Singapore – As cybercriminals continue to evolve and adapt new tactics, a significant 41% increase in the number of financial phishing attacks was noted compared to the corresponding period last year.
This is according to the latest report from cybersecurity company Kaspersky indicating increased digital adoption, use of artificial intelligence, and automation by threat actors are among the reasons to render convincing contents and target victims more effectively.
Data from the findings also found that between January and June 2024, organisations and businesses in Southeast Asia faced an alarming 336,294 phishing attacks, with many targeting e-commerce, banking, and payment brands to steal credentials and sensitive information.
As detailed by the firm, financial phishing is a type of phishing that refers to fraudulent resources related to banking, payment systems, and digital shops. Through this, attackers deceptively manipulate victims to divulge their personal and valuable information, such as login credentials to financial accounts, as well as other personal or corporate information that is stored in those accounts.
Furthermore, the report also noted attackers are using advanced social engineering schemes masquerading as financial institutions to deceive, invoke fear, and exhort victims, and in some instances, impersonating charitable organisations to trick victims into making contributions.
Specifically, it was reported that Thailand recorded the highest number of financial phishing attacks in the region, with 141,258 incidents. This was followed by Indonesia with 48,439, Vietnam with 40,102 cases, and Malaysia with 38,056. Interestingly, Singapore and the Philippines reported the fewest attacks, at 28,591 and 26,080, respectively.
Thailand and Singapore also experienced the most significant increases in such threats, rising by 582% and 406% compared to the same period last year.
“The pool of potential victims has grown larger over the past few years given the increased usage of online banking and digital financial services,” commented Adrian Hia, managing director for Asia Pacific at Kaspersky.
He further shared, “Kaspersky experts attribute this sharp rise to an increase in fraudulent activity rather than a decline in user vigilance: cybercriminals are becoming more aggressive in their pursuit of users’ data and money, including for those from corporate devices.”
“Financial phishing will continue to evolve in this region, and sectors like banking, insurance, and e-commerce will remain prime targets. Apart from traditional phishing emails, cybercriminals will also continue to exploit social media and messaging platforms to spread fraudulent links, fake pages, and apps,” explained Hia.
“With deepfakes growing prevalent, we will also see an increase in fake videos and voice messages that are highly sophisticated and harder to detect. It is imperative now more than ever for companies to step up their security measures by implementing robust security solutions, adopting best practices, and training their workforce to raise awareness of cyber threats and how to protect themselves and their organisations,” he added.
