Threat actors are employing sophisticated tactics to steal company employees’ credentials by exploiting communication related to personal pension accounts, such as 401(k) plans, salary adjustments, and performance reports. Despite organizations maintaining sound email security practices, these attacks are on the rise, and email security company Cofense warns of their increasing frequency. Cybercriminals often send phishing emails posing as HR department representatives, claiming to bring crucial updates or increases in 401(k) contributions. In these attacks, QR codes are commonly embedded in phishing emails, leading recipients to fake login pages designed to harvest their credentials.
Throughout the previous year, Cofense observed a significant uptick in the use of QR codes in phishing emails related to 401(k) notifications. The attackers leverage the familiarity of 401(k) plans, a popular retirement savings scheme in the U.S., to deceive employees. Other prevalent lure types identified in these attacks include communications related to open enrollment periods, surveys, and salary restructuring. Open enrollment messages are particularly effective, as they convey a sense of urgency, and failure to enroll on time may result in the loss of certain benefits. Cybercriminals are also exploiting employees’ expectations of year-end bonuses and salary increases, with corresponding phishing lures.
Cofense emphasizes that even organizations with robust email security solutions are struggling against these deceptive attacks. The company recommends HR departments schedule and inform employees about the timing of legitimate communications to help filter out malicious messages. However, given that many companies outsource HR operations, educating and safeguarding employees from phishing attempts pose significant challenges. Cofense also advises against the use of QR codes in legitimate business communication, as these codes are frequently exploited in phishing campaigns.
