With 70% of businesses sharing sensitive information during fake calls, vishing is one of the emerging threats firms must be aware of.
What is Vishing?
It is a form of social engineering attack in which a fraudster uses phone calls or Voice over Internet Protocol (VoIP) technology to trick victims into sharing sensitive data. The scammer impersonates a legitimate firm, such as a bank, to gain the victim’s trust.
What is the Purpose of Vishing?
Hackers always seek new and effective ways to extract sensitive information from unsuspecting victims. Hence, understanding the purpose behind vishing is crucial to fortify the defenses against them.
As per a recent report by Keepnet Labs, “The 2024 Voice Phishing (Vishing) Response Report,”
Hackers have clear objectives in mind when executing such scams. So, being aware of their motives is the first preventive measure.
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Data theft
The key goal of vishing attacks is to steal sensitive data. Vishers trick victims into exposing confidential data to use for identity theft, financial fraud, or other malicious activities.
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Financial Fraud
Vishing attacks frequently serve as a predecessor to various forms of financial fraud. Once vishers access victims’ data, they use it for unauthorized transactions, fraudulent purchases, or even drain bank accounts.
Their goal is to unlawfully enrich themselves at the expense of their victims, leaving the latter with substantial financial losses and emotional distress.
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Network Breaches
In some cases, vishing attacks serve as entry points for extensive network breaches. Vishers trick employees into giving access to systems to hack networks, exfiltrate data, or install malware. This can have severe outcomes for firms, like financial losses, reputational damage, and legal liabilities.
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Identity Theft
Identity theft is another significant risk. Hackers obtain enough data from unsuspecting individuals to perpetrate crimes under false pretenses. This can range from opening fraudulent accounts to committing fraud in the victim’s name. The outcomes of identity theft can be far reaching and may take victims years to fully resolve.
Also read: Six Reasons for Enterprises to Care About Machine Identity Management
How Can Firms Prevent Vishing Attacks?
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Maintain Security Awareness and Culture
Beyond initial training, firms must conduct regular follow up sessions. This helps keep the teams updated on the latest vishing methods and prevention strategies.
At the same time, simulations and engagement activities ensure that security awareness remains high.
Moreover, firms must foster a culture where security is everyone’s responsibility. Encourage reporting of suspicious calls and sharing of experiences with potential vishing attempts. Recognizing and awarding security measures can also motivate employees to stay alert.
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Enforce Security Policies and Detection Systems
Develop a clear, concise, and effective security policy. It must include processes for handling calls to help reduce the risk. Policies should outline how to authenticate calls and the steps to take when a call seems suspicious.
Implement robust systems to detect fraud and unusual vishing activities. These systems can provide early warnings of potential attacks.
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Run Security Audits and Implement Incident Response Plans (IRP)
Regularly audit and assess the security of telephone systems and VoIP infrastructures to identify gaps before attackers can exploit them. This includes checking for updates, patch management, and ensuring security measures function as intended.
Moreover, IRP should be enforced for vishing and other social engineering attacks. The response plan must outline the steps employees and IT teams must take to mitigate damage and secure systems when an attack occurs.
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Use AI, ML, and Network Segmentation
Use AI and ML to analyze calling patterns and identify anomalies that may indicate vishing attempts. AI and ML can also be used in voice biometrics to enhance the accuracy of caller verifications.
Moreover, segmenting networks minimizes the potential impact of a successful attack. This helps isolate sensitive data and critical systems, making it tough for attackers to gain widespread access from a single entry point.
What to do When Experiencing a Vishing Attack?
Hang Up
- Hang up immediately when the call seems to be suspicious.
- Upon receiving a text message or email, delete it without responding or clicking on any links.
As per Keepnet Labs’ report,
Refrain from Giving Information and Verify the Call
- Avoid giving the caller or sender personal or financial information, including account numbers, passwords, or verification codes.
- Verify their identity if the caller claims to be from a legitimate firm.
- Contact the company using official contact information from their website or official documents.
- Inquire about the authenticity of the communication.
Report the incident and Educate Others
- Report the vishing attempt to the authorities.
- Share the experience with friends, family, and colleagues to raise awareness about vishing scams and help others avoid falling victim to similar attacks.
- Encourage them to be cautious when receiving unsolicited communications.
Monitor the Accounts and Update Security Measures
- Monitor bank accounts, credit card statements, and other financial accounts regularly for unauthorized transactions or suspicious activity.
- Report any unauthorized or suspicious behavior.
- If one suspects their personal information may have been compromised, they must update the security measures.
- Change passwords for online accounts and enable two-factor authentication. Consider placing a fraud alert.
Also read: Common Phishing Scams and How to Avoid Them
Conclusion
To improve resilience against vishing attacks, firms must adopt a comprehensive security approach. Creating a dynamic and adaptable security posture that aligns with evolving vishing tactics is essential.
This approach reduces the risk of successful attacks and minimizes potential damages, ensuring the security and trust of the firm and its stakeholders.
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