Phishing Accounts for 50% of All Fraud Attacks

November 17, 2018


A study of existing cyber fraud dangers by network safety company RSA demonstrates that phishing attacks have risen by 70% since Q2 and now account for 50% of all fraud attacks experienced by companies.

Phishing attacks are trendy since they are easy to carry out and have a high success rate. An attacker can set up a webpage that imitates a famous brand such as Microsoft or Google that demands login particulars. Electronic mails are then transmitted containing hyperlinks to the site together with a valid reason for clicking. As per a research carried out by Verizon, 12% of users click hyperlinks in phishing electronic mails.

RSA notes that the bulk of phishing attacks are carried out in the United States, Canada, and the Netherlands, which constitute 69% of all attacks.

RSA has also drawn attention to a particular variation of phishing named vishing. Instead of using electronic mail, vishing attacks happen over the phone. A typical instance involves a scammer pretending to be from the target’s bank. Although the call is uninvited, the scammer pretends that there is a safety problem that needs to be solved and requests confidential information such as passwords, bank account information, and security queries and answers. Vishing accounts for 1% of all fraud attempts even though it is a serious danger.

A new variation of vishing has even greater possibility to attain the desired result. Instead of the attacker calling a target, the attacks work in opposite with customers inviting the scammer. This is being accomplished through search engine poisoning – Getting malevolent websites listed in the organic search engine results. Other variations include wrong information posted on social media sites and help forums.

14% of fraud attacks involve brand misuse: Deceptive posts on social media that spoof a well-known brand. 12% of scam attacks involved Trojan horses – malware which is fitted under wrong pretenses. Once fitted, the malware harvests confidential information such as banking identifications. 2% of scam attacks involve the use of rogue mobile applications 9,329 rogue mobile apps were recognized by RSA in Q3, 2018.

Frauds through mobile browsers accounted for the bulk of fraud transactions (73%) in Q3 – A rise of 27% since this time last year.