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Financial Fraud Phishing Attacks Increase 72% In One Year


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According to Armorblox’s 2023 Email Security Threat Report, the financial services industry as a target has increased by 72% over 2022 and was the single largest target of financial fraud attacks, representing 49% of all such attacks. When breaking down the specific types of financial fraud, it doesn’t get any better for the financial industry:

  • 51% of invoice fraud attacks targeted the financial services industry
  • 42% of payroll fraud attacks
  • 63% of payment fraud

To make matters worse, nearly one-quarter (22%) of financial fraud attacks successfully bypassed native email security controls, according to Armorblox. That means 1 in 5 email-based attacks made it all the way to the inbox.

Here are some ways you can boost your cybersecurity resilience and prevent cyberattacks:

  • Prepare for phishing attempts, and don’t click on suspicious links. Malicious links can come from anywhere — instant messenger apps, email, forum posts, etc. Never click links you don’t need to click or that you didn’t expect to receive, and consider implementing security awareness training to help your employees recognize financial fraud and other phishing-based threats, stopping them before they do actual damage.
  • Use a VPN while working with business data. Whether you connect to remote company sources and services, or if your work doesn’t require those activities and you just need to browse some web resources and use telecommunication tools, use a Virtual Private Network (VPN). VPNs encrypt all your traffic, making it secure against attackers who may attempt to capture your data in transit.
  • Keep your passwords and your working space to yourself. Ensure that your passwords — and your employees’ passwords — are strong and private. Never share passwords with anyone. Use different and long passwords for every service. Where possible, use multi-factor authentication for an extra layer of security.

In conclusion, the financial services industry has witnessed a significant 72% increase in financial fraud phishing attacks. To enhance cybersecurity resilience and safeguard against these threats, organizations should prioritize measures like security awareness training, VPN usage, and strong password practices. Learn more about Yeo & Yeo Technology’s cybersecurity solutions or contact us today.

Information in this article was provided by our partners at KnowBe4.

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