Technology has transformed business efficiency and customer experience – but it’s also transformed organised crime.
Speaking at Macquarie Bank’s recent breakfast briefing on fraud awareness, he emphasised how advanced cyber-attacks and scams are today – making fake emails highly believable.
“Cyber criminals are early adopters of new technology, and they will use it to take advantage of you,” he said.
Phishing is the typical starting point for malware or business email compromise. It casts a wide net out, hoping to catch a few fish via generic emails from a ‘trusted provider’.
“Phishing emails typically begin ‘Dear Customer’. But the next level, ‘spear phishing’ is more targeted,” explains Jonathan. “They already know your name and other details, and will use that to gain trust.”
‘Whaling’ takes this to the next level, where the fraudster will impersonate the business owner or a senior director requesting urgent action – like an invoice payment. “In a small or medium business, you want to keep the boss happy,” says Jonathan.