What Is Social Engineering?

Social engineering is a term used to describe the psychological manipulation techniques that scammers and fraudsters use to trick victims into giving away personal information or money. This type of deception has been around for centuries, but it has become more prevalent in the digital age. Cybercriminals often use social engineering to gain your trust and trick you into taking actions that benefit them.

How Does Social Engineering Work?

Social engineering attacks typically involve a combination of core techniques:

• Build trust: Attackers may interact with you over time to build a relationship or imitate a trusted person or organization.
• Instill fear: They might impersonate an authority figure or warn you about potential dangers.
• Rely on reciprocity: They may offer you a gift or promise something in return, making you feel obligated to reciprocate.
• Create urgency: By creating a sense of urgency, they pressure you into making quick decisions without thinking them through.

The process of a social engineering attack generally follows four steps: research, contact, interaction, and moving on to the next victim.

3 Common Attacks and Scams Involving Social Engineering

1. Phishing, Vishing, and Smishing Attacks

Phishing (email), vishing (phone call), and smishing (text) attacks are common methods used by scammers. These attacks can be untargeted or highly personalized, using spoofed emails, calls, or texts to trick you into clicking on malicious links or sharing personal information.

2. Peer-to-Peer Payment Scams

Scammers often use peer-to-peer (P2P) payment services like Venmo and Zelle to trick you into sending them money. They may send smishing texts that appear to be from your bank, creating a sense of urgency and tricking you into sharing your private information or sending money directly to their account.

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 trick a phone carrier representative into transferring your phone number to their device, allowing them to receive authentication codes and access your accounts.

How to Protect Yourself from Social Engineering

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

• Be cautious if you feel scared or pressured: Take a deep breath and pause. Consider calling a trusted family member or friend for a second opinion.
• Don’t trust the name on an email or caller ID: Attackers can spoof these names. Look up contact information independently and reach out for clarification.
• Know that AI can mimic your friends and family: Be skeptical of unexpected requests for money or personal information, even if they seem to come from someone you know.
• Keep your devices updated: Regularly update your computer and phone to install the latest security patches and use antivirus software for extra protection.
• Don’t immediately click on links: Verify the sender’s identity before clicking on any links in emails, texts, or direct messages.
• Use unique passwords and multifactor authentication: Protect your accounts with unique passwords and enable multifactor authentication (MFA) for added security.
• Don’t send money if specific payment methods are insisted upon: Scammers often ask for payments via gift cards, wire transfers, cryptocurrency, or P2P apps. Be wary of such requests.

Monitor Your Personal Information and Identity

Understanding and limiting the personal information attackers can access is crucial. Regularly monitor your personal information and consider using identity protection programs that offer monitoring tools and fraud resolution specialists.

Contact O1ne Mortgage for Your Mortgage Service Needs

At O1ne Mortgage, we prioritize your security and well-being. If you have any mortgage service needs, don’t hesitate to call us at 213-732-3074. Our team of experts is here to assist you with all your mortgage-related inquiries and ensure a smooth and secure process.