Liberty Bank, the third largest bank in Connecticut with 55 branch offices located throughout the central and southern parts of the state, sent out a fraud alert Monday morning.
A phishing email was successfully sent to their customers, stating that a bill of over $2,000 had been paid to a fictitious name and contained a link to supposedly log into the bank’s online portal to dispute the fund transaction. The link most likely redirected to a fake webpage that looked like the bank’s portal, but collected the customer’s banking credentials to be used for later.
While it is unknown how many of Liberty Bank’s clients fell victim to the cybersecurity scam, this isn’t the bank’s first phishing scare.
Back in October of 2009, Liberty Bank’s Vice President, Jill Hitchman, stated that the FBI was investigating an automated phone-call phishing scam referencing the Connecticut-based bank. Hitchman reported that Liberty Bank customer information had not been compromised, and quickly implemented preventative measures, as well as made customers aware of the scam.
What Can We Learn?
With this local attack being so close to home, it only confirms the fact that email phishing scams are on the rise. Wombat Security’s “State of the Phish 2018 Report” found that phishing attempts have grown 65% in the last year, and 95% of all attacks on enterprise networks are the result of successful spear phishing, according to the SANS Institute.
Unfortunately, it only takes one wrong click to leak vital business data and online banking credentials that can either be sold on the dark web or used to process money transfers directly.
Thankfully, Liberty Bank quickly educated their clients on the malicious email and has procedures in place when phishing scams do happen. However, it’s important to ask yourself if you have the same protections in place as a small business? What if one of your employees had opened the email or what if it had a malicious email attachment? If not, we highly suggest Employee Cybersecurity Training that educates your employees on the difference between legitimate emails and targeted phishing attacks like this one.
Were You Affected by This Phishing Scam?
The bank is suggesting that the safest way for customers to log in to their online banking services is to go to the Liberty Bank website and use the login box in the upper right corner.
Customers who believe they may have fallen victim to the scam should call Liberty Bank immediately at 888-570-0773.
How to Protect Your Business
If you’re constantly being sent phishing emails like this one, or have employees that aren’t exactly discerning when it comes to emails, attachments, or websites, feel free to call us for a free quote on our affordable, online Employee Cybersecurity Training program at (860) 785-6233. We also provide in-depth Cybersecurity Risk Assessments for businesses to determine their IT infrastructure protection and security. Gain a peace-of-mind while navigating today’s treacherous cybersecurity landscape.