Phishing scams are one of the most common cyber threats. IBM’s Cost of a Data Breach report reveals that phishing is the most prevalent method of data breaches, responsible for 16% of all incidents. On average, breaches resulting from phishing cost organizations USD 4.76 million, more than the overall average cost of USD 4.45 million per breach.
Cybercriminals use emails, texts, and websites that appear legitimate to trick you into revealing sensitive information. Avoid unsolicited communications that ask for personal or financial details when borrowing money online.
Always verify the source of the communication before responding or clicking on any links. Legitimate lenders will not ask for sensitive information via email or text. If you receive a suspicious message, contact the lender directly using contact information from their official website.
Look for signs of phishing attempts, such as generic greetings, spelling errors, and urgent requests for information. Educate yourself on common phishing tactics to recognize and avoid them effectively.
