Don't Be Fooled: How to Avoid Phishing Scams

In today's digital age, where technology intertwines with every aspect of our lives, the risk of falling victim to phishing scams is higher than ever. Phishing has become a prevalent method used by cybercriminals to trick individuals into divulging sensitive information such as passwords, credit card numbers, and personal details.

Phishing statistics show that in 2022, there were 300,497 phishing victims with a total loss of $52,089,159 in the U.S. alone.

How Does Phishing Work?

Phishing attacks often appear to come from a legitimate source – like a credit union, bank, or well-known brand – warning you that your account has been compromised somehow, or that there was an issue delivering your package. The message uses fear to “hook” the recipient to click on a link, enter their login or account credentials, or call a number and provide information over the phone. Texts and emails sometimes mimic popular consumer companies like UPS® and Amazon® or, more seriously, government agencies, credit unions, and banks.

Common Phishing Scam Techniques

Email Phishing: This is one of the simplest and most prevalent forms of phishing. It involves attackers sending emails disguised as legitimate organizations or individuals, often urging recipients to click on links or provide personal information. A common type of email will claim that there is an issue with one of your accounts and instruct you to click on a link to resolve the problem.

Spear Phishing: This is a targeted form of phishing where attackers tailor their messages to specific individuals or organizations, using information gathered from social media or other sources to make their emails appear genuine. Spear phishing emails are often more realistic than general ones because they include personalized information, such as your name or job title to create an illusion of legitimacy.

Vishing (Voice Phishing): This type of phishing is essentially a phone scam where scammers impersonate trusted entities, such as credit unions, banks, or government agencies, to trick victims into revealing sensitive information. The scammers will typically create a sense of urgency and make you feel that you need to reveal your information right away.

Smishing (SMS Phishing): This is similar to email phishing but conducted through text messages where recipients are urged to click on links or reply with personal information. Because of the more casual nature of text messages and their common usage, it’s important to review the message before clicking any link or calling the number. If it is a phone number that you don’t recognize, consider blocking it or reporting it as a scam to your phone carrier.

How to Spot Phishing Attempts

Think about this: for every 100,000 phishing emails a scammer sends out, they only need a handful to actually work for them to cash in. These scammers aren't putting in massive effort crafting perfect messages; they just need it to be 'good enough' to fool the average person.

These scammers are counting on you being a proactive person who’s worried about your money or your information, and they’re hoping to catch you unaware. But there are simple things you can do to stay safe and avoid becoming a victim.  

If something seems suspicious or you're not sure who's behind the email, do yourself a favor: don't take the bait. When in doubt, it's better to steer clear of clicking on any links or downloading attachments from unsolicited emails or texts. Your gut feeling is your best defense.

Recognizing phishing attempts is crucial in protecting yourself from falling victim to these scams. Here are some key indicators to watch out for:

Suspicious URLs: Check the URL of any links provided in emails or messages. Phishing websites often have slight variations in the URL or use domain names that resemble legitimate ones.

Urgency or Threats: Beware of messages that create a sense of urgency or threaten negative consequences if you don't act immediately. Legitimate organizations typically do not pressure customers to provide sensitive information urgently.

Unsolicited Requests for Information: Be cautious of unsolicited requests for personal or financial information, especially if they come from unknown sources or seem out of the blue.

Poor Grammar and Spelling: Phishing emails often contain grammatical errors or spelling mistakes, which can be indicative of their illegitimacy.

As a reminder, EFCU Financial will never contact you and ask for personal information such as your Social Security Number (SSN) or your Personal Information Number (PIN). Please do not reply to texts, calls, or emails requesting sensitive information. If you are ever unsure, please call 225-214-6800.