When people think of dangerous animals, an image of a tiger, shark, or wolf may pop up in their minds. However, believe it or not, it turns out that mosquitoes are the deadliest animals to humankind. Similarly, when we take a glance at fraud, the swarm of tiny scams creates more monetary damage, than a single huge con. Like mosquitoes, phishing scams might appear simply as pesky, but they can cause considerable problems to individuals, companies, and large organizations alike.

When it comes to sheer numbers, phishing is the most common and widespread scam. It is estimated that 3.4 billion spam emails are dispensed daily, while Google alone blocks about 100 million of them each day. In 2021 alone more than 300,000 people became victims of phishing attacks, and that is when we take into account that Google had stopped 99.9% of these fraud attempts.

Money Back Experts understands the dangers of phishing scams, and we have firsthand seen the damage they caused to many of our clients. We want to actively prevent this dangerous form of fraud by spreading awareness and providing useful insights so you can avoid phishing attacks. For this reason, we have provided you with this article to help you not become another figure in this troubling statistic.

What Is Phishing?

In its essence phishing is both a scam and a cyber attack that starts as a message. Because of this, it can come in various forms – emails, texts, app messages (usually on WhatsApp), social media DMs, and so on. As a rule, the fraudulent message contains a highly problematic link which can cause huge problems with a single click. These traps are designed to extract people’s private data, bank account information, and passwords, or they can install malware.

MBX Tip: Always be cautious of emails from unknown senders, especially the ones that contain a link! The same goes for messages on social media, apps, and texts.

Of course, most people won’t click on a random link that appears out of nowhere. The catch is that scammers invest a lot of effort into making the messages seem genuine. Additionally, bear in mind that an average person reads and sends more than 50 messages per day. This means that we are all used to checking our texts and emails, and not many of us scrutinize every message we receive.

Because of all of this, phishing is a numbers game. People are exposed to such a vast stream of messages and notifications, that even with all the security measures, phishing attempts are bound to fall through the cracks. All the scammers need is a small lapse in concentration and a person to click on the link. What’s worse, the effects of phishing are often not obvious, and so the victim discovers the fraud when it’s too late.

MBX Tip: In case the email or the message instructs you to click on a link, even if you know the sender, verify if the email is legitimate.

Phishing Techniques

During our fight against scams, the Money Back Experts team has witnessed a wide array of effective tricks which confuse the victims. These may range from technically advanced hacking techniques like SMS spoofing to simply sending an email with a copied company logo. Regardless of the level of complexity, most of these tricks have been proven to work time and again. As a result, swindlers keep using them.

Emulating Design and Content

Money Back Experts have seen countless phishing examples where scammers have taken the color scheme, logo, pictures, and even text from the official sites. Then they use this content to present the business or organization they are mimicking. The target often takes the message for its face value and they click on the fraudulent link.

MBX Tip: Look for telltale signs, such as typos, grammatical errors, shoddy design, or suspicious-looking links.

Information Syphoning Sites

More often than not, the problematic links in phishing messages lead individuals to pages that require people to leave their personal data or credit card information. These web pages are nothing but fronts whose only function is to record victims’ data. Unfortunately, many people don’t realize they have been led into a scam and so they type in their information willingly.

MBX Tip: Don’t give out personal information! Legitimate companies and organizations will never ask you to provide personal information, social security number, or card information via email or text message for whatever reason.

Posing as Popular Brands

Fraudsters send emails that appear they are from famous businesses like Apple, Microsoft, Chain Stores, and similar. The email usually promotes discounts, free goods, and prizes of some sort. Of course, all of those are non-existent, while the fraudulent link is very much real.

MBX Tip: Be suspicious of urgent or threatening messages that might cause panic. Phishing emails often use urgency or threats to try to get you to act quickly. Take a moment to verify the legitimacy of the email before taking any action.

Posing as Authority

While many people shrug off promotional materials from various stores, almost everyone pays attention when they receive a troubling email from the government. Because people tend to follow instructions from such institutions, scammers pose as them when they send phishing emails. When victims see a government agency mail ordering them to click on a link they do it out of a sense of duty and decency.

MBX Tip: Be suspicious of urgent or threatening messages that might cause panic. Phishing emails often use urgency or threats to try to get you to act quickly. Take a moment to verify the legitimacy of the email before taking any action.

Posing as Banks and Financial Institutions

Similarly to the previous chapter, people tend to respect financial institutions like their banks and credit card companies. Of course, scammers exploit this so they send phishing emails pretending to be bank departments. Nobody likes to fool around with the institution which holds their money, so they rarely suspect the email is actually a fraud.

Security Checkups

How many times have you typed in your security code and verification number, or received a security message this week? We are all used to security measures and for very good reasons. They are necessary to fight crime and fraud, but it seems that fraudsters have managed to abuse even the security measures created to hinder them.

Scammers send messages posing as financial institutions or social networks and claim they are doing security checkups. The message asks the target either to click on a problematic link, or it will ask for personal information or passwords, all under the guise of performing security protocol or system maintenance

MBX Tip: Use two-factor authentication. This can help protect your accounts by requiring a second form of authentication, such as a code sent to your phone, in addition to your password.

Spoofed Numbers

This one requires hacking, but the end result is that crooks can mask their real phone number and present it as someone else’s. By seeing an official number of the respective financial institutions, or the number belonging to their loved one, a person can easily be tricked into believing that the message is genuine. As a result, they click on the problematic link and fall for the scam.

Types of Phishing

The main principle of this scam is always the same and that is to trick the victim into clicking on a problematic link and extracting valuable information. Nevertheless, at Money Back Experts we know that phishing can take different forms. To protect you against these prevalent scam attacks, we present you with the most common ones.

Email phishing – This is the predominant type of phishing attack. The majority of people use the term phishing only to describe the email version of the fraud. Since we receive so many personal, work, and promotional emails daily, it is no wonder fraudsters prefer this form for their scam. These emails typically contain a link to a fake website that looks very similar to the real one but is controlled by the attacker. Once you provide your personal information on the fake website, the attacker can use it for malicious purposes.

Spear phishing –Unlike email phishing, spear phishing is a more targeted type of phishing attack directed at a particular individual or group. The attacker first gathers information such as the name, job title, and email address of the target and then creates a tailored phishing email that appears to be from a trusted source. The goal is to convince the target to reveal sensitive information or to download malware.

Whaling – Whaling is a highly targeted type of phishing attack that focuses on high-level executives or other important individuals within an organization. The attacker usually impersonates a CEO or another high-ranking executive and requests sensitive information.

MBX Tip: If you receive an order for large payments or disclosure of sensitive information from your higher-ups, try verifying with them directly first, or with your boss. Of course, in case this is possible.

Smishing – This is another type of phishing attack carried out through SMS text messages. The attacker sends a fraudulent text message that appears to be from a legitimate source such as a bank, service provider, or someone the target knows personally. The message usually includes a link to a fake website that looks genuine but is controlled by the attacker. Once you provide your personal information on the fake website, the attacker can use it for malicious purposes.

Vishing – Vishing is a type of phishing attack carried out through phone calls. The attacker usually poses as a representative of a legitimate organization such as a bank or a government agency. The attacker then asks the target to provide sensitive information or to transfer money.

Clone phishing –In this type of scam, the attacker creates a clone of a legitimate email that has already been sent. The attacker may make small changes like the sender’s email address or the subject line and then sends it to the target. The aim is to make the target believe that the email is a legitimate follow-up to the original email and to persuade them to reveal sensitive information.

Don’t Become a Number in Phishing Statistics – Take Action

Phishing counts on people’s habit of receiving dozens of messages, and all it takes is a small lack of attention and a quick click, and the scam grabs the target. If you fell victim to this widespread scam, please bear in mind there are actions you can take. Money Back Experts Step-by-Step Guide exists with the sole mission to empower scam victims. Don’t hesitate and start your self-recovery process and regain your stolen money.