Scam Artists Phishing in Credit Union Member Pools
Clickbait and phishing scams are taking over with the rise of digital crime. Email scams are affecting financial institutions and their members. It only takes one click from an unassuming employee to give hackers prolonged access to valuable data.
Many email addresses are available online for credit union members to contact their branches, and management and scammers will use those emails to start the hacking process. Once access is taken from the initial email, offenders will collect data and information, including conversational exchanges that can help actors reach out to employees and members and use information against them.
Every workweek, an employee can receive 5+ phishing emails as phishing attacks rose 65% between 2016 and 2017 with continuous increases as Q2 2019 showed a 21% increase according to .
From extortion to fraud and data collection, targeted businesses, like your credit union, not only lose money, but they also lose customer trust and loyalty.
reports some compelling statistics for credit unions and member businesses to become aware of with the rise of digital attacks:
A data breach with a lifecycle under 200 days costs $1.2 million less than those over 200 days
URL phishing detections increased by 269% in 2018
51% of phishing attacks contain links to malware
48% of malicious email attachments are Microsoft Office Files
65% of InfoSec pros identified credential compromise as the most common impact of phishing
30% of phishing emails bypass default security measures.
Scammers often using acting through emails and calling to take advantage of data security breach victims emotionally. Information that has been stolen from trusted institutions is not easily repaired and therefore costs businesses and consumers a lot of time, money, and trust.
According to , “The IC3 report also noted that there were 26,379 victims of “phishing/vishing/smishing/pharming” in 2018, accounting for $48,241,748 in losses.”
It’s time to push data security and communication protocols at your credit union as well as spread the word to avoid cyber-attacks on members and their active businesses!
Oak Tree offers compliant products that can help achieve a safer operation and spread security knowledge to your community. We also partner with the best credit union core processors. Contact us today to learn more about data linking services.