Everything You Should Know about Phishing Attacks

Posted on: Mar 25, 2022 | 3 mins | Written by: HDFC ERGO Team

Everything You Should Know about Phishing Attacks

Online platforms have gradually become a place of distrust and deceit. With numerous internet pirates stealing your online information today, it has become crucial to take steps to protect yourself from phishing. Generally, these scammers look for your account numbers, social security numbers, passwords and all confidential information. As a result, you can be a victim of identity theft where thieves can replace your credit card and driver's licenses with their names. Furthermore, they can ruin your financial history and reputation.

To fight this, here is a guide that states the basics of phishing along with the steps to fight this. Let's begin!

What are Phishing Attacks?

Phishing (derived from the term 'fishing') occurs when someone takes certain actions that assist scanners to avail access to a personal account, information, or device. Typically, scammers pretend to be a firm or individual upon which you have faith. Consequently, they easily get access to your online accounts, infect them with malware, and steal all your confidential and credit card details.

To be more precise, these online strategies 'bait' individuals with temptations to snatch confidential information from them. Such strategies/schemes persuade you to open a certain attachment, link, fill out a form, or enter personal information somewhere. Here, information could be anything. To name a few, it can either be social media log in, your identity, Aadhar Card number, etc. If truth be told, phishing attacks are heinous crimes that put security at a major stake.

How Can You Spot Phishing?

Scammers generally take the assistance of text messages or emails to trick you, upon which you give personal information to them unknowingly. Note that phishing also involves stealing passwords, account numbers, etc. When fraudsters attain this information, they gain immediate access to your bank, email, and all accounts that you use with certain passwords. The worst part here is, scammers launch hundreds and thousands of such attacks each day out of which many are successful. Eventually, you lose your security and access to your accounts.

Now, although not all phishing tactics are successful, most are. This depends on the intensity of security that individuals apply. Most often, scammers also keep updating and improvising on their tactics. However, there are several signs that will give you leads to spot a potential phishing text message or email.

Generally, phishing emails/text messages will look like they are sent from any firm/agency you completely rely on. For example, it might replicate mail and text messages from credit card companies, banks, online payment applications, websites, social media networking sites, or online/social media stores.

However, the question here is, how to identify phishing? Well, phishing mails generally narrate a story that tricks you to click/open/download an attachment. These mails:

● State that they have identified some suspicious activity from your account

● Show concern that they have noticed unusual login attempts

● Lure by offering coupons for free stuff

● Claim that your account or payment information is facing a problem and that it needs your account details immediately to fix it

● May attach a fake invoice

● Tell that you may want to click on the 'link' to verify/make your payment

● May say that you are eligible to register for a government refund

● Might state you need to confirm/verify your personal information for security purposes

● Trick you by saying you have won refunds/offers/lotteries from a finance company you trust. Later, they add a link that must not be opened at all costs.

Four Steps to Protect Yourself from Phishing

Generally, emails filter out all spam messages to keep phishing emails out of your primary inbox. However, most scammers can outsmart these filters. Hence, adding a top-class layer of protection is never a bad idea. Listed below are 4 steps to protect yourself from phishing attacks.

1) Safeguard your PC/system by installing security software. Set this software so that it updates automatically. This way, it deals with all new security threats itself.

2) Protect your online accounts by opting for multi-factor authentication. Several accounts provide extra security by asking for two or more credentials for logging in to your account. This is known as multi-factor authentication. All the extra credentials that you require to log in to your account comes under 2 categories:

● Something you are: scanning your retina, your fingerprint, or your face

● Something you have: like the passcode that you obtain through the security key or authentication app

3) Set your mobile security software to update automatically. This update will help you with extensive protection against all security threats. Alongside, you can even keep a backup of your data in pen drives, etc.

4) Go for cyber insurance. If you are over the age of 18 years and use the internet on a daily basis, cyber insurance is probably the best way to cover yourself against phishing and other cybercrimes. While covering the loss that you may incur as a result of cyber extortion, a cyber insurance policy will cover the restoration costs of the damage caused to your computer

What Should You Do If You Think You've Been a Victim of a Phishing Attack?

In case you receive a text message or mail that asks you to download an attachment or click on a link, never forget to answer this question: Do I have an account with the organization or know the person contacting me? If the answer is:

● No: It can be a scam. Report the message and delete it.

● Yes: Reach out to the company on the number/website that you think is real and not the information that is provided in the mail. This is to verify the mail identification.

What Should You Do If You Accept a Phishing mail?

When you accept a phishing mail, there are 95% chances that scammers have your information including bank account details, credit card details, or Social Security. In such a case, immediately, go to IdentityTheft.gov. Herein, you will be guided with certain steps that you need to take on the intensity of information that you have lost.

In cases where you think you opened an attachment or clicked on any link that downloaded malware and harmful software on your system, updates the security software of your computer followed by a thorough scan.

What Is the Best Way to Report Phishing?

Once you receive a phishing text message or mail, report it immediately. These report feedbacks can be potential leads to reach scammers and fight them.

● For mails: Forward the phishing mail to the Anti-Phishing Working Group at reportphishing@apwg.org

● For text messages: Forward the message to SPAM (7726)

● Report the attack to the FTC at ReportFraud.ftc.gov

Conclusion

In today’s times, not being constantly connected to the world seems unimaginable. To function in your everyday life, it becomes an absolute necessity to be exposed to the digital world. Though living without the internet seems impossible, it also puts you in a vulnerable spot. This is where cyber insurance comes into play. If you too wish to protect yourself from the cyber risk and threats cyber insurance is what you need. While offering you optimum protection.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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