Phishing Scams
The Cyber Threat Hiding in Plain Sight
How a Simple Email
Cost a Company Millions
A multinational corporation recently fell victim to a business email compromise (BEC) scam. The finance department received a convincing email from a known supplier, informing them of a banking details update. Everything looked legitimate—the sender’s name, email signature, and formatting were identical to previous invoices. Without second-guessing, the finance team transferred $2.5 million to the updated account.
The next day, they received a follow-up email from the real supplier inquiring about a missed payment. That’s when they realised—they had been phished.
Phishing scams like this aren’t high-tech hacking attempts—they are social engineering at its most deceptive, exploiting human trust to bypass even the most advanced security measures.
Why Phishing Remains a
Leading Cyber security Threat
Cybercriminals using sophisticated AI attacks have transformed phishing scams into highly targeted, well-researched operations. No longer limited to generic mass emails, modern phishing attacks exploit internal knowledge, personal relationships, and urgency tactics.
How phishing
infiltrates businesses
1
The Executive Impersonation Scam
A CFO receives an urgent email appearing to be from the CEO, requesting an immediate wire transfer to close a last-minute deal. Pressured by time, the CFO approves the transaction, only to realise later that the CEO’s email was spoofed.
Prevention:
- Verify all financial transactions through an alternate channel (phone call or secure chat).
- Implement strict internal approvals for wire transfers, requiring dual authentication.
- Use AI-powered email security solutions that flag impersonation attempts
2
Malicious Attachments Disguised as Official Documents
An employee in the legal department receives an email from a trusted client, containing an “updated contract” as an attachment. The file is opened, deploying malware that steals sensitive company data.
Prevention:
- Deploy advanced threat detection to scan all email attachments.
- Use sandboxing to safely open and analyse suspicious files in a controlled environment.
- Educate employees on email verification practices, ensuring attachments come from legitimate senders.
3
Login Credential Theft Through Fake Login Pages
A financial analyst receives an email from Microsoft 365 Support, urging them to reset their password immediately due to “unusual login attempts.” Clicking the link redirects them to a perfectly cloned login page, where they unknowingly enter their credentials—handing them over to cybercriminals.
Prevention:
- Enable Multi-Factor Authentication (MFA) on all business accounts.
- Use domain whitelisting to restrict access to approved login portals.
- Train employees to manually enter URLs instead of clicking on links in emails.
Building a Phishing-Resistant Business
Implement Phishing Simulation Training
Employees should regularly undergo phishing simulation tests to learn how to spot and report phishing emails. Companies that conduct frequent phishing awareness training reduce their risk of successful attacks by up to 70%.
Use Multi-Layered Email Protection
- Enable Multi-Factor Authentication (MFA) on all email accounts.
- Encrypt sensitive communications to prevent data leaks.
- Monitor outbound emails to detect if employees are unknowingly forwarding sensitive data to external parties.
Deploy AI-Powered Email Security
Microsoft Defender for Office 365 and similar AI-driven email filters can detect spoofed domains, impersonation attempts, and malicious links before they reach inboxes.
Adopt a Zero Trust Security Policy
Businesses must assume every email, link, and attachment is a potential threat until verified. Zero Trust means:
- Employees verify all financial transactions manually.
- External emails are flagged with security warnings.
- Sensitive data access is restricted based on user roles.
Conclusion: Cybercriminals
Don’t Hack, They Trick
Phishing scams don’t rely on breaking into systems—they manipulate employees into giving up access willingly. Businesses that fail to invest in phishing awareness training and advanced email security are leaving themselves vulnerable to financial losses, reputational damage, and regulatory penalties.
Want to strengthen your business against phishing attacks?
Contact Solid Systems today for advanced email security solutions!
