Social media has become a major platform for financial institutions to engage customers, grow their business, and promote offers and services. Unfortunately, scammers and cybercriminals have adopted the platform as well, exploiting ease of use, target acquisition, payload delivery, and broad access to potential victims.
This report covers two major Courses of Action for cybercriminals on social media and the four major external attacks against financial institutions that occur on social media:
- customer scams,
- spear phishing,
- targeted malware distribution,
- and account takeover.
Learn about the frequency and cost or each, and contextualize these incidents in the broader threat landscape that includes phishing and malware attacks. The report concludes with recommended actions that financial institutions can take to reduce their risk on social media.