The phishing (also known as password harvesting) is an illegal act of criminals meant to trick customers into divulging passwords or credit card information. Due to the rapid development of digital payments, phishing becomes widespread practice among fraudsters.

There are eight main types of phishing:

  • Whaling
  • Clone phishing
  • Link manipulation
  • Filter evasion
  • Website forgery
  • Covert redirect
  • Social engineering
  • Voice phishing

Example of Phishing

Let’s take a look at the example of the download malware. Like usual spam, these types of phishing emails are meant to get the victim to infect their own computer with malware. These messages are often”soft targeted”. For example, they might be sent to an HR staffer with an attachment that looks like a job seeker’s resume. These attachments are usually .zip files or Microsoft Office documents with malicious embedded code.

How can merchants secure their client’s financial information?

First and foremost, a merchant has to use a PSP that has a PCI DSS certificate. Also, it is essential to use fraud and chargeback prevention. It is a unique software that is based on machine learning. Thanks to high-end technology, it minimizes the possibility of fraud and chargebacks almost to zero. Also, make sure that you have high-quality customer support.