75K financial phishing attempts targeting Indian companies detected in 2023 – report

“Financial phishing messages usually take the form of fake notifications from banks, providers, e-pay systems and other organizations. The notification is intended to encourage a recipient, for some reason or the other, to urgently enter/update their personal data. “explained Jaideep Singh, general manager of South Asia at Kaspersky. He said, “Fraudsters usually use fear techniques to persuade users to share their confidential financial and personal data by giving an important reason. Such messages usually include a request to block an account. Threats are made if a recipient does not meet the requirements therein.”

According to a recent study, one in four (24 percent) cyber incidents against businesses in India are caused by employees intentionally violating security protocols. “With the rise of generative AI, it has become easier for cybercriminals to create more convincing phishing messages, making financial phishing more prevalent. “Threat groups also use these tactics to defraud employees and then breach corporate networks,” Singh said.