Technological advances usually lead to a brighter future. While that may be true, these developments could also be used to refine and increase cybersecurity scams. Attackers do not care about who they target as long as they get people's and establishments' information and credentials. Cybersecurity professionals must be aware of the current scams plaguing the digital world and how to combat them. Here are a few examples and their implications for the future.
1. Business Impersonation
Text messages and emails that alert people of fraudulent activity seem credible, especially when they come from a reputable source. However, some of these notifications are fake and foster a sense of urgency for immediate action.
Scammers will pretend to be bank representatives or other financial institutions. Business and government impersonations resulted in more than $1.1 billion in losses this year. People who are unaware of cybersecurity may easily fall for such perpetrators.
2. Malware Installation
It is highly discouraged to click on spam messages since they might connect to phishing sites. Unfortunately, these methods have only increased further, modeling on the 2021 FluBot attack, which sent malware links via SMS messages.
Cyberattackers can customize the message, claiming the malware is a security update or parcel tracking program. In reality, it steals information like banking credentials and contact details. The FluBot malware was limited to Android devices. However, similar attacks can target any operating system. Device owners impacted by FluBot should perform a factory reset and restore backups.
3. Card Skimming
Some cybersecurity scams are mixed with physical interference. Card skimming is a popular method that involves putting plastic materials over a card port. Some people use card skimmers with small cameras to record payment information when users withdraw money or buy something.
Card skimmers can be found almost anywhere. However, the highest card skimming theft rate is from non-bank ATMs in obscure spots like gas pumps. Since they're the farthest away from the service center's view, criminals know there's a low likelihood of discovery.
Cyberattackers may also use card skimmers on identification or fleet cards. Stealing this information ensures they get access to secure areas and pose opportunities to steal valuables. Employees in high-profile establishments must be wary of card readers in their area.
4. Pig-Butchering Scams
Cybersecurity scams are merged with other effective forms of attack, like pig-butchering scams. This technique, which involves building trust over a long-term before financial exploitation is prominent with digital exchanges like cryptocurrency.
As the interest and developments in online investments continue to grow, the presence of scammers also increases. One Myanmar-based compound netted around $101.22 million this year, so the idea of future attacks that are more advanced is very worrying.
5. Denial of Service Attacks
Another prominent cybersecurity threat is the Denial of Service (DoS) attack. A DoS is a type of scam involving numerous fake requests to overwhelm a system. Once successful, the target will be in downtime, which causes it to be more vulnerable.
Cyberattackers may launch a coordinated attack by using an extensive network of computers to simulate traffic simultaneously. Websites that lack protection services would fail to detect these visits as suspicious activity.
6. Voice Cloning Scams
Artificial intelligence is a versatile tool, and cyberattackers could utilize it to further their scam operations. For instance, voice cloning entails stealing and fooling a person to extort money from them. Some audio clips can be pulled from online content, but others create fake calls to capture recordings, allowing AI to do the rest.
7. Fake E-Commerce Payment
E-commerce sites have become more popular, especially as digital shopping becomes the norm. Fraudsters take advantage of this traffic through different methods, such as inundating consumers with fake e-commerce stores and payment schemes. Online payment fraud totaled over $40 billion in 2022.
Online merchants are also susceptible to fraud attacks. Cyberattackers can impersonate reputable suppliers or customers to fake a transaction and extort money from them. As a result, stores have to divert resources to fraud detection systems.
Scammers are also capable of messing with e-commerce companies' internal operations through whaling. Whaling is the technique of specifically targeting high-ranking corporate workers with relentless fraudulent emails in an effort to access valuable information.
8. Recovery Frauds
Once a cybersecurity scam occurs, people may think it's the only time it will happen and are left with the lingering hope of recovering the financial losses. Cyberattackers take further advantage of that by offering fake recovery services in an attempt to twice victimize the target.
These secondary scams usually return to previous victims to steal even more funds than before. Some pretend to work with the U.S. government or other regulatory agencies, mixing impersonation efforts with these methods. Cybersecurity experts may know to stay vigilant for follow-up threats, but other digital users may not be as aware.
Mitigate for Future Cybersecurity Scams
Emerging cybersecurity scams are relentless. As they continue to threaten the security of organizations and individuals, it is important for cybersecurity professionals to devise methods to prevent these attacks. A combination of technical mitigations, coupled with awareness education have always been, and continue to be the best defenses.
About the Author:
Dylan Berger has several years of experience writing about cybercrime, cybersecurity, and similar topics. He’s passionate about fraud prevention and cybersecurity’s relationship with the supply chain. He’s a prolific blogger and regularly contributes to other tech, cybersecurity, and supply chain blogs across the web.
Editor’s Note: The opinions expressed in this guest author article are solely those of the contributor and do not necessarily reflect those of Tripwire.
