Many people are aware of the dangers of phishing emails and phone scams and can even provide examples of when they've been targeted by such a scam. Most phones can even block potentially malicious callers or alert you to "potential spam" before you even answer the phone. Unfortunately, not as many people or company CEOs are aware of the potential dangers of an attack that sneaks under the radar through an unassuming text message.
Smishing is a lesser-known form of social engineering attack that can be just as dangerous as the most sophisticated phishing email. These attacks often catch targets by surprise, seem more authentic, and are tempting to respond to in the spur of the moment. Like phishing attacks, smishing is designed to gather personal information or convince the target to download malware. Smishing may be used in conjunction with a phishing email or other correspondence or it may be used alone. A single message can be used to wipe out a personal bank account, provide access to a company network, or transfer large sums of money.
Smishing attacks typically target smartphones. As a result, they seem like personal correspondence and fall under the radar of your cybersecurity system. So how can you protect yourself and your business against the dangers of smishing attacks? This guide will help you understand how smishing attacks work, how to identify these scams, and steps to take if you think you've been targeted.
The term smishing is a mash-up of the words SMS and phishing. Just like the name sounds, smishing is a phishing attack carried out by short message service (SMS), more commonly known as text. Instead of using email to deceive intended targets, the attacker uses a deceptive text. On the surface, it may seem like a ploy likely to fail quickly. Yet, when you consider the popularity of smartphones and the high usage of text for convenient communication, the potential becomes more clear. More than 87 billion spam texts were sent to U.S. phone users in 2021, and consumers reported a total loss of $86 million (an average $800 loss) because of text messages. Smishing is a present and growing threat that is not likely to go away like a passing trend.
A smishing attack begins with a text from an individual or company that appears to be a trusted sender. The message usually includes a link or phone number so the user can take action quickly. Clicking on the link in a smishing message often takes you to a fake website where attackers are waiting for you to enter your sensitive information. Delivery scams in which attackers impersonate Amazon, FedEx, and the U.S. Postal Service are some of the most common types of smishing attacks. However, some particularly dangerous attacks appear to come from your bank or an authority figure within your company.
Why is smishing effective? From the easy method of contact to the brief nature of text messages, there are many advantages to targeting victims through a text message. An attacker only needs the phone number of a potential victim to make contact. Even worse, the sender is only traceable through the associated numbers they use. While 75% of Americans never answer calls from unidentified numbers, the open rate of text messages is about 98%, making text messages a much more lucrative method of attack. Smartphone users often have the device on their person most of the time and are more likely to answer a text than other forms of communication while distracted by other activities. The brevity of a text message can even provide an advantage by limiting the potential for mistakes and further arousing the target's curiosity.
Smishing messages are easy to fall victim to and can have grave consequences. Victims can be fooled into furnishing login credentials to their bank account or paying for goods and services they never receive. In a business environment, employees can be fooled into providing access to the company network, transferring company funds, revealing sensitive intellectual property, or providing access to sensitive customer and employee personal information. Any crime that can be accomplished through a phishing email can likely be replicated in a smishing attack, and the resulting damage can be equally severe.
Learning about smishing attacks can be a sobering experience. Text messages are a convenient form of communication that helps you streamline personal and business tasks for a more efficient schedule. The good news is, you don't have to stop using text messages to avoid smishing attacks. By learning about common attacks, you can more easily identify when you are the target of a smishing message.
After exploring some examples, it's easy to understand how smishing attacks can be easy to fall for. However, when you learn more about the anatomy of a smishing message, recognizing them becomes easier. Smishing messages have similar characteristics, and there are ways you can avoid falling for them.
Being the recipient of a smishing message doesn't automatically make you a victim. Even if you read the message and didn't take any action, you're likely safe from any damage. So how can you protect yourself from becoming a victim? These are the steps you should take if you receive a smishing message.
Smishing attacks don't only target individuals for personal information or login credentials. They can cause major damage when used against a business. However, there are ways you can prepare your business to identify and avoid smishing attacks.
Begin by building awareness with education and smishing simulations. These programs provide accurate examples of realistic attacks. They also educate employees on how to identify and react appropriately to these attacks. Implement organization-wide multi-factor authentication to prevent hackers from gaining network access as a result of employee response to a smishing message. If you suspect your business is a victim of a smishing attack, immediately contact the FTC to file a complaint. By filing a report, you can spread knowledge about new forms of attack.
Like other social engineering scams, smishing attacks rely on human response for success. While these attacks are often sophisticated and extremely convincing, preparation can help you protect yourself and your business from smishing scams. Education is the best form of protection against any social engineering attack. To protect your business, it's essential to ensure all employees are familiar with modern smishing attacks and the proper forms of communication within your organization.
Cyber attacks are constantly evolving and attackers work continually to find new ways to infiltrate business networks. To protect your business against modern cyber attacks, it's essential to develop a culture of security. It's true that smishing attacks prey on human emotions. However, they are usually the beginning steps of a larger attack. Your cybersecurity tools and practices can play an important role in stopping the actions of an attacker after the network is compromised from a smishing attack.
If you're concerned about your organization's vulnerability due to smishing attacks, we can help. Contact the experts at BitLyft to learn more about the dangers of social engineering attacks and how to keep your business safe.