Vhishing is the new phishing

Although the title might not make sense to most, phishing scams have affected tens of millions of individuals over the years. The principal is simple; fraudsters duplicate a website that looks almost identical to that of a financial institution or popular e-commerce destination. They then send you an email pretending to be this financial institution and asking you to login to your account using the link that they provide. Unsuspecting users click on the link and enter their username and password, giving away their account’s login credentials to fraudsters.

Although still on the rise, phishing is now being accompanied by vhishing (or “voice-phishing”). The principal is the same, but instead of sending you an email; unsuspecting victims are now receiving automated telephone calls (or “robo-calls”). The automated voice identifies itself as your bank and notifies you that your credit card or bank account has been compromised. Callers are then instructed to press “1” for the security department and to enter their account number followed by the pound sign. Once again unsuspecting victims follow the instructions and provide the fraudsters with their personal information.

So what’s the best defense against vhishing? When unsure who is calling you, hang up and call back your bank or credit card company using the toll-free number on the back of your credit card or on your bank statement.