Cyber Security: Understanding and Preventing Phishing

Phishing attacks have become increasingly common, affecting individuals and organizations worldwide. In fact, an estimated 36% of data breaches are caused by phishing, and 75% of phishing websites use SSL certificates to appear legitimate. This makes it harder for users to spot fake websites. While these numbers may seem alarming, the good news is that phishing attacks can be prevented or reduced by following simple security practices.

What is Phishing?

Phishing is a type of cyberattack where attackers use deceptive tactics to trick users into sharing sensitive information such as passwords, credit card details, or personal data. Attackers often pretend to be trusted organizations—like banks, digital wallets, or well-known companies—to gain the user’s trust and persuade them to take specific actions.

The Risks of Phishing Attacks

Phishing can lead to unauthorized access to mobile apps and online platforms, including social media, banking, and digital wallet applications. By stealing usernames, passwords, and financial information, attackers can cause financial losses, data breaches, and identity theft.

Example: Digital Wallet Phishing Attack

A phishing attack targeting a digital wallet often follows these steps:

• Fake Links: Users click on links from emails, websites, or apps that lead to fake landing pages designed to look legitimate.
• Stolen Credentials: Users unknowingly enter sensitive information such as usernames, passwords, or credit card details.
• Bypassing Security: Attackers attempt to defeat security measures like two-factor authentication (2FA) by asking users to submit a one-time password (OTP). These requests often create urgency, warning users that they may lose access or miss limited offers if they don’t act quickly.
• Unauthorized Access: Once attackers have the login details and OTP, they can access the app and perform unauthorized transactions.

Prevention and Awareness

Phishing attacks can be avoided by staying informed and following cybersecurity best practices. Awareness, caution, and proper security habits play a crucial role in protecting personal and organizational data.

By understanding how phishing works and knowing what warning signs to look for, users can significantly reduce the risk of falling victim to these attacks.

Preventing a Phishing Attack

Here are some helpful steps in preventing and reducing the risk of a phishing attack.

1. Always double-check the sender’s email or number. A minor spelling difference can be a major red flag.” (i.e. janedoe@digitalwallet-online.com vs janedoe@digitalwallet.com)
2. Be skeptical of requests for personal info. Legitimate companies will NEVER ask for your sensitive data via email or SMS.
3. Don’t click on links or download attachments from unknown sources. If in doubt, visit the official website directly.
4. Enable two-factor authentication where possible for an extra layer of security.
5. Regularly update your software. Updates often include patches for new security threats.
6. Be cautious when authorizing third-party apps, such as non-PAGCOR-accredited gambling apps, to use your e-wallet account.

A proactive approach to cybersecurity can dramatically reduce the risk of a cyber attack. Using these cybersecurity best practices can help keep applications like mobile banking apps and digital wallets secure.