Phishing is becoming a top cyber threat, with losses growing to nearly $30 million in 2017 from $8 million in 2015, according to the FBI.
Phishing scams typically involve emails, texts or calls that come from seemingly trusted sources that attempt to trick victims into clicking a link or handing over personal information. Once a scammer has the information, they can use it to steal the victim’s money, identity or gain access to their computer. Not only does phishing directly harm consumers, it can often be a vector for costlier frauds like ransomware and business email compromise.
To mark National Consumer Protection Week, the ABA Banking Journal Podcast has released a bonus episode on phishing. Colleen Tressler of the Federal Trade Commission and Corey Carlisle of the ABA Foundation join the podcast to talk about resources to help consumers protect themselves from phishers.
Tressler and Carlisle explore the growing sophistication of phishing scams, how consumers should respond if they become a victim and where to report phishing, as well as resources that banks can share with their customers and employees.
Click here to listen to the podcast.
In addition, ABA has also partnered with the Federal Trade Commission to release a new infographic highlighting this growing problem.
The infographic provides tips for consumers on how to spot potential scams, how to protect themselves against phishing attempts and how to notify the proper authorities. “One of the best ways to combat phishing is to implement multi-factor authentication, which is a second step to verify you are you, like sending a text to your phone with a confirmation code,” said ABA SVP Paul Benda. “We encourage consumers to use MFA for any of their accounts that support it, especially email and financial accounts.”