Background
iZOOlogic provides a suite of brand monitoring solutions to protect clients from social media abuse. Whilst providing an unparalleled method of instant and global communication, social media poses a significant risk to all major corporations and individuals. Platforms including Facebook, Instagram, YouTube, google+, Twitter and
LinkedIn are widely manipulated to distribute phishing links.
iZOOlogic works with Europe’s largest bank with systems and tools to circumvent many situations of brand abuse via social media. The bank has been targeted repeatedly via social media platforms. Such attacks have included attempts to defraud the bank’s customers, trademark/ copyright infringements against the bank, distribution of ‘fake news’, reputational damage and breaches of compliance and regulation. Since partnering with iZOOlogic, this leading global bank has a brand monitoring solution in place to combat all attempted attacks and ensure its brand, reputation and customers are secure across all social media platforms.
Types of Social Media Abuse:
1. The creation of fake social media accounts representing the bank. These accounts hosted and distributed phishing URLs which directed legitimate bank customers to a phishing site where their login credentials would have been
compromised.
2. The distribution of malicious malware links via fake social media accounts utilising the bank’s name and brand. These links directed the bank’s existing customers, and potential customers, to download malware on their devices, in an attempt to steal login credentials. iZOOlogic
3. The distribution of ‘fake news’ via social media platforms to propagate false information (in an attempt) to deliberately influence the share price of the bank. Such an attack would have resulted in widespread impact across several financial markets around the world.
4. The leaked distribution of private banking materials and documents posing a significant risk to the bank’s market value. Such documentation including “Statements of Financial Condition” were released via social media platforms.
5. Hosting of false documents pertaining to the Bank’s Securities business which risked the bank breaching the regulations of the Commodity Futures Trading Commission.
6. The misrepresentation of executive staff via fake social media accounts. Facebook profiles were created pertaining to be the bank’s CEO and CFO. The fake accounts were used to send private messages to a legitimate bank executive to request a money transfer and the confirmation of account credentials.
7. Cybersquatting – hosting of duplicate social media profiles and making a commercial proposition to the bank.
8. Abusive social media accounts created to spread false information and defamatory statements about the bank.
9. The posting of social media ‘troll’ commentary and defamatory posts targeting key executives at the bank. These attempts are common and are used to deliberately cause a nuisance to the bank
Conclusion:
The impacts resulting from a fake social media profile could be more critical than a network breach. Criminals are increasingly turning to social media as a simple method of social engineering for a variety of purposes. Typically, they will regurgitate legitimate press releases and news of the company, building trust in the followers of the
profile over time, and growing the number of followers, many of whom are customers of the company. It is critical that corporations address the potential risks of social media brand impersonation, which could lead to direct
financial losses, market share loss, brand reputation damage, and at the extreme, the potential collapse of the company. iZOOlogic offers an suite of tools and solutions to keep your brand and corporation safe across all social media platforms.
