Why are financial phishing attacks skyrocketing?

In a world where hackers recognize the lucrative opportunity in executing phishing attacks based on financial fraud, a significant surge in these attacks should neither startle you, nor leave you unfazed. The rationale is simple - just as you'd head to a tire shop for tires and a shoe shop for shoes, for the maximum potential monetary return from a single attack, you'd inevitably target the financial services industry. This insight is derived from the 2023 Email Security Threat Report released by cybersecurity firm, Armorblox.

Per the report, there has been a considerable 72% rise in the targeting of the financial services industry over the past year. Furthermore, it is the most preferred sector for financial fraud attacks, accounting for a staggering 49% of all such incidences. The breakdown of the types of financial fraud further highlights the vulnerability of the financial sector: ? The industry bore the brunt of 51% of invoice fraud attacks ? 42% of payroll fraud attacks were directed towards it ? It was the victim of 63% of payment fraud incidents

Compounding the severity of the situation, a worrisome 22% of these financial fraud attacks managed to evade inherent email security measures, as per Armorblox. In other words, one out of five email-based attacks successfully infiltrated the recipient's Inbox.

The next crucial step in bolstering your defense system involves nurturing a user base that's well-versed in security awareness. This training will equip them with the ability to easily spot financial fraud and similar phishing threats, thus nipping them in the bud before they cause substantial harm.