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Scams to be on the lookout for in 2023

By January 12, 2023May 26th, 2024No Comments

With 2022 being the year that the world for the most part emerged from the pandemic while also undergoing many major changes in the overall business landscape, it’s no surprise that it was a record year for cyberattacks and breaches. As the world continues to change and new ways of conducting business continue to emerge, here are two types of attacks to be on the lookout for in the new year and moving forward.

Business Email Attacks

Business email compromise (BEC) attacks are on the rise, as these scams can have attractive payouts. BEC-related losses totaled nearly $2.4 billion in 2021, according to the most recent report from the FBI’s Internet Crime Complaint Center. These scams involve fake emails that look like they’re coming from a trusted source such as a company executive, employee or vendor. They typically ask the recipient to transfer funds urgently and rely on manipulative social engineering tactics to get their victims to act quickly.

Crypto Scams and ‘Pig Butchering’

Using translation programs to communicate with global victims, scammers looking for a payout launch what authorities call “pig butchering” scams. They’ll message someone’s phone, dating app or WhatsApp with a personable message. The goal is to see if they can get a response and then build an online friendship. Eventually, they’ll ask if the victim knows anything about crypto to lure them onto a fraudulent website where the fraudsters say a friend made a lot of money. If the victim invests, they’ll see rapid returns that lure them into pouring in more money. The scammers are basically “fattening the pig” until it’s time to butcher it—when they take all the money out of the account.

What Should You Do

End the conversation. Practice saying “No.” Have an exit strategy so you can leave the conversation if the pressure rises.

Use multi-factor authentication every time you log in. Implement two-factor authentication features, to approve access to your network. Using authentication tokens or mobile apps coupled with passwords, provides some of the strongest authentication methods available for users.

Talk to someone before investing. Be extremely skeptical if the salesperson says, “Don’t tell anyone else about this special deal!” A legitimate professional will not ask you to keep secrets. Even if the seller and the investment are registered, discuss your decision first with a family member, investment professional, lawyer or accountant.

*Signal Financial Federal Credit Union is not affiliated with any of the companies mentioned in this article.

For additional assistance or if you think you may have been a victim of a possible cyberattack, please visit