News
Phishing Surges as the Leading Cyber Threat at 53%
October 2023 by Edith Muthoni
In a world where digital predators roam freely, the rise of phishing attacks has left countless victims vulnerable to the ruthless theft of their valuable information and assets. These cunning schemes employ a variety of deceptive tactics, from misleading emails and persuasive texts to crafty phone calls and insidious malware, all with one sinister goal in mind: extracting user information, account credentials, and precious credit card details.
According to TradingPlatforms.com’s analysis, phishing is the global leading cyber threat, accounting for nearly 55% of reported cyber crimes.
The site’s financial analyst, Edith Reads, comments, “With the economic situation still in a downturn, the number of cyber criminals is constantly increasing. Phishing has become a goldmine for most of them as attacks continue to aggravate and become more complex. Going forward, users will have to proceed with extreme caution about what files they open or what info they choose to share.”
Phishing Statistics
So far, about $7.1 trillion has been lost to cyber crimes in 2022, an 83% rise from 2019’s figures. Analysts reveal that over 500 million phishing attacks were reported by the end of 2022, 1.35 million being termed as unique crimes.
In addition, more than 300,000 people in the US alone were victims of these crimes, leading to a loss of nearly $53 million.
Notably, phishing attacks have primarily targeted financial institutions, with analysts seeing a 27.7 % dominance in those institutions, 10% ahead of SaaS platforms and more than double ahead of social media platforms. Vietnam, Macao, and Madagascar are in the lead for the highest phishing crime prevalence. Vietnam accounts for nearly 18% of all reported phishing cases, (14% )Macao and( 12% )Madagascar.
Why are Phishing Attacks Becoming More Prevalent?
Cybercriminals are becoming more sophisticated and organized by the day. Most of them have shifted their focus to mobile devices and personal communication channels, with a study showing a 50% increase in mobile attacks. About 51% of attacks are revealed to be linked to malware, especially email-sent links; once the connections are opened, they get access to your device and gain all the info they need.
Individuals are still unaware of phishing tactics used. Around 97% of individuals worldwide are liable to falling prey to phishing attempts due to the constant sophistication these criminals employ.
What Needs to be Done to Lower Phishing Crimes?
In the face of soaring phishing threats, it’s imperative for governments to step up and champion a mass awareness crusade against these crafty scammers and their malicious tools. But the battle doesn’t end there. People should empower themselves with anti-phishing and anti-malware apps to slash the risk of falling prey to these schemes.
As the storm of phishing crimes looms, vigilance and caution are our most potent weapons against this audacious theft of millions.
