Monitor your checking account with Ent Protect™
6 min read
What is a social engineering attack?
-
-
Copied link to Clipboard!
A social engineering attack is a certain type of malicious attack that relies on human error. Hence the word “social.” Human beings are designed to make mistakes, especially when using the internet or corresponding online, and cyber criminals will try and take advantage of the situation. Learn how to protect yourself and others from a social engineering attack.
Monitor your checking account with Ent Protect™
Lesson Notes:
- A social engineering attack is when a scammer deceives an individual into handing over their personal information.
- This information gives the perpetrator access to bank accounts or software programs, which are accessed to steal funds, hold information for ransom or disrupt operations.
- Social engineering attacks often mascaraed themselves as websites, emails and other messages from official sources (FBI, IRS, etc.) and are designed to spoof or deceive.
LESSON CONTENTS
What is social engineering?
The term “social engineering” isn’t inherently bad. It refers to an act or process that relies on social interactions. When it comes to malware and digital fraud, social engineering can take a dangerous turn.
Most of us are used to connecting with other people digitally, whether it’s text messages, email or direct messages on social media. A social engineering attack relies on these methods of communication. The internet makes it relatively easy to conceal a person’s identity by adding a fake photo, username or web address. The perpetrator will usually pretend to be someone they are not, such as an individual, company or organization, also known as spoofing.
Users will then interact with the perpetrator as if they are speaking to a trusted individual. The perpetrator may send the user a message or link asking for their personal information. If the user believes they are interacting with someone they know or trust, they may hand over their personal information to the perpetrator without realizing they are now the victim of a crime.
These kinds of attacks can lead to identity theft, fraud, malware infections and damaged infrastructure if the perpetrators alter or delete data. Perpetrators may target individuals or organizations as they look for ways to gain access to the system.
The social engineering process
Stealing the user’s sensitive information may take time. The perpetrator will use social engineering techniques to make sure that the user will ultimately click on the fraudulent message or link and avoid getting caught. This often requires research and planning.
Preparing the attack
To prepare for the social engineering attack, the perpetrator will first research their potential victim, including what websites or apps they use, where they keep their money and whom they’re likely to interact with on a regular basis.
This gives the perpetrator a sense of how likely the person is to click on the fraudulent message. The hacker will also use this information to select the method of attack, such as an email, text or link based on the person’s previous browsing activity.
Engaging with the user
Once the perpetrator has a sense of how the victim works or engages with others online, they will try to make their first point of contact. This may be an email, text or phone call, depending on which method has the best chance of success.
Then they will pretend to be a person or company the user interacts with on a regular basis, such as their bank, credit union, employer, the government or a friend on social media.
During the interaction, the perpetrator will ask the user to send over their sensitive or confidential information, such as their username, password, email address, social security number, bank account or any other type of data that can be used to steal a person’s identity. If the user believes the perpetrator is who they say they are, they may pass along their information without a second thought.
Using the information
Once the perpetrator has the person’s information, they will use this data to execute the attack either by stealing money or disrupting normal operations. The hacker may even hold the information for ransom to get the person to hand over a large sum of money.
They may ask you to send money or make payments through a prepaid credit or debit card or apps like Zelle or CashApp. Remember that most businesses, especially large corporations, will not ask you for payment through these methods.
Covering their tracks
Once they have obtained the person’s information or hacked their account, they will begin removing all traces of the crime. This includes all points of contact, malicious websites, phishing emails, messages and other signs of fraudulent activity, so they can move on to their next victim without getting caught.
Common methods used in social engineering
Hackers and perpetrators often appeal to the user’s emotions when sending them fake messages online or over the phone.
Here are a few examples:
Claim a prize: The perpetrator may entice the user by sending them a message asking them to claim a prize that they have won or to enter for a chance to win the lottery.
Fear of restitution: The perpetrator may also use fear to get the user to click on a fake message by telling them someone has hacked their account or that they owe the government money. This is also known as “scareware.”
Preexisting: This is when the perpetrator poses as someone the user already knows. They may send the victim multiple messages before ultimately stealing their money or account information.
How to protect yourself against a social engineering attack
Use the following tips to protect your personal information from social engineering attacks:
Watch out for fakes
Perpetrators often masquerade as something they are not. Be on the lookout for misspellings in the URL or person’s email address, images and logos that may have been copied and pasted onto a new background. Look for the lock symbol on the left-hand side of the URL to see if the website is secure.
Confirm before you click
If you receive a suspicious message or someone asks you for your personal information, contact the person or business directly to verify the person’s identity. Look up the number to verify that it’s correct and never call the number that is provided to you. You can always call your bank, credit union, or employer or visit the IRS website to make sure the message is legitimate.
Avoid sharing personal information
It’s always best to avoid sharing personal information over the phone or the internet whenever possible. You should never send out your full Social Security number or bank information over text, unsecured email or the internet. If someone asks you for this information, make sure you trust them or that they are legitimate before sending it over.
Social engineering attacks tend to be more difficult to catch and prevent than other forms of malware. We all make mistakes from time to time and scammers depend on these kinds of errors. If you believe you may be the victim of a social engineering attack, contact the authorities right away.
Ent wants you to stay safe! If an unauthorized party has access to your financial account, call Ent directly at 800-525-9623 or contact infosec@ent.com. We can help you to secure your account. Learn more about how we take fraud prevention seriously to keep your money safe.
Related Resources
View All
10 min read
How to Spot Financial Grooming Scams
Scammers no longer rely on quick-hit phishing scams; instead, they patiently cultivate online relationships — a tactic investigators call financial grooming. This article unpacks how grooming scams unfold and the red flags to watch for. We also detail the practical actions you and your loved ones can take to shut fraudsters out.
10 min read
How to Protect Yourself from Spear Phishing Attacks
Cyber threats have become increasingly sophisticated, targeting not just large corporations but individuals as well. Among these threats, the spear phishing attack is one of the most deceptive and damaging. So, what is a spear phishing attack, and how do you protect yourself?
8 min read
Stay Safe in the End Zone: Avoiding Financial Scams During Football Season
Football season is a time for excitement, cheering on your favorite team, and creating lasting memories with friends and family. However, it's also a time when scammers are on the lookout to take advantage of distracted fans. From fake tickets to fraudulent online offers, football season provides scammers with numerous opportunities to trick unsuspecting victims. By staying alert and knowing how to spot common scams, you can protect your finances while enjoying the game.
8 min read
Protecting Your Finances: Cybersecurity Best Practices
In today's digital world, protecting your finances has become more challenging than ever. With cybercriminals constantly devising new ways to access personal information and compromise accounts, it’s crucial to stay informed and practice good cybersecurity habits. Whether you're managing your finances online or simply browsing the web, knowing how to safeguard your data can prevent financial loss and protect your personal information from falling into the wrong hands.
7 min read
Chip Card: What is an EMV Card?
Today, most debit and credit cards have multiple ways to transmit data and authenticate a payment. One such way is the small, square computer chips you see on the card. This is called an EMV chip and is used to help protect the user from fraud. Read this article to learn more about how EMV chips work and how they help keep your information safe.
EMV cards, often referred to as chip cards, represent a significant advancement in credit card security technology. The term “EMV” stands for Europay, MasterCard, and Visa, the three organizations that created the standard. These cards are equipped with a small, metallic square chip on the front, which is easily recognizable and distinct from the traditional magnetic stripe on the back of older cards. This chip is a critical component of EMV technology, designed to enhance transaction security and reduce fraud.
6 min read
Bank Scams: What it is, how to prevent it & the different types
According to the Federal Trade Commission, there were 2.6 million fraud reports in 2023, with $10 billion lost to fraud. It can happen to anyone and is never something to be embarrassed about. It is important to recognize though that the first line of defense is you, so being prepared to safeguard your financial safety is crucial. If something happens, the sooner you reach out for help, the better position you’ll put yourself in.
4 min read
How Can I Protect My Elderly Parent’s Money?
In today’s digital world, protecting your elderly parents’ assets is essential, as the consequences of financial vulnerability can be devastating. According to the FBI Elderly Fraud Report 2022, total losses reported by elderly victims increased 84% from the previous year to $3.1 billion.
Given the high stakes, you might wonder, “How can I protect my elderly parents’ money?” Navigating the complexities of financial security for elderly parents requires a blend of empathy, strategic planning and legal action. This guide equips you with the knowledge and steps necessary to secure your elderly parents’ financial well-being.
7 min read
Avoiding Holiday Scams: From Phishing to Travel Frauds
The festive season is a time of joy, giving and celebration. But as you prepare to dive into the celebrations, you must be on guard against scams that could ruin your festivities. From convincing phishing emails decorated with jingle bells to too-good-to-be-true travel deals promising a winter wonderland, the tactics are endless and, sadly, effective.
Generally, financial institutions follow information security guidelines and never request personal or sensitive information. Therefore, any call or information request for your banking information, such as banking username and password, account number, routing number or social security number, should be treated with the utmost suspicion.
As technology evolves, scammers are getting more sophisticated. Some of their rackets appear genuine. Thus, you must be extra vigilant, especially during this holiday season. Here's a detailed overview to equip you against potential pitfalls.
7 min read
Ensuring Member Data Security: How Credit Unions Safeguard Your Information
In an era marked by rapid technological advancements and the growing significance of data in various sectors, the safety and security of personal information have become paramount. Credit unions, financial institutions that serve their members' financial needs while operating as non-profit organizations, are no exception to this rule.
With the increasing reliance on digital platforms for banking and transactions, credit unions have taken robust measures to keep member data safe and secure. In this article, we explore the strategies employed by credit unions to protect their members' sensitive information.
5 min read
What is Two-Factor Authentication (2FA)?
Two-factor authentication is a security process that requires two different authentication methods before granting access to an online account or system. Discover the benefits of two-factor-authentication and how to enable it to protect your information.
4 min read
Navigating the New Normal: Software Updates and Working from Home
In our ever-evolving digital landscape, staying informed about software updates, and remote work safety is essential. As our lives continue to be shaped by technology, members must take proactive steps to ensure their financial well-being and data security. In this article, we'll explore the importance of software updates and discuss the challenges and benefits of working from home.
5 min read
Guarding Your Finances: A Guide to Shielding Against Social Engineering and Phishing Attacks
In today's interconnected world, safeguarding your financial well-being requires more than just responsible money management; it involves protecting yourself from evolving online threats like social engineering and phishing attacks. This article aims to empower you with knowledge and practical tips to keep your accounts and personal information secure.