Globally, email spam cons cost businesses nearly US$20 billion (£17 billion) every year. Six out of ten mid-sized business in the UK were victims of fraud in 2020, suffering average losses of £245,000.

Targets are normally chosen based on their rank, age or social status. 

Fraudsters are using spam bots to engage with victims who respond to the initial hook email. The bot uses recent information from LinkedIn and other social media platforms to gain the victim’s trust and lure them into giving valuable information or transferring money. 

Social media is making it easier for scammers to craft believable emails called spear phishing. The data we share every day gives fraudsters clues about our lives they can use against us. It could be something as simple as somewhere you recently visited or a website you use. Unlike general phishing (large numbers of spam emails) this nuanced approach exploits our tendency to attach significance to information that has some connection to us. When we check our full inbox, we often pick out something that strikes a chord. This is referred to in psychology as the illusory correlation.

One simple way to avoid being tricked is to double-check the sender’s details and email headers. Think about the information that might be out there about you, not just about what you receive and who from. If you have another means of contacting that person, do so.

We should all be careful with our data. The rule of thumb is if you don’t want someone to know it, then don’t put it online.

The more advanced technology gets, the easier it is to take a human approach. If something doesn’t feel right, pay attention.