Have you ever received a call from an unknown number and wondered who could be on the other end? It could be a vishing scam. Vishing, a combination of “voice” and “phishing”, is a fraudulent scheme that aims to trick you into revealing sensitive information. 

During a vishing call, a skilled scammer uses social engineering tactics to manipulate you into divulging personal and financial details. They might pose as your bank, claim that your account has been compromised, or offer to help with software installation – which could actually be a malicious program. It’s important to note that vishing is just one form of phishing, a widespread threat that can appear in emails, texts, phone calls, or direct messages. The ultimate goal is always to steal your identity or your hard-earned money.

According to the 2022 FBI’s Internet Crime Complaint Center report, phishing victims lost $52,089,159 in the U.S. alone.  In this article, we will delve into voice phishing, its workings, common Vishing attacks, and strategies to prevent and educate oneself to avoid falling victim to this scam.

Common Vishing Attacks

In the United States, telephone communication is the predominant method of fraud. Here are some typical examples of vishing attacks you should be aware of:

Banking Scams

Vishing attackers target valuable financial information like bank accounts and credit card numbers. They employ a deceptive tactic called ID spoofing, where they pretend to be a legitimate entity by using a genuine-looking ID. For instance, a scammer could pose as a CFO or financial department employee and convince the victim to transfer funds to an offshore account.

Unexpected Loan and Investment Offers

Scammers often make tempting calls to offer unrealistically attractive deals, promising fast debt solutions or instant wealth. These offers usually come with a sense of urgency and require a fee. Beware, as a legitimate lender or investor would only initiate contact or make overly generous offers with your request.

Frauds on Social Security and Medicare

Elderly victims are particularly vulnerable to scams committed over the phone. Fraudsters will frequently pretend to be Medicare or Social Security Administration representatives. They might try to obtain sensitive information, such as Medicare or Social Security numbers, or threaten to suspend or terminate benefits. Stolen data can then be exploited to steal money or redirect benefits.

Tax Frauds

Scammers often send prerecorded messages claiming to be from the Income Tax Department, alerting victims to issues with their tax returns. To make matters worse, they even manipulate caller IDs to make it appear that the call is genuinely from the IRS.

Cybersecurity Measures

In today’s digital age, awareness of the threats posed by vishing attacks is crucial. These deceptive attempts to extract personal information can lead to identity theft, fraud, and other cybercrimes. Taking these preventative measures will help you avoid being a victim of vishing:

• • Guard Your Personal Information: Never disclose sensitive details such as passwords, financial information, or multi-factor authentication (MFA) codes over the phone. Remember, legitimate organizations will never ask for this information via phone.
  • Verify the Caller’s Identity: Scammers often pretend to be representatives from trusted organizations. Before sharing any personal information, ensure that the caller’s name and contact details can be verified through official channels. If the caller discourages this, it’s likely a scam.

• Beware of Prepaid or Gift Card Requests: Legitimate businesses never ask for payment via prepaid or gift cards. If a caller demands payment using these methods, it’s a red flag for fraud.

• Don’t Grant Remote Access: Be cautious of anyone requesting remote access to your computer, especially if they need to be a verified member of your IT department. Giving unauthorized individuals access can lead to malware infections or compromise your credentials.

• Report Suspected Attacks: If you encounter a suspicious incident, report it immediately. By notifying the authorities or your organization’s security personnel, you can help safeguard others from falling victim to vishing schemes.

While technology can help restrict the impact of phishing attacks, vishing presents its own distinct set of challenges. To effectively combat these attacks, organizations must adopt a thorough threat model and grasp the motivations of the attackers. By assessing various scenarios like malware infections, compromised credentials, or unauthorized device access, countermeasures can be strategically implemented to thwart assailants, even in the face of undetected vishing calls.

One such countermeasure could be the use of a reliable Virtual Private Network (VPN) to encrypt internet connections and safeguard sensitive data. VPNs can add a layer of security that makes it much more difficult for attackers to compromise systems and data. For example, if you use a Windows device, a specifically OS-fitted VPN will make your surfing way more secure.

Protecting Yourself After a Vishing Attack

Taking immediate action is crucial if you suspect you have fallen victim to a scammer and given them your financial information. 

• Contact your financial institution, whether it’s your credit card issuer, bank, or Medicare.
• Request a block on any future charges and the termination of fraudulent transactions. 
• Additionally, changing your account numbers can help prevent unauthorized use. 
• Freeze your credit reports to stop anyone from opening new accounts in your name. 
• Lastly, report your situation to the relevant authorities in your country. 

Stay vigilant and know the warning signs of vishing attacks before answering the phone. By doing so, you can stay one step ahead of cybercriminals who want to steal your personal information.

Conclusion

In today’s interconnected world, a dangerous phishing technique called vishing poses a significant threat. Unsuspecting individuals are targeted, leading to severe financial and reputational harm, including bank fraud and tax scams. To protect ourselves, we must understand the tactics used by these attackers.

By familiarizing ourselves with the common signs of a vishing attack and acting responsibly, we can significantly reduce the risk of falling victim. This means never sharing sensitive information over a call, verifying caller identities, refusing prepaid card payment requests, denying remote access to devices, and reporting any suspicious activity.

Despite taking these precautions, it’s still possible to become a victim. In such cases, swift action is crucial. Alerting financial institutions, changing account numbers, freezing credit reports, and filing complaints can help limit the damage and prevent further exploitation.

The post Voice Phishing Attacks: How to Prevent and Respond to Them appeared first on CybeReady.

*** This is a Security Bloggers Network syndicated blog from Cyber Security Awareness Training Blog | CybeReady authored by Nitzan Gursky. Read the original post at: https://cybeready.com/security-culture/voice-phishing-attacks-how-to-prevent-and-respond-to-them