prevention best practices, you can protect your sensitive information and reduce the risk of falling victim to this common but dangerous type of cybercrime. Stay vigilant out there.
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