What Every Business Should Know About Phishing Scams

Phishing is one of the oldest scams in existence, but that doesn’t mean it’s easy to spot. According to a quarterly report released by the Anti-Phishing Work Group (APWG), there were more than a million phishing attacks reported in the first quarter of 2022. Compare that to fewer than 900,000 reported in the last quarter of 2021, and it’s clear that phishing is a growing problem for consumers as well as businesses.

Scammers are growing more sophisticated, and they have more resources than ever due to rapidly advancing technology. Every business owner and executive needs to understand what this cybercrime is and how to stop it from impacting their company.

Understanding Phishing Scams

Phishing is a cybercrime that convinces victims to willingly provide personal and proprietary information, which criminals use for financial or personal gain. Why would anyone give protected information to someone they don’t know over the internet? In most cases, the victim believes they’re communicating with a legitimate business or authority figure within their place of employment.

Most attacks take place over email because there are several effective techniques that scammers can use to create seemingly professional messages. For example, they create email addresses and website URLs that look similar to addresses used by a real business.

They may use [email protected] when creating an email that appears to come from a company named ABC Express with the website address ABCExpress.com. If you don’t look carefully, it’s easy to miss the added “1” and click a phishing link contained in the email. You’re then directed to a webpage that asks for your login information, account number, contact details, or other private information.

The Impact of Phishing Scams

A phishing scam can negatively impact your employees and customers as well as your business. One successful email campaign could lead to a serious data breach that leads to months or even years of financial and reputation consequences.

There’s never a guarantee that a phishing campaign launched against your company won’t succeed, but every business must take steps to make it extremely difficult for scammers. As they become more sophisticated, your prevention plan must become stealthier.

We created a simple infographic to provide more details on how to combat phishing campaigns in your personal and professional life. If you’re ready to protect your company, Papaya can help with a simple software solution that empowers and protects without confusion. Contact us to learn more.