India sees 135,173 financial phishing attacks in H1 2024, says study

Organisations and businesses in India faced 135,173 phishing attacks related to financial matters—e-commerce, banking, and payment systems—for the period from January to June 2024.

 

The number of attacks rose 175 per cent compared to the same period last year, driven by increased digital adoption and the use of artificial intelligence and automation by threat actors to create convincing content and target victims more effectively, said a report by Kaspersky, a global cybersecurity and digital privacy company.

 

“The Covid-19 pandemic accelerated the adoption of online banking and digital financial services, providing a much larger pool of potential victims. The alarming jump in the number of attacks is also attributable to the rise in fraudulent activity rather than a decline in user vigilance. Cybercriminals are becoming more aggressive in their pursuit of users’ data and money,” said Jaydeep Singh, general manager for the India region at Kaspersky.

 

Financial phishing is a type of phishing that involves fraudulent resources related to banking, payment systems, and digital shops.

 

Through phishing, attackers manipulate victims into divulging their personal and valuable information, such as login credentials to social media and financial accounts, as well as other personal or corporate information that can lead to potential identity and data theft.

 

The report also noted that cybercriminals are launching more advanced social engineering schemes, masquerading as financial institutions to invoke fear and extort victims, and in some cases impersonating charitable organisations to trick victims into making contributions.

 

“Financial phishing will continue to evolve in this country, and sectors like banking, insurance, and e-commerce will be prime targets. It is imperative for companies to step up their security measures by implementing advanced security solutions, adopting best practices, and training their workforce to raise awareness of cyber threats and how to protect their organisations,” added Jaydeep.