Banks say phishing attacks are increasingly dangerous

Phishing attacks are on the rise, according to a recent study by security provider SecureAuth. One in five of all phishing emails in 2016 were business-to-business (B2B) phishing attacks. The most significant percentage of these attacks came from the financial sector – with one example coming from a fake email purporting to be from the CEO’s assistant requesting money for an urgent project and another from a fake invoice supposedly sent from the company’s accounting department.

What does phishing attack mean?

Phishing is a type of fraud when someone tries to get your personal information by pretending to be someone they’re not. Criminals might email you and say that your account has been frozen or ask for your password, and these emails appear to be from actual companies. However, if you provide this information, they will have all the access to take over your identity and use it in fraudulent ways.

New times, new methods

A recent survey by the World Economic Forum (WEF) showed that cybercrime had come a long way since early attacks. These days, attackers are out for more than just personal information such as social security numbers and passwords.

The dangers of online banking

Ever since online banking came into existence, there has been an ongoing debate about whether the customer or the bank should bear the risk of an account being hacked. And one European family could now lose millions of euros.

According to an investigation, fraudsters hacked into the family’s account, accessed the bank’s online management interface, and transferred $22.200 or €20,000 to themselves. Personal data was obtained during the phishing attack on the account. The account was hacked using information obtained from the bank’s website, specifically an email that took visitors to a spoofed site instead of the bank’s own.

The account holder now claims that he was not adequately informed by the bank about the potential dangers and would like the bank to compensate him for his loss.


For as long as it has existed, the internet has been fraught with threats. Whether it’s child predators or botnets, people have spent countless hours trying to find ways to keep their personal information safe, and still, more people are lost in the dark because they don’t know how to start. Thankfully, there are great companies like SecureAuth. They are doing everything to make the world safer by providing protections so strong that even the most sophisticated hackers can’t get through!

World Economic Forum

The World Economic Forum (WEF) is an independent international organization committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. Starting in 1971, the forum has been held annually since 1973 in Davos, Switzerland.


If there’s one thing we’ve learned from this blog, phishing attacks are hazardous. It’s essential to be aware of these malicious emails, texts, and other messages that attempt to steal your passwords or personal information. You should never click on links in suspicious messages or give out any of your personal information over the phone. To protect yourself, you should always ensure that you’re using 2-factor authentication when you log in and follow safe browsing practices like using strong passwords and changing them regularly.