Don’t Get Caught in the Net: Top Fishing Scam Types to Watch Out For

Don't Get Caught in the Net: Top Fishing Scam Types to Watch Out For

As our lives become increasingly intertwined with the digital world, so too do the tactics of cybercriminals seeking to exploit our trust and vulnerability. Phishing scams, in their myriad forms, have emerged as a pressing threat, targeting individuals and organisations alike.  

In this article, we delve into the top fishing scam types, shedding light on their crafty tactics, red flags to spot, and practical tips for staying safe. 

In this article, we cover:

Phishing: The Classic Bait-and-Hook Technique

At the heart of the phishing landscape lies the classic bait-and-hook technique. Cybercriminals cast out deceptive emails masquerading as legitimate communications from trustworthy entities. These emails often request sensitive information, urge immediate action, or offer enticing deals. Unsuspecting recipients who fall for the bait may end up compromising their personal data or financial security. 

Example: You receive an email that seems to be from your bank, claiming there’s an issue with your account. The email urges you to click a link and enter your login information to resolve the problem. 

Explanation: The email is fake and designed to steal your login details. When you click the link, it takes you to a fraudulent website that looks real but isn’t. Once you enter your information, the scammers have access to your bank account. 

Recognising Phishing Signals: Phishing emails often display certain tell-tale signs: 

  • Suspicious Sender: Carefully inspect the sender’s email address. Legitimate organisations use official domains, whereas scammers may use slight variations. 
  • Urgent Requests: Be wary of emails that create a sense of urgency, demanding swift action or personal information. 
  • Inconsistencies: Poor grammar, odd language, or mismatched logos are common indicators of a phishing attempt. 
  • Hover Before You Click: Hover your mouse cursor over links to preview the actual URL. Check if it aligns with the legitimate website’s domain. 

Spear Phishing: Targeted Deception for Maximum Impact

Building on the foundation of traditional phishing, spear phishing involves a more personalised touch. Cybercriminals conduct meticulous research to craft convincing emails tailored to specific individuals or groups. By referencing personal details, recent events, or colleagues’ names, these scammers aim to earn the target’s trust and increase the chances of success. 

Example: You get an email from your co-worker with a subject related to your recent project. The email has an attachment that looks like a project update, but it actually contains malware. 

Explanation: The attacker studied your projects on social media and sent an email that seems genuine. When you open the attachment, it installs harmful software on your computer, allowing the attacker to gain control or steal your data. 

Recognising Spear Phishing Signals: Spear phishing emails bear distinctive characteristics: 

  • Personalised Content: Watch out for emails that reference personal information that is not easily accessible. 
  • Unusual Requests: Be cautious of requests for sensitive information or unusual tasks from colleagues, especially if they seem out of character. 
  • Independent Verification: If an email raises suspicions, confirm the request through a separate communication channel, like a phone call. 

Clone Phishing: A Perfect Copy of the Deceit

Clone phishing takes advantage of familiarity. Attackers duplicate legitimate emails, modify a few details, and send them to the original recipient. Subtle alterations, such as replacing a link or attachment, can be difficult to spot, leading victims to click on malicious content. 

Example: You receive an email from a legitimate service provider you use, saying there’s an urgent issue with your account. The email contains a link to a login page. 

Explanation: The scammers copied a real email, changed a link, and sent it to you. If you click the link and enter your details, they will capture your login credentials for their own use. 

Recognising Clone Phishing Signals: Stay vigilant against clone phishing attempts. 

  • Comparative Analysis: Compare the received email with past communications to spot discrepancies in content and formatting. 
  • Urgent Requests for Action: Be cautious of emails that pressure you to click a link or open an attachment to address a purported issue. 
  • Verify Legitimacy: Contact the sender directly through verified means to confirm the authenticity of the email before taking any action. 

Whaling: Going After the Big Fish

Whaling, a targeted phishing variant, seeks out the “big fish” within an organisation: top executives, celebrities, or high-profile individuals. By impersonating these figures, scammers exploit their authority to manipulate employees into divulging sensitive information or executing financial transactions. 

Example: You’re an employee in a company, and you receive an email from your CEO asking for a money transfer to an account. It seems urgent, so you follow the instructions. 

Explanation: The email is fake, and the attacker has spoofed the CEO’s email address.  Often, scammers create email accounts that look the same but have slight variations. For instance: instead of You’re then sending money to the attacker’s account, not the company’s. 

Recognising Whaling Signals: To spot potential whaling attacks: 

  • Heightened Requests: Pay attention to emails requesting sensitive information or large financial transfers from high-ranking individuals. 
  • Address Discrepancies: Scrutinize email addresses for subtle variations or misspellings that can indicate a fraudulent source. 
  • Multi-Factor Authentication: Implement multi-factor authentication for critical actions like financial transactions. 

Smishing and Vishing: Fishing Through SMS and Voice

Expanding beyond email, cybercriminals have extended their reach to our smartphones with smishing (SMS phishing) and vishing (voice phishing) attacks. These methods exploit the immediacy of text messages and phone calls to manipulate victims into divulging information or falling for their tricks. 

Example: You get a text saying your bank account has been compromised and to call a number to fix it. When you call, they ask for your account information. 

Explanation: The text is fake, and the number leads to scammers. They pretend to be your bank and trick you into giving your sensitive details. 

Recognising Smishing and Vishing Signals: Shield yourself from smishing and vishing attempts. 

  • Unsolicited Messages or Calls: Be cautious of unexpected messages or calls from unknown sources, especially those requesting personal or financial information. 
  • Don’t act hastily: Avoid responding to urgent requests without verifying the sender’s identity. 
  • Use Official Channels: When in doubt, use official contact information to reach out to the organisation and verify the authenticity of the communication. 

Angler Phishing: Exploiting social media for Information

Angler phishing harnesses the power of social media to craft targeted attacks. Cybercriminals mine publicly available information from social platforms to personalise their phishing attempts, making them appear more credible and convincing. 

Example: A person contacts you on social media, mentioning your recent vacation photos and asking personal questions. They gain your trust and then ask for sensitive information. 

Explanation: The attacker used your social media posts to sound familiar and manipulate you into revealing personal information they can exploit. 

Recognising Angler Phishing Signals: Steer clear of angler phishing schemes. 

  • Be Mindful of Social Posts: Limit the personal information you share on social media to minimise the data available for exploitation. 
  • Beware of Suspicious Contacts: If someone contacts you, referencing personal details from your social media profiles, exercise caution and verify their identity before sharing any information. 
  • Privacy Settings: Review and tighten your privacy settings on social media platforms to control who can access your information. 

Business Email Compromise (BEC): When Scammers Pose as Colleagues

Business Email Compromise (BEC) scams focus on businesses. Attackers impersonate colleagues, vendors, or executives to manipulate employees into transferring funds, divulging sensitive information, or performing actions that compromise the organisation’s security. 

Example: Your company’s finance team receives an email from what looks like the CEO’s email, asking for a large money transfer for a confidential project. 

Explanation: The email is fake, but it appears legitimate. Similar to the spoofed email above e.g., instead of The attackers used a fake CEO email to trick the finance team into transferring funds to their account. 

Recognising BEC Signals: Protect Your Business from BEC Attacks 

  • Verify Payment Requests: Independently verify any request to transfer funds or change payment details, especially if it comes from a seemingly trusted source. 
  • Double-Check Email Addresses: Scrutinise email addresses closely for slight deviations that can indicate a fraudulent sender. 
  • Employee Training: Educate your team about the risks of BEC and the importance of verifying email requests before acting. 

Online Shopping Scams: Hook, Line, and Sinker

Online shopping scams capitalise on the excitement of a good deal. Scammers create fake online stores or listings for popular products, enticing shoppers with unrealistically low prices to lure them into making purchases or revealing payment information. 

Example: You find an amazing deal for a popular product on a website you’ve never heard of. You order and pay, but the product never arrives. 

Explanation: The website was set up by scammers to lure you in with low prices. They take your payment and disappear without sending any products. 

Recognising Online Shopping Scam Signals: Secure your online shopping experiences: 

  • Too Good to Be True: Exercise caution when encountering deals that seem too good to be true, especially from unfamiliar sources. 
  • Check the website: Verify the legitimacy of online stores by looking for secure connections (https://) and reading reviews from trusted sources. 
  • Use Trusted Payment Methods: Opt for reputable payment methods and avoid sharing credit card details directly with unfamiliar websites. 

Crypto Phishing: Reeling in Digital Currency Enthusiasts

The rise of cryptocurrencies has given cybercriminals a new angle for their schemes. Crypto phishing targets individuals invested in digital currencies, enticing them with promises of quick gains or urgent security measures to steal their valuable assets. 

Example: You receive an email claiming there’s an issue with your cryptocurrency wallet and providing a link to log in and fix it. 

Explanation: The email is a scam, and the link leads to a fake website. If you enter your wallet information, the scammers gain access to your digital currency. 

Recognising Crypto Phishing Signals: Keep your cryptocurrencies safe from phishing attacks. 

  • Double-check URLs: Always verify the website’s URL before entering your cryptocurrency wallet information. Phishing websites often mimic legitimate ones with slight variations. 
  • Avoid Unsolicited Offers: Be wary of unsolicited messages or emails promising incredible returns on investments or requiring immediate action. 
  • Use Hardware Wallets: Consider using hardware wallets to store your cryptocurrencies offline, reducing the risk of online attacks. 

Steps to Take if You’ve Been Hooked

It’s an unfortunate reality that even with the best precautions, you might still find yourself caught in a phishing scam. If it happens, don’t panic—there are steps you can take to minimise the damage and regain control of your situation. 

  1. Stay Calm: It’s easy to feel stressed or embarrassed if you realise you’ve been scammed, but it’s important to stay calm. The sooner you act, the better your chances of mitigating the damage. 
  2. Change Passwords: Immediately change the passwords for the email accounts you suspect have been compromised. This includes your email, banking, social media, and any other important accounts. Use strong, unique passwords that include a mix of letters, numbers, and symbols. 
  3. Contact financial institutions: If your financial information, such as credit card details, was compromised, get in touch with your bank or credit card company as soon as possible. They can help monitor your accounts for suspicious activity or unauthorised transactions. 
  4. Update Security Software: Run a thorough scan on your computer and other devices using reliable antivirus and antimalware software. This can help detect and remove any malicious software that might have been installed as part of the phishing attack. 
  5. Monitor Accounts: Keep a close eye on all your financial and online accounts for any signs of unauthorised access or suspicious activity. If you notice anything unusual, report it immediately. 
  6. Report the incident: Inform relevant parties about the phishing incident. This might include your workplace IT department, social media platforms, your bank, and any other organisations that the scammers might have targeted. 
  7. Educate Others: While it’s frustrating to be a victim, sharing your experience can help others avoid falling into similar traps. Inform colleagues about the scam and the steps you’ve taken to rectify the situation. 
  8. Learn From the Experience: Reflect on what happened and how you were targeted. Use this knowledge to become more vigilant and cautious in the future. Remember, even tech-savvy individuals can fall prey to sophisticated scams. 

Better Email security with Sereno

When safeguarding your business, your top priority should always be the technical security of your devices, emails, and workforce. Cybercriminals often exploit these areas when attempting to breach your systems. At Sereno, we customise our managed cybersecurity packages to address these crucial aspects, ensuring comprehensive protection for your business. 

Our cybersecurity packages encompass essential security services designed to shield your business from prevalent threats. They are categorised into Employee Security, Email Security, and Device Security, offering a range of options, including Basic, Standard, and Premium offerings. We collaborate closely with you to determine the most suitable package for your specific business requirements. 

Within each package, we provide state-of-the-art security solutions that target the latest security threats in 2024. For example, multi-factor authentication is a standard feature in all our employee security packages. By implementing multi-factor authentication, we enhance password security by verifying user identities before granting access to applications. This measure is highly effective in safeguarding your employees against potential data breaches and cyberattacks, making it a recommended practice for all our clients. 

Moreover, our Premium Employee Security package includes advanced security measures, such as password strength and security awareness reporting. This feature enables us to promptly identify weak passwords used across your organisation and identify employees who may require additional cybersecurity education. Consequently, we offer personalised guidance and specialised security awareness training to employees at risk of inadvertently compromising your business’s security. 

For more information on bolstering your business’s cybersecurity and implementing the best strategies to protect it from potential threats, please don’t hesitate to contact us for a free consultation today. Alternatively, to explore our comprehensive IT security services, please review our flexible cybersecurity packages here. 

Share this post on

Got a specific IT support use case to discuss?

We’re here to answer any question you might have. Get in touch today!

Grow Your Cyber Security Awareness

Join our quarterly newsletter to receive our experts’ insights, best practices, tips and market updates to help grow your business IT security.

You can unsubscribe anytime. For more details, review our Privacy Policy.