Malware and Phishing Scams: What You Need to Know

Every day cybercriminals target Americans with malware and phishing scams. While the biggest news stories revolve around data breaches at large companies and local governments, local individuals in Central Illinois and the Metro East as well as across the country are also at risk. Protect yourself against the threat of lost time, data, and money by learning to identify and avoid the latest malware and phishing scams.

Malware and Phishing Scams

A malware attack usually begins with phishing, which is when cyber criminals send electronic messages (emails, texts, or social media messages) posing as a legitimate business in order to steal your sensitive personal information. Phishing messages may also promise a sweepstakes prize or other incentive. The objective of phishing is to have you click on their link and enter your account login information, social security number, or other data so the phisher can steal your identity.

Phishing scams are also deployed to infect victims’ computers with malware, an abbreviation of “malicious software.” Malware takes over your computer in order to cause damage, steal your data, and spread to other people’s devices. For example, ransomware, a type of malware that holds your computer and all of its data hostage until you pay the ransom, has been in the headlines recently. Malware affects not only individuals but also medical clinics and county offices across the country and right here in Illinois.

What are the most common types of malware?

Trojan Horse

This is one of the most popular types of malware programs. Trojan horses look like regular software programs but come with malicious instructions. For example, fake antivirus programs that appear on your screen as a pop-up box claiming you need to run the program to get rid of a virus on your computer.

Trojan horse programs are only activated by users who visit trojan-infected websites or download trojan-infected attachments. Traditional cybersecurity protections can’t stop a trojan horse if you fall for the phishing scam and download one. Thus, the best way to protect yourself from trojan horse malware is to defend against phishing scams. Never click on a link without hovering your cursor over it first to discover the true URL. And don’t download attachments you weren’t expecting to receive or that come from unknown senders.

Ransomware

This type of malware encrypts or “locks” your data so that you can’t access it until you pay the requested amount, usually in cryptocurrency format. Ransomware often spreads as a trojan horse, meaning through phishing. If you fall victim to ransomware, keep in mind that paying the cyber criminals doesn’t even guarantee the safe return of your files. The best way to protect yourself against a ransomware attack is to have an offline backup of your files, such as a removable hard drive.

Adware

This is the most relatively harmless type of malware because it simply redirects your web browser to similar pages with promotions for the product(s) you were just looking at or searching for. Of course, those ads could contain more malicious links, but as long as you click out of adware sites, you won’t suffer any damage to your device.

Spyware

As the name suggests, spyware is used to look over your shoulder, so to speak. Cyber criminals use spyware for keystroke logging so they can steal your passwords or other sensitive data. Like the other types of malware covered in this section, spyware is spread through “social engineering,” i.e. phishing. The best way to protect yourself from phishing and malware attacks is to be skeptical of any electronic message that asks you to click a link, download an attachment, or provide login and sensitive personal information.

What to do if you experience a malware attack

If you know or suspect a malware infection on your computer, the following steps can help to minimize the damage, although there is no guarantee.

1. Disconnect from the Internet.
2. If the malware attack happened at work, contact your IT department immediately. If it happens at home, contact a local tech support expert for recommendations.
3. Run a diagnostic scan with your antivirus software to see if it can take care of removing the malware.
4. If you still have a problem, you may need to contact the technical support department associated with your device’s manufacturer, such as Microsoft or Apple, or a local tech service company. Those types of experts can recommend the next steps.
5. In the meantime, you could set up a fraud alert with the three national credit reporting agencies. You only need to make the request with one of them and it will inform the other two. This step, along with regular monitoring of your account statements and credit report, can help fend off a potential identity theft associated with the malware attack.

Learn more about Online Security with Town and Country Bank and Peoples Prosperity Bank

As a longtime community bank, we have always prioritized the needs and security of our customers. Town and Country Bank and Peoples Prosperity Bank are proud to offer a full suite of modern account services like online banking and bill pay, mobile banking with mobile deposit, e-statements, online financial management, and person-to-person payments. All of our products and services are backed by the latest security measures. Get more online security tips here or contact our Solution Center at 1-866-770-3100 with additional questions.