Cupid’s Dark Side: How to Protect Your Company from Romance Scams

Valentine’s Day, known for its associations with love, cupid, and chocolates, presents an opportune moment for cybercriminals to launch various scams. These deceiving threats can take many forms, from phishing emails offering deals on diamonds to social engineering tactics that exploit the holiday festivities to deceive individuals into divulging sensitive information or engaging in fraudulent activities. Let’s dive into what some of those might look like. 

Phishing Emails – A Cybercriminal’s Love Letter 

One common tactic used in Valentine’s Day scams is phishing emails. These emails may offer exclusive Valentine’s Day discounts, promotions, or contests, enticing recipients to click on malicious links or download harmful attachments. Once clicked, these links or attachments can install malware on the victim’s device, compromise their personal information, or grant unauthorized access to their financial accounts.  

Social Engineering – The Cyber Casanova 

Another common Valentine’s Day scam involves social engineering techniques to take advantage of the hopeless romantic. The heightened emotion around this holiday opens the door for pulling on heart strings to emotionally motivate victims. Cybercriminals may pose as a secret admirer or loved one to persuade unsuspecting victims to provide financial information or make donations to fraudulent accounts, thinking they are supporting a legitimate cause.  

Operational and Reputational Risks  

Valentine’s Day scams pose more than just the threat of financial fraud. These schemes also carry the potential for wider consequences for financial firms, such as damaging their reputation and the risk of regulatory scrutiny. Regulatory bodies could launch investigations into the organization’s management of an incident, and if they uncover inadequacies in an organization’s cybersecurity measures, they could be subject to disciplinary actions as well as fines.  

So, how can you protect your company from Valentine’s Day scams? Here are some essential strategies:  

Employee Training and Awareness:  Educate employees about the various forms of Valentine’s Day and all holiday scams and how to recognize and respond to them effectively. Provide regular training sessions and updates on emerging threats, emphasizing the importance of skepticism and caution when dealing with unsolicited emails, links, or requests for personal information. We recommend leveraging our partner, Arctic Wolf, for top-notch employee training. 

Robust Email Security Measures:  Implement advanced email security solutions, such as Abnormal Security or Microsoft Defender to detect and block malicious emails before they reach employees’ inboxes. Encourage employees to report suspicious emails promptly and provide clear procedures for escalating potential threats to the IT or cybersecurity team.  

Enhanced Detection and Monitoring:  Utilize and properly tune Endpoint and Network Detection and Response tools, to identify and mitigate suspicious activity related Valentine’s Day scams. Promptly investigate any flagged incidents and take appropriate action to prevent further harm.  

Collaboration and Information Sharing:  Foster collaboration with your industry peers, cybersecurity organizations, and your cybersecurity vendor partners to share threat intelligence and best practices for combating holiday fraud like Valentine’s Day scams. Participate in information-sharing forums (such as FS-ISAC), threat intelligence exchanges, or collaborative initiatives aimed at enhancing the collective resilience of the financial services sector against cyber threats.  

All holiday-related scams pose a significant threat, potentially resulting in financial losses, reputational damage, and regulatory repercussions. By implementing a combination of tactics, you can better protect your company, your employees, and ultimately, your customers from falling victim to these scams.  

Love is in the air, and so are cybercriminals waiting to strike. Email info@richeymay.com to connect with one of Richey May’s cybersecurity experts and safeguard your business.