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Cyberattack Surge: Kaspersky Reveals 32% Increase in Financial Sector Phishing Attempts in Morocco

Tuesday 07 May 2024 - 17:15

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Kaspersky's technologies have uncovered a startling 32% surge in phishing link attempts targeting Morocco's financial sector during the first quarter of 2024, in comparison to the corresponding period in 2023. This alarming statistic specifically focuses on phishing links associated with financial activities, such as e-commerce, banking, and payment systems.

A March 2024 Interpol report revealed Morocco as the African nation most impacted by cyberattacks on banks, with phishing techniques comprising the bulk of these illicit activities. Phishing, or baiting, is a deceptive method aimed at enticing users into actions that grant hackers access to their devices, accounts, or personal data. By masquerading as trusted entities or organizations, cybercriminals can effectively inject victims with malware or pilfer sensitive information.

Financial phishing, a specialized form of phishing, relies on deceitful resources linked to banking, payment systems, and online retail. Payment system phishing involves mimicking reputable online payment brands.

Between January and March 2023, Kaspersky's solutions intercepted and blocked a total of 24,630 financial phishing attempts aimed at banks in Morocco. Contrastingly, during the same period in 2024, this figure escalated to 26,282, marking a 32% upsurge.

"Phishing remains a favored tactic among cybercriminals for infiltrating corporate networks due to its high efficacy. The advent of AI aids cybercriminals in crafting more convincing phishing messages or scam resources, thereby exacerbating the challenge for users to discern between fraudulent and legitimate communications. Consequently, the role of cybersecurity solution providers is pivotal in deploying robust products," emphasizes Samy Tadjine, Account Manager for North Africa at Kaspersky.

Banks witnessed a staggering 210% surge in attacks during the first quarter of 2024 compared to the same period in 2023 (1,683 vs. 545 identified). Conversely, payment system companies experienced a notable 54% decline, plummeting from 683 attacks in the first quarter of 2023 to 315 in 2024.

"Cybercriminals utilize various tactics, including financial phishing, to dupe employees and ensnare them in attacks. Security breaches perpetrated by employees can be as detrimental as external hacking to businesses, underscoring the enduring significance of the human element in corporate vulnerability. Employee awareness tools represent a critical advancement, facilitating staff training, skill enhancement, and overall reinforcement of the organization's capacity to detect and respond to cyberattacks," Mr. Tadjine adds.

In 2023, Kaspersky's anti-phishing system successfully thwarted over 709 million attempts to access phishing pages and fraudulent websites worldwide, indicating a 40% surge from the preceding year's figures. Messaging applications, artificial intelligence platforms, social networks, and cryptocurrency exchanges rank among the most frequently exploited avenues by threat actors seeking to defraud users.

As the digital landscape evolves, the surge in phishing attempts targeting Morocco's financial sector underscores the imperative for robust cybersecurity measures and heightened vigilance. Through collaborative efforts with industry leaders, organizations, and individuals, we can collectively bolster our defenses against these pernicious threats and safeguard the integrity of our financial systems.