The ultimate goal of a phishing attack is to trick victims into revealing sensitive information, such as their login credentials, financial details, and personal data.

Phishing is a type of cyber-attack where scammers send fraudulent emails, messages, or texts that appear to come from a legitimate source—like a bank, financial institution, social media platform, online store, or even the government.

According to a survey by PhishMe, 91% of cyberattacks start with a phishing email. Another survey reveals that about 30% of phishing messages are opened by the target audience.

These statistics highlight just how disastrous phishing attacks can be and how vulnerable people across the globe are to them.

Types of Phishing Attacks

Scammers use various strategies to trick people. While all phishing attacks have the same end goal, some are more strategic or effective than others. Some of the most common phishing attacks include;

1. Email Phishing

Email phishing involves sending deceptive emails that look like they’re from a legitimate source. These emails could impersonate organizations such as banks or other trusted entities. Email phishing can be further broken down into two subtypes: spear phishing and whaling.

Spear phishing is a more targeted attack. Imagine receiving an email that looks like it’s from a trusted source, complete with personal information that only they would have access to. But later, you discover it was a scam. That’s spear phishing. In these attacks, scammers target individuals or groups using personal details to make the scam appear genuine.

Whaling, on the other hand, targets high-level executives within organizations—like top bank officials or government employees. You might wonder how someone in such a position could fall for a scam like this. The reason is that these scams are carefully planned, with the scammer using advanced social engineering techniques to build trust and impersonate important figures, like a CEO or senior executive. The victim, unsuspecting, falls for the scam, only realizing hours later that they’ve been tricked.

2. Smishing

Closely related to email phishing is smishing, where scammers use SMS messages that look like they’re from a legitimate source to steal sensitive information. These messages may include links to malicious websites, request that victims fill out forms, or encourage them to install malware.

Smishing can lead to significant financial loss and identity theft, as scammers gain access to the victim’s personal information. Once malware is installed, it could compromise the safety of the device or spread malware infections to others.

3. Vishing

Think of vishing as the “boss” of other phishing types. In vishing attacks, scammers take a more direct approach by calling their victims. They impersonate an organization or agency the victim is familiar with and try to convince them to provide personal information or fill out forms.

Scammers know that to successfully pull off a vishing scam, they need to build trust with their targets. They often do this by appearing friendly and trustworthy. Because of how common vishing attacks have become, people are more aware of these tactics, which can lead to frustration when targets do not fall for it—sometimes even prompting abusive comments from scammers.

4. Angler Phishing

Angler phishing is a perfect example of how dangerous social media can be. In these attacks, scammers impersonate people or create fake social media accounts. They interact with victims in ways that make them seem genuine, gradually building trust over time.

The ultimate goal of angler phishing is to either steal money, gather personal information, or persuade victims to download harmful malware. So, the next time someone warns you about the dangers of social media, don’t just brush it off as paranoia—it’s based on real risks.

Case Study of Organizations That Have Experienced Phishing Attacks

Large and well-established businesses across the globe have fallen victim to phishing. This should leave you wondering—if large organizations with sufficient IT resources can be taken in by such scammers, how secure is your firm?

Google and Facebook – 2017

In 2017, a scammer posing as a legitimate source targeted the financial departments of Google and Facebook. The scammer sent an email requesting the transfer of $100 each to a fraudulent account. The financial departments, believing the email came from a trusted source, transferred the money—only to later discover it was a scam.

This scam, known as the Evaldas Rimasauskas scam, resulted in significant losses for both companies. Google lost $23 million, while Facebook lost $98 million. Fortunately, much of the stolen money was recovered, and the scammer, Evaldas Rimasauskas, was apprehended. He pleaded guilty in court and was sentenced to 30 years in prison.

Toyota – 2019

Similar to the Evaldas Rimasauskas scam, a sophisticated approach was used to trick Toyota’s finance team into transferring $37 million into a fraudulent account in 2019. The scammers went as far as creating fake invoices and payment requests to make the email seem legitimate. The money was transferred to a bank in China, where it was quickly withdrawn.

Several days later, Toyota Australia discovered the scam and alerted the authorities. Unfortunately, by that time, the money had already been withdrawn, with the scammers moving it out as soon as it hit their account.

Mattel – 2015

In 2015, the popular toy manufacturing company-Mattel fell victim to a phishing scam and lost $3 million. The CEO received an email that appeared to come from the company’s new CEO (who was, in fact, a scammer). The email requested a transfer of $3 million to a fraudulent account, claiming the money was needed for a confidential business deal.

Because the email address closely resembled the new CEO’s, it wasn’t difficult for the scammer to convince the CEO to send the money. It wasn’t until the funds had been sent and withdrawn by a bank in China that Mattel realized it had been scammed. Although Mattel was able to recover a significant portion of the stolen funds, the scammer still managed to keep a fair amount.

How can you protect your company from the rising threat of phishing attacks?

With the rise of different types of phishing attacks, both organizations and individuals must adopt proactive strategies to protect their information and that of their company. Some of these strategies include:

1. Strengthening Email Security Protocols

Use email authentication tools like SPF, DKIM, and DMARC to help filter out phishing emails and ensure that only trusted messages reach your inbox.

AI-powered email security tools can help identify and flag fraudulent messages, providing an added layer of protection.

Employees should undergo regular training to recognize and avoid clicking on unknown links or downloading suspicious attachments.

Educate employees on phishing threats, tactics, and how to recognize suspicious emails, texts, or calls.

Conduct ongoing cybersecurity training to help employees stay informed about evolving phishing tactics and how to avoid them.

Running real-life phishing attack simulations allows employees to test their response to potential phishing attempts and reinforces their awareness.

Establish a dedicated system for employees to flag suspicious emails and messages. This will help to quickly address potential threats.

2. Enable Multi-Factor Authentication (MFA)

Multi-factor authentication should be mandatory for all logins to add an extra layer of security beyond just passwords.

One-time passwords (OTPs) or biometric authentication (like fingerprints or face recognition) are effective ways to safeguard information. Only those with authorized access can complete the authentication.

Passwords alone are vulnerable to phishing attacks. Ensure that security measures extend beyond just relying on them.

3. Secure Financial Transactions and Approvals

Implement multi-level verification for financial transactions to reduce the risk of fraudulent transfers.

Use AI-powered fraud detection tools to monitor and flag suspicious financial transactions in real time.

Establish a clear policy requiring double-checking of all financial requests, especially for large sums, to prevent unauthorized transfers.

4. Improve IT Governance and Cybersecurity Monitoring

Well-defined IT security policies are crucial for managing phishing risks and ensuring that everyone is aware of the organization’s security protocols.

A rapid response plan is essential to detect and mitigate phishing attempts quickly, minimizing potential damage.

AI-powered monitoring tools can detect threats in real time and prevent breaches before they escalate.

Protect Your Business from Phishing Attacks

With phishing attacks on the rise, no business—big or small—is immune to being targeted. Without effective security measures, your company is at risk of financial loss, data breaches, and reputational damage.

Don’t wait for a cyber threat to take action. IT For Less provides proactive IT security services to protect your business from phishing threats. Our services include securing your email systems, training employees, and monitoring cyber threats in real time.

Take the first step toward securing your business today. Contact IT For Less, and together we can fortify your business against cyberattacks.