Social media phishing is a growing threat to brands and their customers. It’s a relatively newer digital threat, but it’s becoming increasingly common. Social media phishing is a form of fraud that relies on the victim’s trust in social media platforms. Social media phishing scams are often targeted at brands.
Taking advantage of the fact that many brands have active social media accounts and engage with their customers via those accounts. These scams can be very lucrative for scammers because they can collect a lot of personal information from victims in just one short interaction. Social media phishing can be really harmful to your business reputation and your customers, so it’s best to be aware of these kinds of scams and invest in digital brand protection to prevent it from occurring.
What is social media phishing?
Social media phishing is a form of online fraud that involves using fake accounts and websites to trick people into giving up personal information or money. The purpose of social media phishing is to obtain access to your accounts or private information for financial gain.
Consequences of social media phishing
The consequences of social media phishing can be devastating for brands if threats aren’t detected early or when attacks aren’t managed promptly. If a malicious attacker successfully gains access to your brand account, they could post false messages on your behalf, direct users away from valid links to websites that contain malware, misuse customer data, or use your company’s name to spread harmful content. This could result in negative publicity for your company, loss of customer trust, revenue, and the loss of your brand’s reputation.
How to prevent social media phishing
The best way to prevent social media phishing is to be aware of how it works, which means learning about the most common types of attacks. Here are the main ones to look out for:
Strong passwords and verification
The last thing you want is to have hackers gain access to accounts you’ve spent so much time, money, and resources to build because once they’ve gained control, you most likely won’t get it back. The best way to secure your account is to use a strong password on each account, don’t share them with anyone but those who need to know, and store them in a safe password keeper. Don’t use the same password across multiple accounts, as that makes it easier for hackers to gain access to everything at once. We also recommend using two-factor authentication to ensure even more security on your social media accounts.
Hackers often use fake accounts to trick people into thinking they’re dealing with an actual company representative when in reality, they’re dealing with an imposter. Usually, they’re scamming customers to get access to their personal information for financial gain, asking for bank information and credit card details. To deal with fake accounts, you can alert your customers on your social media accounts and try to take down the accounts by reporting or using impersonation detection and takedown services.
Fraudsters can trick users into giving up their personal information by sending them a link to what appears to be your legitimate company website. The link is often sent through direct messages (DMs) on social media platforms, which makes it easy for scammers to target unsuspecting victims.
Fraudulent contests and promotions
Another clever way fraudsters trick consumers is to pretend to hold a contest or promotion in which they ask consumers for personal information to enter the competition or redeem a discount.
The best way for brands to protect themselves against social media phishing is to use impersonation detection and takedown services from a company like FraudWatch. These services can help identify fraudulent accounts before they do any serious damage, and do what’s necessary to shut down and minimise harm to your customers.
Safeguard your business against social media phishing with FraudWatch
Protect your brand, reputation, and customers from social media phishing scams by partnering up with FraudWatch. We’re your digital brand protection experts, here to help keep your brand safe from online threats with tailored solutions no matter your industry. Contact us today to learn more about our digital brand protection services.