Financial Fraud Recovery

Summary

Phishing scams have become the most prevalent online scams. The goal of these scams is to obtain people’s financial and personal information, and they typically take the form of phishing scam emails and calls. Understanding what phishing means, how it works, and how to fight against it is important to protect your safety online.

What Is Phishing and How Does It Work?

A phishing scam is a cybercrime that happens when a person or organization pretends to be someone they are not, often to trick the victim into giving them their confidential information, like their passwords, credit card numbers, or bank information.

Phishing generally involves the following details:

• Spoof Emails – Often, a phishing email will appear to be from a legitimate company like a bank, delivery service, or government agency.
• Malicious URLs – Victims are usually asked to click these links which can lead to fraudulent websites that are created to steal usernames and passwords.
• Urgent Messages – Attackers create a state of panic, such as your account will be blocked or that you have won a prize.

With these tactics, phishing scammers are incredibly effective at luring unsuspecting individuals into traps that violate their privacy and finances.

Common Types of Phishing Scams

1. Email Phishing

Phishing emails are shady emails with links or attachments that appear authentic. Once they are engaged (for instance, by clicking the link), the user is directly infected with malware or redirected to a fake login page.

2. Smishing (SMS Phishing)

In smishing, scammers send text messages impersonating banks or delivery companies to prompt recipients to click links or call phone scam numbers.

3. Vishing (Voice Phishing)

Vishing scams come in the form of scammers pretending to be an authority figure or a customer service agent to obtain sensitive information. And when we compare phishing and vishing, we establish that while both are deceptive, phishing is online, and vishing occurs on calls.

4. Spear Phishing

The scammer specifically targets a person (or business) in spear phishing.  The scammer does their research on the individual and sends emails based on the victims research that appears to be authentic based on their research.

5. Clone Phishing

Phishing attacks occur when a phisher replicates a legitimate email and the links and or attachments in the email are altered to include malicious links/attachments to capture the victim.

How to Identify a Phishing Scam

• Unfamiliar sender: You’ve received an email or a message from a sender you do not recognize and did not expect to see.
• Urgency or fear: You receive an email or message with suspenseful language in it, or an email or message creates a sense of urgency.
• Suspicious links: You can hover over the link before you click on it; if the URL has a slight misspelling, that is a sign of a fake link.
• Grammar mistakes: Many phishing emails and messages contain erratic grammar or spelling errors.
• Requests for sensitive information: Most likely, no legitimate entity will ask you for personal information via email or telephone.

How to Protect Yourself from Phishing Scams

• Check the source: Before replying, always check the sender’s official website or email address.
• Make use of multi-factor authentication to further secure your online accounts.
• Don’t click on an unknown link: Instead of clicking on the link, type the website URL in manually.
• Get security software: Possess an active antivirus, and make sure it’s up to date, as it can report whether a link is phishing.
• Report Phishing: If you receive a phishing scam email, report it immediately to the applicable organization or cybercrime.

Phishing vs Vishing: What’s the Difference?

Though both are different types of deception, they comprise different methods:

• Phishing attempts to fool the victim by using phony emails or websites.
• Vishing utilizes phone calls or voice messages from phishing scammers pretending to be from an official source.  
• Both can result in identity theft or losing funds, so knowing the difference can allow timely preventative action.  

FAQs on Phishing Scams

Q1: How should I respond if I clicked on a link in a phishing scam?  

Run a security scan, disconnect your device from the internet, and change your passwords immediately.

Q2: How do I identify the phone number of a phone scam?  

Hang up right away if someone is requesting money or personal information. Use the official company website to verify the number.  

Q3: Is phishing only done via email?  

No. Scammers send a malicious link via a message on social media using a fake profile or lure you into clicking on the link you received.  

Q4: Is phishing different from hacking?  

Yes! Phishing utilizes deception by making you give up your data, while hacking is gaining access to your system directly.  

Final Thoughts

Phishing attacks are getting more advanced each day; however, being aware and being cautious can minimize risk. As a matter of practice, question unsolicited messages, validate the information, and never give out your personal information over the computer or phone.

If you have been a victim of a phishing scam via email, phone number, or online fraud and have lost money, you can get professional help.

Visit TruClaim – a platform you can trust to help victims recover lost funds and get reports about online scams.