A report by UK Finance reveals that only 51% of people verify the authenticity and reliability of sources before sharing their personal information or conducting potential transactions. This indicates that it’s effortless for imposters to deceive people and manipulate them into disclosing their confidential information. The emergence of cybercrime particularly impersonation attacks has considerably affected millions of individuals globally, affecting them financially and psychologically. 

The Anatomy of Impersonation Attacks 

In the modern world where technology has transformed our communication, connectivity, and business activities, online impersonation is a prevalent threat to online integrity and trust. Impersonation attacks are cyberattacks where imposters deceive people into divulging confidential information, pretending to be contacting legitimate bodies. Cybercriminals use advanced technology and highly realistic deepfakes to lure victims into believing they are getting contact with authentic individuals. 

Imposters use various advanced tactics including phishing attempts, spoofing attacks, mask attacks, or social engineering techniques to imitate someone else and ask for personal information. These attacks are sophisticated to the extent that victims fail to recognize fabricated or spoofed identities. 

Types of Online Impersonation Attacks You Must Know 

Imposters have become sophisticated with technological advancements and upgraded their nefarious ways to dupe individuals differently. Impersonation attacks have seen a substantial rise in recent years, devastating the credibility of online platforms and businesses. Online impersonation comes in various forms and multiple techniques are employed to accurately impersonate higher authorities. A few of the types are briefly opened here to increase users understanding. 

1. Business Email Compromise (BEC) 

It is an email-based online impersonation attack projected to defraud big businesses and entities. The fraudsters get access to the company’s official email by using stolen or spoofed credentials. The acquired email is further employed to send emails to vendors and employees asking for potential transactions or sharing sensitive information. BEC attacks are highly sophisticated and prevalent because of their convincing nature. Fraudsters create a fake sense of urgency in the emails and ask for potential activities, without keeping in mind the consequences. These attacks pose serious threats and far-reaching consequences to organizations worldwide, driven by significant financial losses and reputational damage. 

2. Main-in-the-middle Attack 

A Man-in-the-middle (MITM) attack is a highly advanced form of online impersonation attack where imposters sneak into official conversations taking place between higher executives and vendors to attain confidential information. Imposters substantially exploit vulnerabilities in HTTP connections or insecure WiFi networks to gain sensitive information. The acquired information is employed in various ways to get access to services and systems for personal gains. 

3. In-person Impersonation 

Not all impersonation attacks are reported online, impersonators also attempt to adopt the appearance and behavior of higher authorities and potentially scam users. Imposters intentionally initiate others by mimicking their way of talking, dressing, and responding to certain conditions to copy other persons to persuade vulnerable people. Fabricated or false identities are generated or even counterfeit documents are created to coax people into believing imposters and sharing their personal information. 

4. Email Spoofing 

Email spoofing comes forth as the most common impersonation attack. Imposters send unsolicited emails to the targeted victims. These emails appear highly authentic and realistic and users believe they are receiving these requests from trusted entities. The users are required to share their confidential information by contemplating that specific information is required in certain updates. Often the emails seem to be coming from financial institutions or vendors asking to share personal information or conduct immediate wire transfers. The users unaware of the fact that impersonators are seeking to scam them, end up in sharing information and conducting potential transactions. 

5. Account takeover (ATO) fraud 

This refers to a type of cyber attack where imposters somehow manage to get access to the digital accounts and platforms of targeted victims. Imposters invest time and energy to replicate or spoof victims’ account credentials, the acquired credentials are employed to log into accounts which could be social media accounts, bank accounts, online shopping accounts, or e-commerce accounts. Cyber fraudsters use the accounts differently for their gains and most importantly to spread false information, conduct potential transactions, and damage victims’ societal image. 

How Can Someone Stay Ahead of Sophisticated Online Impersonation Attacks? 

Effectively counteracting the emerging threats of online impersonations demands a multi-faceted approach including effective preventive measures, employee training, and implementing advanced technology. To stay ahead of the curve, it’s essential to stay informed about the latest trends in cyber attacks and be aware of unsolicited requests or emails. 

• Ensure the authenticity and credibility of the emails, messages, or calls before trusting and sharing the required information and conducting potential transactions. 
• Regularly monitor digital accounts and platforms and review credit card statements to flag suspicious activities or unusual behavior. 
• Implement strong and unique passwords for each account and avoid using guessable passwords like name or date of birth which can easily be spoofed or replicated. 
• Businesses must conduct efficient training programs for their employees to make them aware of the latest trends and preventive strategies to deal with the looming threats. 
• Above all, businesses must secure their systems by employing robust biometric authentication systems integrated with liveness detection to accurately detect spoofed attacks and ward them off. 

With technological advancements, the threats of prevalent impersonation attacks are expected to grow likewise. Employing advanced and sophisticated tools that can actively authenticate individuals and flag fabricated identities can surely mitigate the prevailing threats of online impersonation attacks.