“The 12 billion dollar scam”

That’s what the FBI nicknamed phishing in 2018; a name that reflected the estimated amount of money lost to the cyberattack globally between 2013 and 2018. In 2018 alone, about $1.2 billion was lost to phishing and in 2020, phishing scammers made over $1.8 billion— more than via any other type of cybercrime.

According to RiskIQ, businesses across the world lose about $17,700 every minute to phishing attacks and top companies lose $25 per minute to cybercrime.

Phishing, also called email-scam, is a method of trying to gather personal information by sending deceptive e-mails to target recipients. Phishing is one of the oldest internet scams, dating back to the ‘90s, and perhaps remains one of the most prevalent cybercrimes. 

The goal of phishing is to fool victims into believing that the message is something they want or need. For instance, the message can be an invoice from a vendor,…

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