According to Proofpoint US, large organizations face an annual cost of nearly $15 million due to phishing attacks, averaging over $1,500 per employee.
Though not as favored as before, credential phishing attacks remain widespread and contribute significantly to financial losses in businesses.
Given that almost all of us have online accounts with login credentials, we all stand vulnerable to credential phishing.
How Do Credential Phishing Attacks Work?
Phishing attacks primarily aim to obtain credentials such as usernames, IDs, passwords, or personal identification numbers (PINs).
In credential phishing, hackers impersonate trusted entities through emails or other communication channels to steal your credentials. They often sell this acquired data on the dark web.
With the proliferation of online platforms, from social media to banking and eCommerce, the number of accounts requiring login credentials is steadily increasing for everyone.
Your username, email, password, and PIN all qualify as credentials, and these are the most commonly compromised data types in phishing attacks.
While you might assume password theft techniques to be rudimentary, involving brute force attacks, where hackers attempt to guess your password using manual or automated methods, today’s cybercriminals employ sophisticated digital manipulation tactics to extract sensitive information. Since credential phishing exploits trust, it proves more effective than anticipated.
According to Deloitte, 91% of cyber-attacks originate from phishing emails sent to unsuspecting individuals, and credential-stealing phishing is no different.
These emails often masquerade as urgent requests, such as overdue invoices, recent purchases, or follow-ups on payments. As they appear to come from legitimate sources with plausible requests, identifying a password theft attempt can be challenging for the average user.
Types Of Credential Phishing Emails to Look Out For
The subject lines commonly used in phishing emails. They include:
- Urgent / Important
- Request
- Follow up
- Payment Status
- Hello
- Purchase
- Invoice Due
- Are you available? / Are you at your desk?
According to Research, the open rate for such emails can reach up to 25%. Although not all phishing emails are opened initially, the success rate is sufficiently high for attackers to persist with this proven strategy.
There are additional key traits of password theft attack emails to recognize:
- The primary aim is to prompt you to click on a malicious link.
- The email is personalized and appears to come from a trusted source.
- It may include relevant branding, an email signature (if applicable), and even imitate the sender’s style of communication.
Credential Phishing Attacks on Malicious Websites
As mentioned earlier, the primary aim of a phishing email is to lure you into clicking on a malicious link. Despite this, the link won’t necessarily direct you to a suspicious website or trigger a virus download onto your computer (although this remains a possibility).
Similar to legitimate providers, the fraudulent website includes all the familiar trust indicators: logos, branding, colors, fonts, communication style, and more.
The only potential giveaway of its falsity might be the website URL. With many businesses employing multiple domains and portals, identifying the deception could prove more challenging than expected. Moreover, hackers now utilize HTTPS and/or SSL certificates to create an illusion of security. Nevertheless, just because a site appears secure doesn’t guarantee the safety of your data.
There’s one more detail to watch for, which could be helpful in identifying a fake website. These sites often use images instead of plain text to evade spam filters.
How Can You Prevent a Password Theft Attack?
Stolen credentials are frequently used in Business Email Compromise, Vendor Email Compromise, identity fraud, fraudulent transactions, theft of personal or company information, and other malicious activities. Sometimes, these credentials are even sold on the dark web.
To prevent credential phishing, consider the following steps:
- Utilize email security software: This software serves as your initial line of defense. While it may not catch every credential phishing attack, it significantly reduces the number of malicious emails that bypass your filters.
- Train your staff on phishing and data security: After email security software, your employees are your next line of defense. They should be trained and educated on how to identify phishing attempts in their inboxes. Most data breaches stem from human error, making training essential. Additionally, such training is mandated by some regulatory standards and privacy laws.
- Use secure passwords and update them regularly: Your password is the primary barrier between your sensitive data and hackers. Strong passwords are crucial in preventing attacks and breaches, as long as they are not shared. Regularly updating passwords enhances security further.
FAQ’s
What is credential phishing?
Credential phishing is a type of cyber attack where hackers impersonate trusted entities to steal your login credentials, such as usernames, passwords, and PINs. These stolen credentials are often sold on the dark web or used for further malicious activities.
How do phishing attacks work?
Phishing attacks typically involve sending emails that appear to be from legitimate sources, urging recipients to click on malicious links. These links direct users to fake websites designed to steal their credentials. These emails may look like urgent requests or important communications to trick users into acting quickly.
How can I protect myself from credential phishing?
To protect yourself:
- Use email security software to filter out phishing attempts
- Train employees on recognizing phishing emails and the importance of data security
- Use strong, unique passwords and update them regularly
What are the consequences of stolen credentials?
Stolen credentials can be used for Business Email Compromise, identity fraud, unauthorized transactions, and theft of personal or company information. They may also be sold on the dark web for further exploitation.
Why are phishing attacks still effective?
Phishing attacks remain effective because they exploit trust and urgency, making it difficult for even vigilant users to recognize them. Additionally, the use of sophisticated techniques and realistic-looking emails and websites increases their success rate.
Conclusion
Credential phishing remains a major threat, causing significant financial losses. Despite advanced security technologies, sophisticated phishing techniques require continuous vigilance. Using email security software, educating employees, and maintaining strong, updated passwords are essential to protect against these attacks. Awareness and proactive measures are crucial for safeguarding sensitive information.