Multi-factor authentication (MFA) is one of the best security measures for your business’ network. It’s such an essential security measure that some managed service providers and even cybersecurity insurance companies will refuse to work with businesses not utilizing MFAs.
According to Gitnux, 38% of financial companies reported that traditional security measures could not keep data safe, with a 5% drop in confidence levels due to increased cybersecurity threats. Weak passwords cause 81% of security threats. Multi-factor authentication helps with these cybersecurity issues. However, many cyber threats these days include MFA scams. In this article, we’ll discuss what these MFA scams look like and ways to minimize the risk of them for your business.
What are MFA Scams?
Multi-factor authentication is an electronic security method used to allow a user access to a network or application. The user is prompted to prove through a secondary technique that they are the intended user or a trusted user of that domain. This is used to prevent unwarranted access to private domains. An MFA scam is a method cybercriminals or unauthorized users use to gain access to these networks.
An MFA scam can have a multitude of appearances. However, it typically narrows down to mainly being identified through a phishing email or the interception of MFA tokens.
Phishing Scams
Phishing involves emails or other direct messaging systems, such as text messages. Cybercriminals will send these phishing messages disguised as legitimate ones to prompt users to click hyperlinks to gain access to passwords, login credentials, financial information, etc... They trick users by impersonating social media accounts, bank personnel, and other trusted entities to gain access to multi-factor authentication information so they can get into private domains. For more information on phishing and how to prevent these scam messages, check out our “Did You Know Phishing Simulations Help Prevent Cyber-Threats?” article.
MFA Token Interceptions
Intercepting MFA tokens is another MFA scam to be aware of. These involve malware on devices capturing users’ sensitive information to access their private accounts, or they could even be scammers impersonating IT companies. These scammers call users, prompting them to give their authentication code over the phone or telling users they need to troubleshoot something on their end and therefore need access to all their authentication information.
One wrong move can give hackers and cybercriminals access to a business’s most sensitive information. It’s essential for companies and all their employees to be aware of what types of scams are out there and how they can prevent them, as well as train their teams to combat them.
Effects of MFA Scams
Once a unauthorized individual can access your email or other private information, they can take on your business persona. It’s a scary thought, but that’s how serious these scams can be. A hacker or criminal could pretend to be you and therefore be able to trick other users and access their information. If a hacker has access to one user’s information, who knows how far they can get before they are detected?
What Can You Do to Prepare?
The best way to combat these MFA scams is to educate your business’s employees and increase awareness about these scams. The more awareness, the better protected your network will be. Just one weak link could open the door for multiple hackers and breaches that can then spread. Organizing monthly training sessions for your staff is a great way to educate everyone on what to look out for.
Usherwood believes in educating any client we serve on what to look out for and how to avoid these scams as part of our services. Any individual in the organization could be affected, so the more awareness we can help spread, the better protected our clients are. Usherwood has a team of experts to help teach others about security awareness and what security defenses every business should be utilizing. If you would like to learn more about the services Usherwood provides you can schedule a free 30 minute tech evaluation using the form below.