What are Phishing Scams and How Do I Protect Myself Online?

If you don’t have the latest anti-virus software, get it.

Cyber criminals are savvier than ever, and their methods are increasingly complex and sophisticated. Every phishing scam has a shelf life. When consumers catch on to one ruse, thieves come up with another.

If you and your business are unprotected, you’re courting disaster. In the third quarter of 2016, anti-virus software detected more than 73 million malicious email attachments.

How Phishing Works

In the simplest version of a phishing scam, a hacker sends an email that appears to be from a trustworthy institution like a bank, phone company or internet service provider. It might notify you of a security breach or system upgrade that requires attention. It's probably worded to incite panic or urge you to make a hasty decision: “You have 24 hours to respond.”

Clicking on the provided link sends you to a familiar, legitimate-looking website. By all appearances, it’s the page you use to log in when you access your account. You’ll probably be asked to enter bank account information, credit card numbers, security codes or even personal information. If you do, you risk both financial loss and identity theft.

In the past, fraudulent emails were easy to spot. They were notorious for poor spelling and overly alarming language. Those are getting rarer as cyber thieves continue to up their game.

Modern emails look completely benign. They’re often related to billing, consumer rewards or surveys. For example, if you made a recent online purchase, a hacker might send an email using the retailer’s logo and prompting you to verify account information.

In another scheme, people with certain job titles in an organization are targeted. A banker’s administration assistant might get an email that appears to be from his boss. It will ask him to transfer funds to a different account or overseas.

The original intent of phishing was to get information for the purpose of stealing funds or one’s identity, but hackers encountered problems. For one, hacked accounts were often canceled before the thieves had time to spend the money. Another drawback was the length of time it takes for identity theft to pay financial rewards. Thieves aren’t just greedy; they’re impatient.

That’s why over half of all phishing emails now contain ransomware.

The Rise of Ransomware

If you click on a link that contains this form of malware, kiss your data goodbye.

Ransomware renders computers inoperable until a ransom is paid, usually in bitcoins. Bitcoin is a digital currency that can be converted to cash online or used to purchase goods on the internet. Since all transactions are anonymous, phishers who send ransomware usually get away with it.

Get Protection

If you think that you can outwit cyberspace thieves, think again. Anti-virus software is the only dependable protection for your computer, your sensitive information and your finances. Get it today before you fall victim to a phishing scam.