Five billion people send and receive SMS messages daily, meaning that over 62% of the world’s population texts regularly. With convenience comes cyber security risks. You must worry about more than texting —it’s pretexting or smishing!
What is Pretexting?
You may already know the word pretext, which is a false excuse made to explain away an action when you don’t want to reveal your true motivations. It means the same thing in cyber security.
Pretexting, also called SMS Phishing or Smishing, is a deceptive practice where individuals or entities obtain sensitive information from unsuspecting victims by pretending to be someone they are not. This tactic is often employed to gain access to personal financial information.
Pretexting poses a significant threat to customer data security in financial institutions. Whether you work somewhere that handles private monetary data or you’re a customer frequenting your favorite bank, it’s critical to know about the biggest threats to the finances under your care.
So how do the cyber-thieves do it?
By impersonating trusted entities like bank representatives, scammers can manipulate individuals into divulging confidential details such as account numbers, Social Security numbers, and passwords. This stolen information can be used for identity theft, fraudulent transactions, and other malicious activities.
Protecting Ourselves from Pretexts or Smishing
Financial institutions have implemented robust security measures to combat pretexting, including employee training, advanced authentication systems, and data encryption. However, the evolving nature of these scams necessitates ongoing vigilance and adaptation by both financial institutions and consumers to stay ahead of cyber criminals.
Essentially, pretexting highlights the critical importance of safeguarding customer information and the need for stringent data protection regulations within the financial industry.
For example, take the United States’ Safeguards Rule. This data protection law requires financial institutions to construct a strong cyber-defense system to protect the private information under its care. It also prevents unauthorized access and mismanagement of your financial data; basically, when you entrust your money to a bank, they can’t tell random people or even their company partners anything about you.
This protects you from pretexters or smishers that approach financial institutions under false pretenses. They can’t come into a bank and empty all your accounts, even if they steal your driver’s license and visually resemble you. There are protections in place like your debit card, PIN, and security questions that still set off red alerts if the impersonator can’t provide them. Wherever you live, you are probably protected by national and local regulations to safeguard your financial data and your private information in general.
Pretexting attempts are growing in volume. This year has shown twice the influx of pretexting attacks than last year, and we know that cyber attackers are getting smarter with how they use our social media to learn about our daily habits—which makes us easier targets for scams like pretexting.
When it comes to your digital and financial safety, knowledge is the most powerful tool at your disposal! Training your team how to spot a fake text and implementing multi-factor authentication on your confidential accounts can help keep out cyber-predators, and recognizing the red flags of a scammer (e.g., urgent requests, alarming threats, and strange behavior) can help protect your financial and personal data from cyber-thieves.
If you think you’ve received a pretext or a smashing text, report the person, number, or account immediately! Flagging these messages not only blocks them from interacting with you again but also notifies the communication platform of their suspicious behavior, which can protect everyone else from their tricks as well.
Do you prioritize the safety and security of your organization? Allow Commonwealth Sentinel to be your partner in risk reduction and ensuring the well-being of all. Our comprehensive services range from software and hardware solutions to training and policy implementation. Contact us at (502) 320-9885 to learn more about how we can help you achieve peace of mind. You can set up a free consultation by clicking here.