Protect your business from these common financial phishing scams

The average office worker will send and receive around 121 emails every day. And while that does sounds like a lot, you may be shocked to learn that 3 billion phishing emails are sent each day. They account for 1% of all email traffic.

Protect Your Business from These Common Financial Phishing Scams

In today’s fast-paced office environment, the average worker sends and receives around 121 emails daily. While that may seem overwhelming, it’s even more alarming to learn that 3 billion phishing emails are sent each day, making up about 1% of all global email traffic.

What Are Financial Phishing Scams?

Phishing scams are deceptive emails sent by cyber criminals posing as trusted sources, such as your bank, PayPal, Amazon, or delivery services. Their goal? To trick you into clicking malicious links, downloading harmful software, or submitting login credentials on fake websites.

In the realm of cyber security for financial services, these scams are particularly dangerous. Businesses handling financial data are prime targets, and a successful attack can lead to severe data breaches and financial losses.

The Scale of the Threat: Who Are the Biggest Targets?

Research shows that in 2021, PayPal was the most impersonated company in financial phishing scams, accounting for 37.8% of attacks. Mastercard and American Express followed, responsible for 12.2% and 10% of phishing attempts respectively.

Why PayPal? With over 392 million active accounts worldwide, it’s a highly attractive brand for scammers to mimic and exploit.

How to Spot a Financial Phishing Email

Phishing emails can look incredibly convincing at first glance. They often:

  • Appear to come from a legitimate company
  • Urge you to update personal details or verify account activity
  • Use fear tactics, such as warning of unauthorized access

Ironically, this sense of urgency is what tricks recipients into handing over sensitive data.

Here are some key signs to watch for:

1. Check the Link Carefully

Hover over any links before clicking. Look at the URL - does it match the legitimate company’s website? Are there spelling errors or suspicious characters?

2. Verify the Sender’s Email Address

Is the email from an official domain (e.g., @paypal.com)? Fraudulent emails often come from odd or misspelled addresses.

3. Review the Email Content

Phishing emails frequently contain grammatical errors, generic greetings (like “Dear Customer” instead of your name), or inconsistent formatting compared to genuine emails.

4. Don’t Click Suspicious Links

If unsure, open a new browser tab and navigate to the company’s official website directly. Log in there to check for any notifications or issues.

Why Cyber Security Training Is Essential for Financial Services

Phishing scams pose a significant threat to financial services companies and any business handling sensitive data. An employee falling victim can lead to:

  • Data breaches
  • Financial theft
  • Reputational damage
  • Compliance violations

That’s why cyber security training is crucial. Make sure your entire team knows how to identify phishing attempts and respond appropriately.

Protect Your Business Today

Stay vigilant against financial phishing scams by educating your workforce and implementing robust security protocols. Need help strengthening your cybersecurity posture? Contact us for expert guidance tailored to financial services.