How to Identify Credential Harvesting Attempts

Although there are many ways cybercriminals can gain unauthorized access to sensitive information, there are some signs of a credential harvesting attack that you should always be on the lookout for:

• Unusually high account lockouts: If multiple employees or users experience frequent account lockouts or password reset requests, attackers could be trying to gain unauthorized access to their accounts.
• Increased number of phishing emails: A sudden surge in phishing emails targeting employees, users, or partners of your organization can be a sign that cybercriminals are trying to harvest credentials. Look out for suspicious emails, such as requests for login credentials or account verification.
• Unfamiliar IP addresses or login locations: Monitor your organization’s security systems for login attempts from unfamiliar IP addresses or geographic locations that could suggest attackers are trying to access accounts with stolen credentials.
• Suspicious network traffic: Monitor your network traffic for unusual or unauthorized attempts to access internal systems, servers, or databases. Look for patterns of brute force login attempts or abnormal data transfers that could indicate a credential harvesting attack.
• Unusual account activities: Keep an eye out for any abnormal activities in employee or user accounts, such as unauthorized transactions, changes to account settings, or access to sensitive information. These activities could be a result of successful credential harvesting.
• Social engineering attempts: Pay attention to reports of employees receiving phone calls, messages, or visits from individuals claiming to be from IT or other trusted entities. Attackers may use social engineering tactics to trick employees into divulging their credentials.

Remember, the presence of a single sign usually doesn’t confirm a credential harvesting attack. However, if you notice multiple indicators or a pattern of suspicious activities, it’s crucial to investigate further, take appropriate action, and engage with cybersecurity professionals to mitigate the risk.

The Business Impact of Credential Harvesting Attacks

Credential harvesting attacks pose significant threats to businesses across various industries, although it’s especially common and dangerous in the financial services industry. These attacks can have devastating consequences for a business, from financial losses to reputational damage to regulatory penalties.

Prevalence Across Industries

Credential harvesting attacks target organizations of all sizes and industries. However, the financial services industry is a particularly popular target, because of the high value of financial data and the potential for monetary gain. Banks, insurance companies, and investment companies are under constant threat from sophisticated credential harvesting campaigns aimed at accessing the sensitive financial information of its customers.

Financial Losses

When cybercriminals gain unauthorized access to financial accounts, they can siphon funds away or make fraudulent transactions. The direct financial impact of these actions can be substantial. There are the losses from the stolen funds or fraudulent activities, but also the costs associated with investigating and remedying the breach.

Reputational Damage

Customers trust businesses to safeguard their sensitive information. A data breach resulting from a successful credential harvesting attack breaches that trust and will always inflict severe reputational damage on the affected business. The negative publicity, loss of customers, and damage to brand reputation can have long-lasting consequences for businesses that impact their competitiveness and market standing.

Regulatory Penalties

As if financial losses and reputational damage weren’t enough, almost all businesses are under strict regulatory frameworks to protect the data and privacy of their customers. A successful credential harvesting attack is a failure to comply with these frameworks and will result in substantial fines, legal fees, and compliance costs.

Methods for Preventing Credential Harvesting Attacks

By understanding a cybercriminal’s methods and techniques, individuals and organizations can effectively defend themselves against credential harvesting attacks and protect their sensitive information from unauthorized access and exploitation.

Security Awareness Training

Educating users about the dangers of credential harvesting and how to identify phishing attempts is critically important. Regular security awareness training programs can help individuals recognize suspicious emails, websites, and communications, so they can avoid falling into these traps and take appropriate action to protect their credentials.

Multi-Factor Authentication (MFA)

MFA adds an extra layer of security beyond the usual username and password. By asking users to provide additional verification factors, such as a one-time code sent to their mobile device, MFA reduces and often eliminates the risk of unauthorized access to someone’s account, even if their login credentials have been compromised.

Secure Password Practices

Encouraging users to create strong, unique passwords for each online account is crucial in preventing credential harvesting attacks. Password managers assist in generating and securely storing complex passwords and significantly reduce the likelihood of password reuse across multiple platforms.

Email Filtering and Antivirus Software

Powerful email filtering and antivirus software can help flag and block malicious emails and files associated with credential harvesting attempts, from malware to email spam.

Continuous Monitoring with Fraud Detection Software

Fraud prevention software like DataDome monitors the traffic and user behavior on your websites, mobile apps, and API to detect and prevent potential credential harvesting activities in real-time. Such software often stops other fraud attacks too, as cybercriminals rely on automated techniques for many different types of digital fraud.