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Phishing Scams: How to Protect Your Business from Email Fraud

Ian Robertson : Oct 21, 2024

In today’s digital world, phishing scams have become one of the most dangerous threats to businesses of all sizes. Cybercriminals continuously evolve their tactics to trick individuals into revealing sensitive information, clicking malicious links, or installing harmful software. Businesses must stay vigilant and proactive to safeguard their operations and protect employees and clients from falling victim to phishing attacks.

Common Phishing Tactics
Phishing attacks take many forms, each designed to deceive recipients by impersonating trusted sources or crafting messages that trigger emotional responses. Some common tactics include:

Deceptive Emails: These emails appear to come from well-known organizations, urging recipients to take immediate action—like resetting passwords or updating payment details.
Spear Phishing: This highly targeted approach uses personal information (such as job titles or project details) to make the email look legitimate and relevant to the recipient.
Clone Phishing: Cybercriminals copy legitimate emails and replace links or attachments with malicious versions. These attacks often target recipients expecting familiar communications.

Recognizing Phishing Emails
Awareness is a business's first line of defense. Knowing how to identify phishing emails can prevent costly mistakes. Key indicators include:

Suspicious Sender Addresses: Phishing emails often originate from addresses with small typos or unusual domains (e.g., @micros0ft.com instead of @microsoft.com).
Poor Grammar or Formatting: Watch for odd wording, spelling errors, or unprofessional formatting.
Urgent Requests: Emails that create a sense of urgency (e.g., “Update your account immediately!”) are designed to trigger hasty action.
Hovering Over Links: Hover over links to preview the destination URL. If it seems unrelated or suspicious, don’t click.
Unexpected Attachments: Avoid opening attachments you weren’t expecting, especially from unknown senders.

Best Practices for Employees

A well-trained workforce is crucial in defending against phishing. Consider these best practices:

Regular Training: Offer ongoing phishing awareness training to all employees to keep them updated on new tactics.
Simulated Phishing Attacks: Test your team with mock phishing emails to help them improve their detection skills in a safe environment.
Reporting Suspicious Emails: Establish a clear protocol for employees to report questionable emails quickly and easily.
Verification Procedures: Instruct employees to always verify unexpected requests—especially those involving financial transactions—by calling the sender directly using verified contact information.

Implementing Technical Safeguards
Technology plays a critical role in identifying and blocking phishing attempts before they reach employees’ inboxes.

Email Filters and Anti-Phishing Software: Deploy solutions that detect and block phishing emails.
Multi-Factor Authentication (MFA): Use MFA to ensure that even if credentials are compromised, attackers can’t easily access systems.
Endpoint Protection: Ensure all devices are protected with antivirus software and up-to-date security patches.

Verifying Vendor Changes to Prevent Fraud
Even minor changes, like a vendor updating their mailing address, can be exploited by attackers. Criminals may impersonate vendors and provide false banking or address changes, redirecting payments to fraudulent accounts. To mitigate this risk:

Implement Dual Verification: Always confirm any changes—such as a new mailing address or banking information—via phone with the vendor.
Track Changes: Maintain a log of approved changes to ensure all records are up to date.
Educate Staff: Make sure your finance and accounts payable teams are aware of the risks and verification processes.

Case Study: How One Business Prevented a Phishing Attack
In a recent phishing attempt, an attacker impersonated a long-standing vendor, requesting an address change for future check payments. The accounts payable clerk had just completed their cyber security training. They noticed a small discrepancy in the email signature and decided to call the vendor directly. This small step prevented a payment from being redirected to a fraudulent account, saving the company tens of thousands of dollars.

Conclusion
Phishing scams continue to grow in sophistication, targeting businesses and their employees at every level. By fostering a culture of caution, implementing robust training programs, and deploying the right technical safeguards, companies can reduce the risk of falling victim to phishing fraud. Simple measures, like verifying all vendor changes—even seemingly small ones—can go a long way in protecting your business.

Don’t wait until it’s too late—educate your team, strengthen your defenses, and stay one step ahead of cybercriminals.

About Robertson Technology Group
At Robertson Technology Group, we specialize in providing cutting-edge IT solutions designed to meet the needs of businesses in today’s fast-changing landscape. Located in Victoria, BC, Canada, we are committed to offering proactive, reliable, and secure IT services. Our expertise spans a wide range of areas, including managed IT services, cybersecurity, cloud solutions, and network infrastructure, ensuring that businesses have the support they need to thrive.

With a focus on personalized service, we take the time to understand each client’s unique challenges and goals, developing tailored solutions that align with their long-term vision. Whether you need help with phishing prevention, endpoint protection, or IT consulting, we’re here to keep your business running smoothly and securely.