Identity Theft and Fraud

As you're probably aware, phishing attacks can cost organizations anywhere from thousands to millions of dollars per attack in fraud-related losses. Now, however, in addition to the internet, you can be a fraud victim via voice and text as well. How familiar are you with pharming, vishing and smishing? Is your organization prepared to guard against such attacks and prevent costly disruptions? Check this week's articles to see if your plans and policies cover everything they should. Remember that many of these attacks originally aimed at individuals have easily become attacks on businesses.

You can learn more about how email and website spoofing work in this article. (Item #1)     Spear phishing is a more sophistical phishing attack. (Item #2)     Read here to discover six key ways to protect your firm from the growing dangers of spear phishing. (Item #3)    

There is a new form of internet fraud out there these days: it is called Vishing. (Item #4)     Business ID theft can turn your business dream into a personal nightmare. (Item #5)     Identifying a smishing scam is the first defense against becoming a victim of the crime. (Item #6)    

As always, we look forward to hearing your comments & insights regarding business continuity. If you have a topic you'd like us to cover, email me at [email protected].

Bob Mellinger, President
Attainium Corp

1. Spoofing and Phishing

Phishing is a serious problem that is achieved in a number of different ways. Email spoofing and website spoofing are two of the primary methods by which phishers acquire sensitive information from unsuspecting Internet users. Phishing and spoofing are often used in concert with each other. For example, a spoofed email is used to lead a victim to a spoofed website; the spoofed website requests sensitive financial information or login information from the victim. In this way, a successful phishing attempt may be undertaken.
http://www.phishing.org/resources/phishing-spoofing/

2. 'Spearphishing' a tightly focused scheme to steal corporate secrets

Much of the damage allegedly inflicted by the Chinese military officers charged with economic espionage this week came via email scams. But the strategy, as described in a federal indictment, was far more sophisticated than the common "Nigerian prince" email blast. Instead of sending out thousands of generic scam messages, the Chinese hackers were allegedly "spearphishing." Spearphishing is tightly targeted toward an individual or specific corporate unit.
http://www.latimes.com/business/la-fi-spear-phishing-20140521-story.html

3. Follow these Six Tips to Protect Your Business from Spear Phishing Attacks

Spear phishing is a growing problem, with half of all IT professionals reporting that their organization has been targeted by such a specialized attack. In more than a third of these cases, login credentials were compromised and corporate IT systems accessed. Could your business recover from such an attack?
http://blog.hotspotshield.com/2014/01/17/follow-6-tips-protect-business-spear-phishing-attacks/

4. Vishing: Another Internet Fraud Scam

Not to be confused with the basic phishing and pharming scams, vishing involves the use of Voice over Internet Protocol (VoIP). Fraudsters use this technology to trick people into divulging their personal financial information through one of the most trusted forms of communication: the telephone. While consumers have learned to be suspicious of phishing scams that involve solicitations for personal financial information directly over the internet, they are still easily persuaded to divulge that information when called directly or when an email instructs them to call a specific number.
http://www.bostonfed.org/consumer/spotlight/vishing.htm

5. Business Identity Theft - Personal Risks for Business Owners and Officers

As a business owner, officer, director, or key executive, you have significantly increased risks over an average consumer because your personal information, credit, and finances are so closely intertwined with your business. If you are a small business owner, you and your business identity may be virtually one and the same - and anything that impacts your business directly impacts you. Unfortunately, thanks to business identity theft, there are new unexpected risks to you and your business - risks they don't teach you about in business school.
http://www.businessidtheft.org/Education/BusinessOwnerRisks/tabid/88/Default.aspx

6. Smishing: A Serious Identity Theft Scheme

Smishing is an identity theft scheme that involves sending consumers text messages containing a link to a fraudulent website or a phone number in an attempt to collect personal information. This scheme is becoming increasingly popular and consumers should know how to determine if they are being targeted by these criminals and how to ensure that their mobile devices are secure.
http://finance.yahoo.com/news/smishing-serious-identity-theft-scheme-110046141.html