Next Generation Phishing Scams Target Executives and Business Leaders Specifically

Scams that target brands and their customers have been around for a very long time. Most people that we meet, even those who don’t work for larger corporations, have received fake emails that looked like a legitimate bank, phone company, utility, or government agency communication. To make things even more confusing, the email also usually resolves to a website that looks like the real deal.

A closer inspection, however, will often reveal small differences, including a fake domain name that is close to the main brand’s domain, but has a slight variation. The next generation of these scams are even more insidious as they will often target specific executives and hope to get that particular executive to take an action such as give out confidential company information, or induce them into wiring money into fake accounts.

Examples of large scale fraud in this area are numerous, and many more events that are smaller go unreported because companies are embarrassed or concerned about negative press.

For example, a company called Ubiquiti recently lost $47 million to a scam like this according to the BBC news. Also, the CEO of Centrify, Tom Kemp, recently wrote an article describing his own close-encounter with a phishing scam that almost cost his company $500,000.

Phising

Here is a screenshot from the DomainSkate platform of a Malware-containing site that poses a threat to the Nike brand, and more importantly, consumers searching for the brand.

How to Prevent these Phishing Scams

To prevent these types of scams every company should start monitoring their company name online. This includes domains, brand names, trademarks, and more. If you’re conducting business with key partners, vendors, or institutions you should make sure they do the same as your business could be endangered if they fall victim to a scam or attack.

How does monitoring your brand name online help? Well, every email that is sent out has to resolve to a domain name, and having a domain name that is a look-alike or copy cat is a prime way of fooling unsuspecting users into believing it is legitimate. Make sure your users never have to worry about landing on fake or malicious websites by helping them have a safe (and profitable for you) online experience at your site – not some fraudster’s website.

Here at DomainSkate, we help companies ensure they’re protected attacks and scams, such as phishing. The DomainSkate platform allows brands to easily monitor and evaluate potential threats, and even take action against malicious attackers.

Take advantage of a free demo of DomainSkate and learn how you can keep your brand safe, and your name out of the headlines. Click below to get started.

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