Don’t Take the Bait: Top Phishing Scams of 2024 and How to Beat Them!

Phishing is still the main reason for data breaches, and attackers are now using more advanced methods, including AI-generated deepfake content and old-fashioned impersonation scams. From platform-based attacks to deepfake voice scams, these are the top techniques targeting organizations today—and the essential strategies to guard against them.

1. Platform-Based Phishing: Microsoft and Google Attacks

Hackers are taking over popular services like Microsoft and Google, sending convincing emails that ask users to verify their login activity or update their security details. These emails have links to fake login pages, tricking people into giving away their credentials.

A few months back, a fake email claiming to be from Microsoft's security team said there was "suspicious login activity." The email directed users to a phony login page where lots of folks typed in their actual account details. The attackers then used these credentials to break into company accounts.

Defense Strategy:

• Multi-Factor Authentication (MFA): Enabling this setting on all accounts will add a barrier for malicious actors.
• Employee Training: Educate employees to recognize phishing clues, such as unexpected login requests or slightly altered URLs.

2. Social Engineering Phishing: Pepco Utility Impersonation

Social engineering phishing takes advantage of trust factors in well-known brands and services. Recently, attackers have impersonated utility companies like Pepco, to leverage people's need for essential services. These phishing emails usually create a sense of urgency by claiming billing issues or overdue payments.

In May 2024, scammers pretended to be Pepco customer service and sent emails requesting people to log in to “fix billing problems." When people clicked on the link, they were redirected to a fake website that stole their login credentials.

Defense Strategy:

• Verification of Messages: Employees should verify urgent messages through official channels.
• Email Filtering: Enhanced screening flags suspicious emails from companies or service providers.

3. AI-Driven Deepfake Phishing: Mimicking Voices and Videos

One of the most concerning developments in phishing is the use of AI-generated deepfake content that helps scammers pretend to be someone else. Cybercriminals can use AI to make very realistic fake voices or videos, pretending to be bosses or coworkers to fool employees into giving away important information or transferring funds. In this kind of phishing, attackers use publicly available videos and audio of company leaders to create messages that are hard to detect as fake.

Recently, workers at a large enterprise got a call that seemed to be from their boss, asking for a quick money transfer. The voice was made by AI, copying the boss's way of talking perfectly. The employees found out it was fake only after the money was transferred.

Defense Strategy:

• Multi-Step Verification: Implement multi-step confirmation for high-stakes requests, requiring video calls or in-person verification.
• Voice Authentication Tools: Use AI tools to detect synthetic or altered voices.

4. Financially Driven Phishing: Fake Bank Payment Notices

Financially driven phishing attacks capitalize on people's fear of missing payments or getting fines. Scammers send fake "bank payment notices" with attachments or links that install malware. This gives the scammers access to the victim's systems and financial data.

In February 2024, a campaign targeted the finance department, sending emails about "overdue payments" with attached files. When people opened these files, malware was installed, letting attackers get into financial systems and steal information.

Defense Strategy:

• Attachment Sandboxing: Use sandbox environments to analyze email attachments safely.
• Payment Confirmation Protocols: Implement internal procedures to verify payment requests before proceeding.

5. Credential-Stealing Phishing: StrelaStealer Malware

StrelaStealer is a type of malware-focused phishing attack designed to steal login information saved in web browsers and email clients. The attackers send emails with harmless-looking attachments. When these are opened, they secretly install malware that gathers saved login details, giving the attackers access to the user's accounts.

Recently, StrelaStealer was used to attack financial and educational organizations. The attackers sent emails with attachments named "Important Financial Update. "Once opened, the malware got activated, quietly stealing saved browser passwords.

Defense Strategy:

• Endpoint Detection and Response (EDR): EDR solutions detect unusual device activity, halting malicious scripts.
• Password Managers: Encourage secure password storage with password managers rather than browsers.

Proactive Security Measures Against Phishing

A comprehensive security strategy is essential to counter the advanced phishing methods of 2024.

• Begin with cybersecurity awareness training to improve employees' ability to identify phishing attempts. Regular simulations, including AI-driven and deepfake technology, have been shown to reduce phishing susceptibility by up to 70%.
• Using multi-factor authentication (MFA), especially on high-risk accounts, is very important. Adding biometric MFA, such as facial recognition, helps protect against AI-driven impersonation.
• Advanced email security is also crucial. Filters that identify phishing links and sandboxing attachments in a safe environment lower risk. New tools that spot deepfake audio or video also help catch scams.
• Real-time threat intelligence allows security teams to keep up with phishing trends by constantly checking for unusual behavior, which can reduce the risk of breaches by up to 40%.
• Additionally, role-based access and zero trust policies restrict access to sensitive systems based on job roles, preventing unauthorized access. Zero-trust principles ensure that every step is verified, making networks secure even against advanced AI-driven phishing attacks.

For more in-depth strategies on protecting sensitive information from phishing and similar threats, explore our blog on email data loss prevention.

Stay Ahead of Phishing Scams! Tricks such as phishing attacks use more advanced techniques like AI and impersonation, businesses must stay alert. By combining up-to-date threat knowledge and strong security practices, companies can better defend themselves against these evolving threats.