With the world increasingly embracing digitalisation, businesses now run a significant portion of their operations online. 

This trend, however, has its own risks, particularly from fraudulent actors working to intercept and obtain sensitive information, particularly relating to finance, to exploit businesses. 

These fraudulent actors use phishing attacks, which result in significant losses to businesses. In 2023, data breaches resulting from phishing attacks alone cost businesses approximately $4.45 million, as reported by an IBM study.

These breaches can cause enormous losses for the business, so it’s essential to take all necessary measures to prevent them. 

This article delves into phishing attacks, fraudulent actors’ tactics, and how you can protect your business.

A phishing attack is a type of cyberattack where scammers send fraudulent messages that appear to come from a legitimate or trustworthy source with the intention of tricking users into downloading malware, sharing sensitive information like credit card numbers and login credentials or performing any other actions that expose their organisation to cybercrimes.

The term ‘phishing’ is derived from the idea of fishing– using bait to lure unsuspecting victims. 

These scammers deceive their targets using regular emails, text messages, phone calls, and websites. They aim to make the target believe that the message is legitimate and that they must take action. 

These messages may come from a user with a friend’s name and may include a website link of a trustworthy organisation with a changed letter; clicking on this link will take you to the attacker’s site, which has been created to mirror the site of the trustworthy organisation. These are all tactics these scammers use to make the target let their guard down and get them to act.

Depending on the type of action they take, these criminals can gain access to their sensitive information or, worse yet, the sensitive information of their business. 

They can now use the information they have stolen to commit fraud, and in terrible cases, these attacks can destroy a business. That is why you and everyone in your organisation need to be able to identify a potential phishing attempt so you do not fall victim to it.

Let’s discuss ways to spot phishing attacks.

1. Take a closer look at the sender’s email address

When you receive an email, look at the email address before reading or interacting with it. 

Often, scammers will send phishing emails with email addresses similar to an official company’s email but with slight variations. If you are not vigilant, you could easily fall victim to one of them.

2. Look out for emails that call for urgent responses and actions 

Phishing attacks often use wording that appears urgent. This urgency is to persuade their victims to take action quickly before they can adequately examine the message and discover it’s a scam. 

You know those messages you get that look like this: “Click here to win a brand new iPhone 15, only available for 10 minutes.” 

Yeah, do not click on them. That is an attacker trying to trick you into taking action.

3. Poor grammar and spelling errors

A lot of times, scammers compose phishing messages in a rush. When they do not put extra effort into making it look natural, it is easy to spot because you will notice many grammatical and spelling errors when you read through it. 

Often, these scammers send these messages to loads of people, so they do not bother making each one perfect. In this case, it is easy to spot.

4. Beware of unusual attachments 

Be careful when you receive unusual attachments you are not expecting. These attachments could be malware that an attacker is trying to get you to download. 

Be extra wary if the attachment is in a strange format you do not recognise. 

To protect yourself and your business, you must confirm that the message is legitimate and from a legitimate sender before opening attachments or clicking on any link.

5. Be wary of sudden requests for personal information and immediate payments

Sometimes, scammers attempt to impersonate your bank and ask you for things your bank would already have. 

They may ask for personal details like your BVN or credit card details and offer you things like a bank account upgrade. 

Some scammers are good at what they do, so it is crucial to be extremely cautious, especially regarding personal information.

Also, you should be wary of urgent messages from ‘friends or family members’ asking for money. 

Sometimes, these scammers pretend to be a family member who needs money urgently for one of many reasons. 

Always ask questions before sending money to ensure you send it to the right person. 

People have lost business funds to scammers because they thought they were sending it to a friend who would have paid them back. Always stay vigilant.

Now that we know how to spot phishing attacks, let’s discuss some steps to take to avoid becoming a victim.

1. Enable two-factor authentication

Enabling 2FA adds an extra layer of security to your systems and accounts. 

This extra layer makes it harder for attackers to access your accounts and commit cybercrime.

2. Install quality anti-virus software

You can also protect yourself from phishing attacks by ensuring your devices always have quality, up-to-date anti-virus software. 

Most anti-virus software has anti-phishing tools and add-ons to help you stay safe. 

Anti-phishing tools detect phishing attempts and inform you in case of malicious activity. 

They can also safeguard you from any malware you might have been exposed to.

3. Contact the supposed sender before taking action

When you receive a suspicious-looking email from a bank, friend, or a familiar party, contact the party before taking action to make sure they actually sent you the message and not a fraudulent party. 

Establishing contact is very important when it involves sensitive financial information. 

If you get a message from a party claiming to be your bank, you should contact the party in question to ensure the message is legitimate and avoid becoming a victim of cybercrime.

4. Be careful when clicking on ads online

You need to be careful when interacting with ads online, no matter how legitimate they may appear. 

Many individuals and businesses have exposed themselves to fraud because of a link they clicked on online. 

Be vigilant on the internet because things are not always what they seem.

5. Educate your employees 

As a business owner, you are responsible for your business’s security. Although you must protect your business against bad actors, some things your employees do can potentially put your business at risk.

For this reason, it is important to educate your employees on the dangers of phishing attacks and how to identify potential phishing attacks. 

You should share this article with them.

When everyone knows and understands the risks of phishing attacks across the business, scammers have a more challenging time succeeding.

Nobody wants to see all their hard work wiped out, mainly because of an avoidable mistake.

At Fincra, we take security very seriously, so we constantly research ways to help our merchants make their businesses more secure. 

This devotion to security is evident in the payment gateway we built. Click here to find out more about Fincra’s secure payment processor.