Key Takeaways:
- Use mail authentication protocols such as SPF, DKIM, and DMARC to prevent unauthorised senders from spoofing your domain and improve e-mail security.
- Regularly train staff to recognise phishing attempts and suspicious e-mails. Emphasise the importance of verifying requests for sensitive information or financial transactions.
- Continuously monitor mail systems for unusual activity and set up alerts for potentially fraudulent transactions. Swiftly respond to any detected threats to minimise damage.
The issue of email impersonation is real in today’s digital world. Email impersonation protection is essential for preserving security and trust as attackers get more skilled.
We’ll go over what email impersonation is, how it operates, and the best ways to protect your email identity in this extensive guide.
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What is Email Impersonation?
Email impersonation is a form of cyberattack in which the attacker poses as a reliable source in order to trick the target into sending money, disclosing private information, or taking other acts that will benefit the attacker. This technique is often used in phishing and business email compromise (BEC) attacks, exploiting the trust and familiarity of email communications.
How Email Impersonation Works?
Forging the sender’s address in order to make an email appear to be from a reliable source is known as email impersonation. Attackers employ following techniques to accomplish this:
Spoofing the “From” Address: Cybercriminals manipulate the “From” address in the email header to make it look like the email is from a trusted source.
Domain Spoofing: Attackers create email addresses that closely resemble legitimate email, often changing a single character to trick recipients.
Display Name Spoofing: Instead of spoofing the entire email address, attackers alter the display name to make the email appear trustworthy.
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Common Types of Email Impersonation Attacks
CEO Fraud
CEO fraud is when criminals pose as a high-ranking executive, like the CFO or CEO, to deceive staff members into sending money or disclosing private information. These emails frequently urge recipients to act immediately without first confirming the request, creating a sense of urgency.
Business Email Compromise (BEC)
In BEC attacks, cybercriminals compromise a business email account through phishing or other means and use it to conduct fraudulent activities. These attacks can lead to significant financial losses and reputational damage.
Phishing Scams
Phishing scams are a broad class of cyberattacks in which attackers pose as reliable organisations in order to get financial information, login passwords, or personal information. Malicious attachments or links in these emails frequently aim to infect the recipient’s machine with malware.
The Growing Threat of Email Impersonation
Email attackers frequently impersonate one of the top 20 global brands, doing so 51.7% of the time, with Microsoft being the most common target.
Predominantly, these attackers impersonate a small group of renowned brands, including Microsoft, Google, Salesforce, and Amazon, to carry out their schemes. Alarmingly, 35% of ransomware attacks originate through email.
There’s a noticeable increase in identity deception threats, with millions successfully bypassing email authentication methods like SPF, DKIM, and DMARC.
Phishing stands as the foremost method of cybercrime, with estimates suggesting that 3.4 billion malicious emails are dispatched daily. Email remains the preferred method for delivering 94% of malware.
These days, fraudsters are using ChatGPT and other generative AI tools to create sophisticated and focused phishing and business email compromise (BEC) communications.
77% of companies experienced BEC assaults in 2021, which included supplier invoicing fraud and payroll redirection. BEC exploits cost an astounding $5.96 million on average. In addition, 15% of respondents said they have received an email pretending to be from their company, demonstrating how pervasive this issue is.
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Impact of Email Impersonation
Email impersonation can have severe consequences for individuals and organisations, including:
- Financial Losses: Fraudulent transactions and unauthorised fund transfers can result in significant monetary losses.
- Data Breaches: Impersonation attacks can lead to the theft of sensitive data, including personal information and intellectual property.
- Reputational Damage: Being the target of an email impersonation can harm a company’s standing with the public and reduce customer confidence.
- Legal and Compliance Issues: Organisations may face legal and regulatory repercussions if they fail to protect sensitive information adequately.
Case Studies for Email Attacks
FACC Whaling Attack, 2015
Following a successful “whaling” attack in late 2015, FACC, an aerospace business dealing in aircraft systems and components, lost $47 million. In one instance, the hackers pretended to be the FACC CEO in order to coerce a worker into sending money.
Cybercriminals sent an email to another employee pretending to be Walter Stephen, the CEO of FACC, asking for the transfer of funds for a “acquisition project.” The phishing attempt was effective because the hackers were able to mimic Stephen’s writing style, giving the message credibility and encouraging the unwary employee to comply.
The attack became publicly known in early 2016, when FACC revealed the financial loss and announced the immediate departure of its CEO. The employee responsible for transferring the funds was terminated, as was the company’s CFO.
Although the FACC was able to stop the transfer of around 10.9 million euros ($11.2 million), the fraudsters nevertheless received the remainder of the money. Due in part to this, FACC reported losses for the 2015–16 fiscal year of 23.4 million euros ($24 million).
Nykaa Email Attack Case
Spoof emails were used by scammers to deceive Nykaa into paying their own bank accounts instead of one of their Italian suppliers. Nykaa received an invoice and an indication that the order was ready from the supplier. Nevertheless, the consignment carrying flight was unable to enter India due to the outbreak of Covid-19. Nykaa was consequently obliged to postpone accepting the products. As a result, the payment was also delayed.
The scammers requested that Nykaa, a supplier of cosmetics, reroute the cash to a different bank account in a fictitious email. They cited taxation as the cause of this accounting adjustment. They discovered their serious error only after Nykaa requested confirmation of the payment.
All allegations of such an email were refuted by the original Italian source. The staggering amount, Rs 62 Lakh, was lost forever because it was discovered too late and the secret was revealed.
Strategies for Email Impersonation Protection
Email Authentication Protocols
Implementing robust email authentication protocols is the first line of defense against email impersonation. These protocols help verify the legitimacy of emails and prevent unauthorised senders from spoofing your domain.
SPF (Sender Policy Framework) allows domain owners to specify which mail servers are authorised to send emails on their behalf. It helps prevent spammers from sending messages with forged “From” addresses.
DKIM (DomainKeys Identified Mail) adds a digital signature to outgoing emails, allowing recipients to verify that the email was sent by an authorised server and has not been tampered with.
DMARC (Domain-based Message Authentication, Reporting & Conformance): DMARC builds on SPF and DKIM, providing a way for domain owners to specify how to handle unauthenticated emails. It also generates reports on email authentication activities, helping to identify and block malicious activities.
Employee Training and Awareness
A major contributing component to email impersonation attacks is human mistake. It is essential to train staff members to spot questionable emails and take appropriate action.
Regular Training Sessions: Conduct regular training sessions to educate employees about the latest phishing techniques and how to spot impersonation attempts.
Simulated Phishing Exercises: Use simulated phishing exercises to test employees’ ability to recognize and respond to phishing emails. These exercises can help reinforce training and identify areas for improvement.
Clear Reporting Mechanisms: Establish clear mechanisms for reporting suspicious emails. Encourage employees to report any emails that seem unusual or suspicious.
Advanced Email Security Solutions
A further line of defence against email impersonation can be obtained by investing in cutting-edge email security solutions.
E-mail Filtering and Scanning: Use advanced e-mail filtering and scanning tools to detect and block malicious e-mails before they reach employees’ inboxes.
AI and Machine Learning: Employ AI and machine learning technologies to analyse mail patterns and detect anomalies that may indicate an impersonation attempt.
Threat Intelligence: Utilize threat intelligence services to stay informed about the latest email-based threats and adjust security measures accordingly.
What’s Next?
E-mail impersonation protection is critical in mitigating the risk of successful attacks that compromise business integrity and customer trust. Recognising types of impersonation and understanding potential attacks can help you safeguard your digital communications.
It’s essential to be vigilant about malicious links, which often appear as actual links but lead to harmful sites. Implementing real-time monitoring and minimising false positives can provide valuable insights into potential threats. Continuous link vigilance ensures your business is not at risk from these sophisticated threats.
If you’re seeking help to protect yourself from e-mail impersonation, Bytescare services offer comprehensive support. Contact us today to safeguard your online interactions and maintain your online reputation. Keeping you safe online is our top priority.
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FAQs
How can I prevent e-mail impersonation?
To prevent e-mail impersonation risk, implement e-mail authentication protocols such as SPF, DKIM, and DMARC, train employees to recognise suspicious e-mails, and invest in advanced e-mail security solutions.
What should I do if I receive a suspicious e-mail?
If you receive a suspicious mail, do not click on any links or open any attachments. Report the mail to your IT department or security team and delete it from your inbox.
How does DMARC help in preventing e-mail impersonation?
DMARC helps prevent mail impersonation by allowing domain owners to specify how to handle unauthenticated mails and providing reports on e-mail authentication activities. It builds on SPF and DKIM to offer a more comprehensive e-mail authentication solution.
Can e-mail impersonation lead to financial losses?
Yes, e-mail impersonation can lead to significant financial losses through fraudulent transactions, unauthorised fund transfers, and other malicious activities.
What detects impersonation attempts?
Impersonation attempts can be detected using various tools and techniques, including e-mail authentication protocols like SPF, DKIM, and DMARC. Additionally, advanced e-mail security gateways and anti-phishing software utilise algorithms and threat intelligence to identify and block suspicious e-mails. Regular phishing simulations and employee training also play a crucial role in recognising and responding to impersonation attempts.
Why e-mail personation attack brands?
E-mail impersonation attacks often target well-known brands because these entities have established trust with their customers and business partners.
By pretending to be a legitimate sender from a reputable brand, attackers increase their chances of tricking recipients into believing the e-mail is genuine.
This trust makes it easier for attackers to deceive recipients into taking actions such as clicking on malicious links, sharing sensitive information, or making fraudulent transactions.
Reference:
- https://www.stationx.net/phishing-statistics/
- https://jumpcloud.com/blog/phishing-attack-statistics
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