Email phishing scams have become one of the most prevalent and damaging cyber threats faced by businesses in the UK. These deceptive emails are designed to trick recipients into divulging sensitive information, such as login credentials, financial data, or other personal details. As cybercriminals become increasingly sophisticated, it is essential for businesses to understand the nature of these attacks and implement effective defences to protect themselves from potentially devastating consequences.
In this blog post, we will explore the top 10 email phishing scams that UK businesses need to be aware of, how they operate, and the warning signs to look out for. We will also provide tips on how to defend your organisation against these threats, as well as external and internal links to valuable resources that can help strengthen your business’s cyber security posture.
What is Email Phishing?
Email phishing is a form of cyber attack in which an attacker sends fraudulent emails that appear to be from reputable sources. These emails aim to deceive recipients into clicking malicious links, downloading infected attachments, or providing sensitive information. The ultimate goal is to steal data or install malware on the victim’s device.
For UK businesses, the impact of falling victim to a phishing scam can be severe, leading to financial loss, data breaches, and reputational damage. According to the National Cyber Security Centre (NCSC), phishing attacks have surged in recent years, particularly during periods of uncertainty, such as the COVID-19 pandemic.
Here are the most common and dangerous phishing scams currently targeting businesses in the UK:
1. CEO Fraud
One of the most alarming phishing scams is CEO fraud or Business Email Compromise (BEC). In this scam, cybercriminals impersonate high-ranking executives, such as the CEO or CFO, and send emails to employees, typically within the finance or HR departments. The emails often request urgent payments, bank transfers, or access to sensitive company data.
The scammer will pressure the recipient by creating a sense of urgency, making it harder for the employee to think critically about the request. Businesses can protect themselves from CEO fraud by implementing verification processes for financial transactions and training staff to recognise the signs of phishing attacks. More on safeguarding your business from phishing can be found on our Email Security Services page.
2. Invoice Phishing Scams
In invoice phishing, scammers pose as legitimate vendors or suppliers and send fake invoices to businesses. The goal is to trick the recipient into paying for services or goods that were never ordered or provided. These scams are particularly successful because many businesses process numerous invoices on a daily basis, making it easy for a fraudulent one to slip through unnoticed.
Always verify the authenticity of invoices by contacting the vendor directly through official channels, rather than responding to the email. The NCSC offers additional guidance on spotting and preventing invoice fraud.
3. Fake Dropbox or Google Drive Links
Cloud-based storage services, such as Dropbox and Google Drive, are widely used by businesses for file sharing. Cybercriminals exploit this by sending phishing emails that contain fake links to these services. The emails often claim that the recipient has been sent an important document or file, but clicking on the link redirects the user to a malicious website designed to steal their login credentials.
To defend against these attacks, employees should always verify the source of the email and avoid clicking on suspicious links. For added protection, businesses can implement multi-factor authentication (MFA) to secure access to cloud services.
4. HMRC Tax Refund Scams
Fraudsters frequently impersonate the HM Revenue and Customs (HMRC) in phishing emails that claim the recipient is eligible for a tax refund. These emails often contain official-looking branding and ask recipients to provide personal information, such as their National Insurance number or bank account details, in order to claim the refund.
The HMRC has warned businesses and individuals that it never contacts people via email about tax refunds. Businesses should educate their employees on this fact and direct them to the HMRC’s phishing advice page for more information on how to spot fake HMRC emails.
5. Microsoft 365 Phishing Scams
With many businesses relying on Microsoft 365 for email and cloud services, phishing attacks targeting this platform have become increasingly common. In these scams, attackers send emails claiming to be from Microsoft, asking recipients to verify their accounts or update their credentials. The link provided redirects users to a fake Microsoft login page, where their credentials are stolen.
To mitigate the risk, businesses should enable multi-factor authentication (MFA) for all Microsoft 365 accounts and educate employees on the importance of not clicking on suspicious links. Learn more about protecting your Microsoft 365 accounts on our Microsoft 365 Services page.
6. Payroll and HR Phishing Scams
Cybercriminals often target payroll and HR departments in phishing scams designed to steal sensitive employee information, such as payroll data, tax details, or personal information. These emails may claim to be from government agencies or internal departments, requesting immediate action to update payroll records or employee benefits.
It’s essential for HR and payroll staff to be vigilant and verify the legitimacy of any email requesting sensitive information. Encourage employees to contact the sender through official communication channels before responding to such requests.
7. Charity Donation Scams
Phishing attacks that exploit charitable causes are particularly common during times of crisis, such as natural disasters or pandemics. Cybercriminals send fraudulent emails pretending to be from well-known charities, requesting donations. These emails often contain fake links that lead to malicious websites where victims’ payment details are stolen.
To protect your business, verify the legitimacy of charity donation requests by visiting the charity’s official website directly. The Charity Commission for England and Wales provides a list of registered charities and offers advice on how to avoid charity scams.
8. Banking Phishing Scams
Banking phishing scams involve fraudsters sending fake emails that appear to be from your bank, alerting you to suspicious activity on your account or asking you to update your account details. These emails often include urgent language, such as “Your account has been compromised,” in an attempt to make recipients act quickly without thinking.
Banks will never ask for sensitive information, such as passwords or PINs, via email. Businesses should remind employees to contact their bank directly using official communication channels if they receive any suspicious emails.
9. Subscription Renewal Phishing Scams
Another common phishing scam targets businesses with fake subscription renewal emails. These emails claim that a popular service, such as antivirus software, cloud storage, or even a streaming service, is about to expire. The recipient is prompted to renew their subscription by clicking a link, which then leads to a phishing site that steals payment information.
Always verify the authenticity of renewal emails by visiting the company’s official website directly, rather than clicking on the links in the email.
10. Job Offer Phishing Scams
Cybercriminals also target job seekers and HR departments with fake job offer emails. These phishing emails may appear to come from well-known recruitment agencies or employers, offering attractive job opportunities. Recipients are asked to submit personal information, such as their CV, passport, or bank details, which are then used for identity theft.
Businesses should educate employees to verify the legitimacy of any unsolicited job offers and avoid providing personal information unless they are certain the offer is genuine.
How to Defend Against Email Phishing Scams
While email phishing scams are a growing threat to UK businesses, there are several proactive measures that companies can take to defend against them:
1. Implement Security Awareness Training
One of the most effective defences against phishing scams is employee training. Security awareness training helps staff recognise phishing emails, understand the risks, and know how to respond. At Cyber United, we offer Security Awareness Training tailored to your business’s specific needs, helping to reduce the risk of falling victim to phishing attacks.
2. Use Email Filtering Solutions
Deploying advanced email filtering solutions can block phishing emails before they reach employees’ inboxes. These filters analyse the content of emails and identify suspicious patterns, helping to prevent phishing attacks from reaching your workforce.
3. Enable Multi-Factor Authentication (MFA)
As mentioned earlier, enabling MFA adds an extra layer of security to your organisation’s accounts, making it more difficult for cybercriminals to access your systems even if they manage to steal login credentials.
4. Verify Suspicious Emails
Encourage employees to verify the authenticity of any email that seems suspicious. This could involve calling the sender directly or checking the company’s official website for any announcements. Remind staff never to click on links or download attachments from unknown senders.
5. Regularly Update Software and Security Patches
Outdated software can have vulnerabilities that cybercriminals exploit through phishing attacks. Ensure that all software, including email clients and browsers, is regularly updated with the latest security patches.
Conclusion
Phishing scams continue to pose a significant threat to businesses in the UK, but with the right knowledge and proactive measures, these attacks can be mitigated. By understanding the top 10 phishing scams and implementing effective security strategies, businesses can better protect themselves from cybercriminals.
At Cyber United, we are committed to helping UK businesses stay secure. Visit our Cyber Security Services page to learn more about how we can support your organisation in defending against phishing attacks and other cyber threats.
For further insights on email phishing scams and how to protect your business, visit the National Cyber Security Centre and stay informed on the latest developments in cyber security.