Analysis of 2023 attacks shows how the financial services industry had a very bad year, with increases in both vendor email compromise (VEC) and business email compromise (BEC) attacks, targeting millions of dollars using very specific methods. There’s no industry that has more money than the one dealing in it. So, it shouldn’t come as a surprise that attacks on the financial services industry continue at an increasing rate.

Since the start of 2024, Egress’ threat intelligence team has seen a 109% increase in Salesforce phishing attacks using what appears to be a legitimate email domain linked to Salesforce that impersonates Meta. Leveraging obfuscation techniques to mask a malicious URL, attackers are attempting to drive users to a very convincing spoof of a Meta ‘Partner Portal’ to harvest their credentials.

Phishing attacks are increasingly using open redirects to evade detection by security filters, according to researchers at Trustwave. Open redirects are URLs hosted on trusted domains that take users to separate, potentially malicious domains. The researchers explain the process using the example URL “hxxps://goodsitecom.” Trustwave has observed a “significant rise” in phishing attacks using open redirects over the past several months.

Account takeover (ATO) is a form of identity theft in which cybercriminals can send emails from a legitimate business account. Threat actors who have control of a business leader's inbox can request payments and confidential information from employees, knowing that they're likely to be more successful than if they had simply made a spoof email account. Unfortunately, ATO is on the rise. Statistics show that ATO cases have skyrocketed since 2019.

In this ever-evolving landscape of cyberthreats, email has become a prime target for phishing attacks. Cybercriminals continue to adapt and employ more sophisticated methods to effectively deceive users and bypass detection measures. One of the most prevalent tactics nowadays involves exploiting legitimate platforms for redirection through deceptive links.

Researchers at Menlo Security observed a 198% increase in browser-based phishing attacks over the past six months. “Attackers have developed tools to craft high quality large scale attacks that target the browser,” the researchers write. “Cybercrime tools, such as phish kits (PhaaS) and ransomware-as-a-service kits (RaaS), have simplified the process of launching sophisticated attacks.

Trustwave SpiderLabs is tracking a spike in usage of the Greatness phishing kit to attack Microsoft 365 users to distribute malicious HTML attachments that steal login credentials. Greatness is a phishing-as-a-service platform developed by a threat actor known as "fisherstell," and has been available since mid-2022 that provides a ready-made infrastructure and tools for anyone to launch phishing campaigns charging $120 per month in Bitcoin.

The Russian state-sponsored threat actor “COLDRIVER” is launching phishing campaigns against “high profile individuals in NGOs, former intelligence and military officers, and NATO governments,” according to researchers at Google’s Threat Analysis Group (TAG). “COLDRIVER continues its focus on credential phishing against Ukraine, NATO countries, academic institutions and NGOs,” TAG says.

BleepingComputer describes a phishing scam that’s been running rampant on Facebook for the past several months, in which threat actors use hacked accounts to post links to phony articles implying that someone has been killed in an accident. The Facebook posts have captions like “I can't believe he is gone,” accompanied by thumbnails of news articles involving car accidents or crime scenes.

Account takeover (ATO) is a form of identity theft that enables cybercriminals to send emails from a legitimate account within an organization. Hackers who gain control of an executive's account can request sensitive data and payments from employees in the knowledge that they're more likely to succeed than if they had simply created a spoofed email account. Our recently published Email Security Risk Report revealed that 58% of the 500 companies we surveyed had experienced instances of account takeover.