Customer scams are nothing new. Fraudsters and criminals have leveraged an organization’s clout and popularity to target customers for ages. But customer scams have taken on a new and dangerous form on social networks, where scammers have unprecedented ability to imitate brands and victimize consumers, all while avoiding punishment. But what do typical customer scams look like? How can consumers identify customer scams? How do organizations tackle the growing risk of customer scams on social media?
ZeroFox explores these issues in our infographic, the Anatomy of an Enterprise Social Media Cyber Attack, episode 2: customer scams. Learn how you and your organization can fight back.
Today’s consumer spends most of their internet time doing one of two things – consuming social media or online shopping. As such, it’s nearly impossible for retailers to compete in the 21st-century marketplace without a vibrant social media presence. Unfortunately for companies and consumers alike, customer scams lurk at the intersection of social media and online shopping, ravaging consumer bank accounts and jeopardizing companies’ reputations. Scammers can build fake customer support proles or disseminate phishy coupon links with unprecedented ease. When margins are razor thin, organizations can’t afford these growing scams. Keep reading for a textbook case of a social media customer scam in action.
According to McAfee, more users experience crimes on social than any other platform, including email. Social media phishing causes $1.2 billion/year in damages. 40% of users report clicking malicious links on social media. According to the FBI, cyber crimes cost Americans over $800,000,000 in 2014. In a digitally-based economy, companies can’t afford to have their online reputation hijacked by fraudsters. ZeroFox identifies malicious profiles imitating your brand, hijacking your hashtags and engaging with your customers. Bring the fight to the frontline by finding and taking down scammers before they undermine your bottom line.