News Insights: Phishing spoofs US Federal Reserve to steal online bank accounts

News Insights:

Colin Bastable, CEO of security awareness and training firm Lucy Security, said:

“While CISOs are investing in obsolescent cyber-tech to defend against hackers, hackers are using html and java code, psychology and marketing skills to hack remote employees, small business owners and anyone looking for a short-cut through red tape.

In the UK, scams targeting banks often involve follow-up phone calls. It is a much more integrated process, again light on advanced tech, but heavy on persuasion, psychology, marketing and consumer behavior.  The hook can vary.  It just has to be compelling, urgent, and actionable.

The SBA has halted the use of outbound phone calls to potential PPP/Emergency Loan applicants because there are so many phone scammers making fraudulent calls. So it is now all done by email, slowing down the process and making email the biggest attack vector.  Unfortunately, it becomes a sort of Catch 22.”