Spam emails and texts are on the rise again, with many hackers and scammers using the 2019/2020 covid-19 pandemic to profit from unsuspecting victims.
Internet security companies and threat detectors are constantly looking for malicious email threads, phishing attacks, and any new form of spam that appears to be surfacing.
After conducting an analysis of current threats, here are the top spam trends we think you need to be aware of in 2023 and beyond.
Phishing Attacks On MFA 🎣
Multifactor Authentication is a method used to ensure the safety of data by forcing the user to provide two or more verification factors when using a tool or platform.
Ironically what started as an advanced safety mechanism turned into a way for scammers and spammers to exploit users and illegally obtain their valuable data.
It's estimated that cybercriminals will extort over 33 million records within 2023 alone.
First, the scammers obtain primary credentials (usernames and passwords) through phishing schemes. Then they enter the details multiple times into accounts that require push notifications, automatically triggering verification emails or SMSs to the users.
After receiving what seems like the 100th push notification, the user may select, "yes, it's me" and unknowingly grant the scammer access to their account.
This trend is one to watch out for whether you're an unsuspecting individual or a business.
Additionally, the number of phishing websites has risen by 130.5% since 2017, so protecting yourself against threats is vital.
Increased Ransomware Attacks 🥷
Ransomware damages are expected to exceed $30 billion worldwide in 2023.
Ransomware attacks have seen an increase in 2022, and it's a trend that's only set to continue throughout 2023.
Ransomware is a type of scam where hackers send a malicious attachment to a business, and when it's opened, all the files on that computer become encrypted.
These spam campaigns require the business to pay a substantial monetary reward to regain its files.
● The State Bar of Georgia
● The Bank of Brasilia
● Ferrari
● Grand Valley State University
● Glenn County Office of Education
In the past, this type of malicious spam was reserved for large companies, but now even small businesses are being targeted.
To protect their assets from such threats, advanced spam protection and a high level of spam detection are needed. This brings us to our next trend 👇
Rise In Cybersecurity Investments 👮♀️
$76 billion!—That's how much IT security spending is projected to reach in 2023.
As new technological advancements in almost every industry become the norm for the next decade, so do threats related to online devices and tools.
Growth in popularity and usage of ecommerce platforms, the Internet of Things (IoT), and AI are the key reasons for increased cyber threats.
This has brought an increased demand for cybersecurity personnel and software.
According to a PwC survey showed that 69% of business executives planned to increase their cybersecurity spending in 2022.
There has been a 17% increase from 2020 to 2021 in cybersecurity employees across the globe.
Cryptocurrency Fraud Growth 💸
Over 46,000 lost $1 billion in crypto to scams since the start of 2021.
Cryptocurrency scams leave users vulnerable because, in most cases, the transactions are not easily reversible. Security protocols are in place to prevent such occurrences, but as the figures prove, they aren't very successful.
While we're used to email being the most common source of spam, crypto hackers have started targeting social media accounts with their malicious links and scams.
Cryptocurrency scams can be considered generation spam since they only became prevalent recently and mostly affects millennials and Gen Zs.
Advanced spam protection filtering action is needed across all devices and platforms to ensure that there are no more victims to this rapidly growing trend.
Spear Phishing Attacks The B2B & B2C Market 🗡️
Spear phishing campaigns are a new spam category where hackers target a business or individual with highly personalized email subject lines and secure-looking email addresses.
Once opened, these emails lead to malicious websites where data is stolen or encrypted and held at ransom.
You may think that e-mail spam filtering would keep these attacks away however, as many cybersecurity analysts would tell you, these are no common spam emails.
These advanced phishing attempts occur only after researching their target and composing an email they are sure will be opened.
They seem like legitimate email messages, and as long as one team member opens the mail, your data is compromised.
30% of people unintentionally open a phishing scam email.
In addition to increasing their spam email filter strength, companies and individuals must also be educated on the dangers of opening emails from unknown sources.
List of Common Scams To Note In 2023 📃
It's important to be aware of the various spam sources and types of threats out there. Based on the analysis of spam trends by major cybersecurity giants, these are the most prevalent types of spam affecting the world in 2023.
- Mobile Scams 📲
- Cryptocurrency Scams 🧐
- Romance Scams 💌
- Student Loan Forgiveness Scams 👩🎓
- Phishing links in text messages
- Robocalls
- Malicious apps
- Malicious files in QR codes
1. Mobile Scams 📲
Taking into account that most people are now on their mobile devices for the majority of the day, incoming messages of a spamming nature are trading email inboxes for SMS.
Spam filters on calls and messages are not yet so advanced, so a large percentage of spam makes it through to the user. They can show up as:
There are also two new sources of spam that you need to be aware of in 2023.
OTP Bots - The bots initiate a robocall to the individual they're trying to hack by telling them to authorize a charge from a bank or trusted institution by giving them the OPT that was sent to their device. This will give them login credentials to access the account and steal money or data.
SIM Swap - In this spam campaign, the hacker steals your phone number and assigns it to a new SIM card in a device that they own. If they successfully activate the SIM swap, they get full control of your accounts and anything related to your phone. This key spam trend is one of the main reasons to use MFA for your accounts.
2. Cryptocurrency Scams 🧐
Bitcoin scams are one of the leading cryptocurrency scams and can manifest in various ways.
False positive or fake exchanges are a way exploiters manage to lure money out of new investors. They come with the promise of free Bitcoin and claim that they only require a deposit. Well, you can say goodbye to any money you put in
Crypto phishing is a type of scam that hooks victims with emails telling them to update their cryptocurrency credentials and then steals their details and money.
Ponzi or pyramid schemes are also something to watch out for when dealing with Bitcoin or other cryptocurrencies.
3. Romance Scams 💌
The Tinder Swindler was one of the most viewed shows on Netflix, and for good reason. It was a real-life expose of how huge spam campaigns are concocted through online dating sites like Tinder.
Romance scam losses hit a record $547 million in 2021, an 80% increase from the previous year.
The fraudsters take advantage of unsuspecting individuals by forming emotional bonds and then getting them to spend money and even take out extra credit.
This could be one of the most dangerous scams because no amount of email spam filtering or advanced threat protection can help. It relies on the victim recognizing something is wrong and alerting others to the matter.
4. Student Loan Forgiveness Scams 👩🎓
Another spam label to be aware of is the student loan forgiveness scam. A new program under the Biden administration, students applying for this are urged not just to give out personal information or banking credentials.
Usually coming through as email-based threats or phone calls, students are being offered entrance to this program. It's a means to extract valuable identification details such as social security numbers and make a quick buck from "processing fees."
In 2020, 56 million people in the U.S. fell for a phone scam and lost money.
Conclusion 💁♀️
We know that spamming and scamming have been at an all-time high since the covid-19 pandemic and the adoption of more IoT products.
Attached files, phishing links, ZIP files, suspicious senders—there are many things to look out for when it comes to sources of spam.
We hope you found this article helpful and feel confident that you can escape the biggest scams in 2023. Remember to treat unknown emails as phishing links and beware of malicious attachments. Investing in better cybersecurity will also go a long way—all the big companies are doing it!