SLAM Method: Defend Your Firm Against Scams
Scams are everywhere, constantly evolving to trick us. From phishing emails to unsolicited calls, scammers are employing increasingly sophisticated tactics to deceive unsuspecting victims. As trusted advisors in the IT space for accounting firms, it's imperative that we equip you with the knowledge and tools to recognize and avoid falling prey to these scams. So let’s discuss what is phishing?
Phishing is a cybercrime in which a target or targets are contacted by email, telephone or text message by someone posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking and credit card details, and passwords. The information is then used to access important accounts and can result in identity theft and financial loss.
Phishing Emails is one of the top scams affecting accounting firms. It is given to any malicious email message meant to trick users into divulging private information. Attackers generally aim to steal account credentials, personally identifiable information (PII) and corporate trade secrets. However, attackers targeting a specific business might have other motives.
Phishing emails flood inboxes every day, reaching 3.4 billion messages, with victims losing an average of $4.76 million. It takes an average of 217 days to realize you've been scammed, highlighting the need to be alert and take early action against phishing attacks.
Spot Phishing Emails with the SLAM Method:
Phishing emails remain one of the most prevalent forms of cyber-attacks. The SLAM method provides a simple yet effective approach to identifying and thwarting these deceptive messages:
Sender: Carefully analyze who the email came from. Pay close attention to any discrepancies or suspicious domains.
Links: Hover over links in emails (without clicking) to reveal the destination URL. Be wary of unfamiliar or suspicious links that could lead to phishing sites or malware downloads.
Attachments: Exercise caution when opening attachments, especially if they are unexpected or from unknown senders. Malicious attachments can contain harmful malware designed to compromise your system.
Message: Analyze the content of the email for red flags such as misspellings, generic greetings, urgent requests, or prompts to take immediate action. Genuine communications from reputable sources typically exhibit professionalism and clarity.
But They Sound So Real!
Scammers are adept at crafting convincing narratives that mimic legitimate communications. They leverage psychological tactics and attention to detail to enhance their credibility. However, it's crucial to remain vigilant and trust your instincts. If something seems suspicious or too good to be true, err on the side of caution and verify the authenticity of the communication.
Dealing with Unsolicited Contact:
Whether it's an unexpected call, text, or email, exercise caution when engaging with unfamiliar entities. Here's what you should do:
Refrain from responding or disclosing personal information.
Don't be swayed by the scammer's knowledge of basic personal details; they may have obtained this information through illicit means.
Beware of spoofed caller IDs, email addresses, and websites. Always verify the legitimacy of the contact through alternate channels before divulging sensitive information.
Security Awareness Training:
The human element plays a big role in cybersecurity breaches, contributing to 74% of incidents due to human error, misuse of privileges, stolen credentials, or social engineering tactics. However, there's good news: security awareness training can make a real difference. It helps people recognize phishing emails better. Before training, users spotted phishing emails correctly only 63% of the time, but after training, they improved to 90%—a significant 43% jump. This shows that investing in training can greatly enhance our defenses against cyber threats.
The Bottom Line:
In conclusion, safeguarding your accounting firm against scams like phishing is crucial. The SLAM method offers a practical approach to identify and thwart deceptive messages. Remain vigilant, trust your instincts, and invest in security awareness training to enhance your defenses. Remind your accounting firm of the SLAM method by downloading our free resource to protect your business effectively.