Understanding Social Engineering: Protect Yourself from Scams and Attacks

In today’s digital age, hackers and cybercriminals have become increasingly sophisticated in their methods. While many people are aware of the technical aspects of hacking, fewer understand the psychological tricks that can be just as effective. This is where social engineering comes into play. At O1ne Mortgage, we believe in not only providing top-notch mortgage services but also in educating our clients about potential threats. If you ever need assistance, feel free to call us at 213-732-3074.

What Is Social Engineering?

Social engineering refers to the techniques that criminals use to manipulate individuals into divulging confidential information or performing actions that benefit the attacker. This form of psychological manipulation has been used for centuries, but it has become particularly prevalent in the realm of cybersecurity. Cybercriminals might use social engineering to get you to click on a malicious link, share your password, send money, or reveal personal information.

How Does Social Engineering Work?

Social engineering often involves a combination of core techniques:

• Build Trust: Attackers may interact with you over time to build a relationship or imitate a person or organization you already trust.
• Instill Fear: They might impersonate an authority figure, such as a police officer or the IRS, to scare you into compliance.
• Rely on Reciprocity: They might offer you a gift or promise something in return, making you feel obligated to reciprocate.
• Create Urgency: By creating a sense of urgency, they hope you’ll make a hasty decision without thinking it through.

The process of a social engineering attack typically follows four steps:

1. Research: Attackers gather information about their target, often using topical subjects like the pandemic or student loan forgiveness.
2. Contact: Initial contact might come via a call, text, email, or social media message. Sometimes, attackers place ads and wait for you to reach out.
3. Interaction: The interaction can be brief or prolonged, depending on the complexity of the scam. For example, a puppy scam might involve a quick request for a deposit, while a romance scam could unfold over months or years.
4. Move On: Once the attacker achieves their goal, they move on to the next victim.

Common Social Engineering Attacks and Scams

Social engineering is often a component of larger cyberattacks or scams. Here are three common types:

1. Phishing, Vishing, and Smishing Attacks

These attacks are named based on their delivery method: phishing (email), vishing (phone call), and smishing (text). Attackers might use mass emails, messages, and robocalls to find victims or conduct targeted attacks using personal details. Spoofing techniques make these attacks more believable, as they can appear to come from trusted sources.

2. Peer-to-Peer Payment Scams

Scammers exploit peer-to-peer (P2P) payment services like Venmo and Zelle to trick you into sending money. They might send a smishing text that appears to be from your bank, warning of a compromised account. If you call back and confirm your information, you’re actually sharing it with the scammer.

3. Tricking Company Representatives

Some attackers use stolen personal information to impersonate you and trick company representatives into giving them control of your accounts. For example, they might convince a phone carrier representative to transfer your phone number, allowing them to receive authentication codes and access your accounts.

How to Protect Yourself from Social Engineering

Protecting yourself from social engineering requires vigilance and awareness. Here are some steps you can take:

• Be Cautious: If you feel scared or pressured, take a moment to pause and consider the situation. Call a trusted family member or friend for a second opinion.
• Verify Contact Information: Don’t trust the name on an email or caller ID. Look up contact information independently and reach out for clarification.
• Be Skeptical: AI tools can mimic voices and create realistic images and messages. Be cautious of unexpected requests, even if they seem legitimate.
• Keep Devices Updated: Regularly update your computer and phone to install the latest security patches. Use antivirus software for extra protection.
• Don’t Click Links Immediately: If you receive an unexpected message with a link, verify its authenticity before clicking.
• Use Unique Passwords and MFA: Create unique passwords for different accounts and enable multifactor authentication (MFA) for added security.
• Be Wary of Specific Payment Methods: Scammers often request payment via gift cards, wire transfers, cryptocurrency, or P2P apps. If someone insists on a specific payment method, it could be a red flag.

Monitor Your Personal Information and Identity

Understanding and limiting the personal information available to attackers can help protect you. Consider using services that offer dark web scans and privacy scans to see what information is accessible online. Identity protection programs, such as Experian IdentityWorks℠, provide regular monitoring tools and fraud resolution specialists to help safeguard your identity.

At O1ne Mortgage, we prioritize your security and well-being. If you have any questions or need assistance with your mortgage needs, don’t hesitate to call us at 213-732-3074. Stay vigilant and protect yourself from social engineering scams.