HomeFinanceLet’s learn about Phishing scams and their types

Let’s learn about Phishing scams and their types

Let’s learn about Phishing scams and their types

Phishing scams are generally performed on platforms like Email. Therefore, this message will be well formed and sent from authentic companies such as banks, mortgage companies, or any multinational company. But, in reality, it is all a lie. 

Phishing Scams Examples:

  1. Suppose you receive an email from a well-known bank. First, it will be hard to examine whether it is a fake message. Secondly, they will plot a story in a way that looks promising. 
  2. Promises to provide you with promotional or loan-providing offers, higher interest rates, no interest on a loan, etc. It sounds highly impossible.
  3. Based on the potential victims’ situation, some might be interested and may even reply to the Email or pop-up notification. 
  4. They plot the story in a way where they will put phrases that indicate their targeted people to deposit the money now with an inserted link. Sometimes, they make it look like an urgency. 
  5. A phishing scam is the most popular scam, but many people get tricked. These victims do what the scammers want them to do. 
  6. Once they receive their interest, they block the victim or ghost and run away. 

Note: A tip to not get duped. A reliable and authentic organization or institution never asks anyone to provide them with money. Also, if there is any emergency, they will ask you to contact the bank, and they will not message you out of the blue. If you received any email, besides these two situations, it is time to become cautious. 

Types of phishing scam attacks 

A phishing attack is encountered as a social engineer attack. They have a wide area of scamming people. They have a robust database where they can connect with you from any Paypal account or personally. These scammers duped people mostly with one-on one-approach. The fraudsters contact you after contributing all your personal information. They know everything inside out about the potential victim. The types of phishing scams are:

  • Spear phishing
  • Whaling
  • Smishing
  • Vishing
  • Email Phishing
  • Search engine phishing

# Spear Phishing

Spear phishing is like fishing. Imagine a fisherman using the tool fishing tackle to catch as many fish as possible from a pond. Here, the fisherman is a fraudster, and the fish is a potential victim. So, they contact the victim via Email with an attached phishing link. It is absurd and not at all entertaining. But, people, out of greediness or maybe ill situations make them fall into the trap. 

#Whaling

After a small fish, it is time to catch a whale. Whale here represents the CEO, CFO, and someone from the higher authority. You have the wrong idea if you think these scammers do not swindle around big business houses. Whales are counted as their highest profit. 

A person running a business also gets trapped while receiving an email stating that your company’s securities will be in danger. They may use an excuse that says some people are spying on your company. If you want it to settle down, click on the attached link (phishing link). Once you click it, the link will redirect the officer to a page where they will ask for your tax ID number and bank account details. 

# Smishing

Smishing is a type of phishing scam where the fraudsters contact you via text message and SMS to perform the attack. They also attach phishing links in the SMS, conveying a message that your bank account has been compromised. They will create a need for urgency and ask about your bank account. Once you provide them with the credentials, they are the ones who gain the ownership. They will then steal your money and run away. 

# Vishing

In vishing, V stands for a voice call. Here the scammer contacts you on a phone call. They will plot a story saying that they called from a renowned company or brand. They state that your system has been compromised due to viruses and bugs. The warranty is about to be over. Scammers will ask you for credit card details. Once you provide it, they will install the malware on your computer, a banking trojan. It is a tool that helps in outsourcing bank information. Hence, stealing the rest of your sensitive details. 

We have already explained phishing email examples to avoid confusion on email phishing. 

Wrapping Up:

In a nutshell, phishing is horrific and traps victims. Our responsibility is to let you know that Financial Fund Recovery is always there for you as an assistant. We take care of you and want you to be safe and cautious. Thank you for investing your time in reading this. We hope you like it; stay tuned!

 

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