SMiShing May Sound Funny – But it’s a Serious Threat

We know it sounds funny, but SMiShing is a real security threat – and some of the largest corporations in the world are losing millions of dollars every year because of it. 

Most everyone is already aware of Phishing - where Cyber criminals send fraudulent emails to unsuspecting victims in an attempt to gather personal information by pretending to be an entity they are not.  SMiShing is very similar in concept, except the method of delivery is different. SMiShing uses SMS (short message service) to try to and steal the information. Criminals are using SMS more and more because a text message feels much more personal than an email does. There is a personal element and a sense of urgency with a text message as opposed to an email, where many emails may go unread. 

An example of a SMiShing message could come in the form of a text message from your bank about an unauthorized charge, or an unauthorized user gaining access to your account. Scammers hope to gain access to your log in information or account info to “remedy” the situation by providing you with a link where you can enter your information for them.  In reality – you’re giving the criminals exactly what they want – banking information.

As many businesses end up being liable for any losses they suffer due to this fraudulent activity – institutions need to add this to the growing list of security concerns they face on a daily basis to help protect from devastating consequences.

Story via TripWire