Report detects nearly 75,000 financial phishing attempts targeting Indian firms in 2023

New Delhi, March 20 (IANS) – A new report by global cybersecurity firm Kaspersky has revealed that nearly 75,000 financial phishing attempts targeted companies in India last year. These phishing attempts were detected through various communication channels, including emails, fraudulent websites, messengers, and social media.

Financial phishing refers to fraudulent resources related to banking, payment systems, and digital shops. Jaydeep Singh, General Manager for South Asia at Kaspersky, explained that these phishing messages usually take the form of fake notifications from banks or other organizations, urging recipients to urgently enter/update their personal data.

Singh further elaborated that scammers often use fear tactics to convince users to share their confidential financial and personal data. These messages typically contain threats to block an account if the recipient does not comply with the stated requirements.

According to a recent study, one in four cyber incidents against businesses in India were found to be a result of employees intentionally violating security protocols. Singh warned that with the rise of Generative AI, cybercriminals can create more convincing phishing messages, leading to an increase in financial phishing incidents.

The use of such tactics by threat groups can deceive employees and gain unauthorized access to corporate networks. It is crucial for businesses to educate their employees about cybersecurity measures and stay vigilant against phishing attempts to safeguard sensitive information and prevent financial fraud.