Spear phishing is a targeted attack that uses information from social media, work emails, and other sources to launch a one-on-one phishing attack against an individual.
Spear phishing is more dangerous than mass phishing because it uses your personal information (for example, your interest) to gain your trust. This technique is used mostly by cybercriminals to gather information about your organization so they can exploit vulnerabilities and cause maximum disruption.
The biggest threat of spear-phishing is the damage that it inflicts on the reputation of your business. Whether it's a fake CEO email asking for personal details, spoofing a supplier to gain access to their systems, or tricking staff into installing malware on their computer, every instance of spear-phishing can leave staff feeling anxious and vulnerable. In some cases, they get too embarrassed to admit that they fell for a scam, which means the issue could be overlooked and remain undetected for a long period of time.

How to Save Yourself from Spear Phishing?
Spear phishing is a targeted form of phishing. If you receive an email from someone you barely know requesting sensitive personal information, don't give it out. These emails are usually not sent randomly. The sender may know the person they are trying to scam, including their personal details and interests. They might even know their phone number and address.
Spear phishing can also target people in an organization, such as employees in a particular department or company executives. These attackers usually pretend to be someone whom your business deals with on a regular basis, such as a supplier or customer. Therefore, you should open all types of emails with caution.

Here are some of the steps you can take to prevent spear phishing:
- The foremost thing is to seek awareness regarding cyberattacks and phishing. Organizations need to ensure that they organized education and awareness programs for employees, teaching them how to spot strange links, protect passwords, use social media carefully, and identify suspicious emails.
- To supplement awareness and education, ensure the use of solid email security software. Such software identifies and blocks phishing emails and other cyberattacks.
- No matter how aware and cautious you are, there is a possibility that you will end up being its victim. It is always recommended to create a full backup of your data in an external hard drive, USB, or cloud storage.
- Always use updated versions of software. Hackers constantly improve their methods to get access somehow, which is why it is crucial to ensure top-notch safety by regularly updating your software and installing new security patches.

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Phishing Attacks in October Cost Thousands of Victims $20 Million
ScamSniffer reported that in October 2024, more than 12,000 victims lost $20.2 million due to cryptophishing attacks. This represents a 56% decrease in the amount stolen compared to the previous month, but at the same time, the number of victims rose by 20%.
Declining Trend in Phishing Losses Throughout 2024
Despite the slight drop, the volume of funds lost to phishing in October is one of the lowest in 2024, with only July seeing less theft, when $19 million was lost. According to ScamSniffer, Ethereum remains the primary target for these scams, with over $10.4 million stolen from the network. Other affected networks include Blast ($5.9 million), Arbitrum ($1.84 million), Avalanche ($762,763), and Polygon ($722,083).

Largest Loss of the Month: User Loses $6 Million
The largest phishing theft in October involved a user holding 15,079 fwDETH tokens on the Blast network, initially valued at $35 million. However, due to low liquidity, the token value dropped to $5.87 million, limiting the attacker's profits. The sale of DETH tokens also impacted PAC Finance and Orbit Finance protocols.
Other Major Attacks Include Thefts on Uniswap and Aave
Phishing signatures were responsible for additional thefts, including $2.3 million in sDAI on Aave Ethereum, $1 million in assets via Uniswap Permit2, and $1.6 million on Arbitrum. The compromise of the EigenLayer account on X led to one user losing $800,000 after clicking a phishing link.
Phishing Attacks Lead to Over $400 Million in Losses in 2024
While October’s stolen amount was lower, phishing attacks throughout 2024 have reached record highs. ScamSniffer notes that $295 million was stolen in 2023, while in the first half of 2024 alone, the total reached $314 million. The total phishing losses for 2024 now stand at $462 million, reflecting the growing activity of phishing scammers.
Phishing Becomes Lucrative Business with Increasing Sophistication
As security firms improve their technology, scammers adapt and enhance their techniques. Phishing-as-a-Service (DaaS) allows them to easily rent technical tools for scams. Some notorious services, like Inferno Drainer, even transferred their operations to other scammers. User carelessness, such as clicking on suspicious links, also contributes to the increasing number of phishing victims.

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Talk about an expensive mistake! 💸 A crypto whale just got REKT, losing a jaw-dropping $32 MILLION worth of digital treasures in a sophisticated phishing attack. Ouch.
The culprit? A nasty piece of code dubbed the "Inferno Drainer," which, true to its name, incinerated this whale's wallet faster than you can say "rug pull."
Here's the lowdown:
Phishing strikes again: The whale reportedly fell for a classic phishing scam, tricked into entering their private keys on a malicious website.Inferno Drainer does its dirty work: This sneaky software then siphoned off the whale's entire crypto stash, including ETH, stablecoins, and even those coveted NFTs.Security breach nightmare: The attack highlights the ever-present danger of phishing in the crypto world, even for seasoned investors.
Lesson learned (hopefully):
Don't trust, verify: Double, triple check those URLs and never, EVER enter your private keys anywhere but your trusted wallet.Security is paramount: Invest in a hardware wallet and enable two-factor authentication for an extra layer of protection.Stay vigilant: The crypto space is a phishing paradise. Stay informed about the latest scams and be wary of suspicious links or messages.
This whale's loss is a stark reminder that even the biggest fish in the crypto sea aren't immune to attacks. Stay safe out there, folks! 🔒
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