Phishing: The Most Profitable Scam in Cybercrime

You wake up. Your bank account is empty. Your email is locked. Your boss is asking why you just sent malware to the entire company. You don’t remember clicking anything. But you did.

Congratulations! You got phished!

Cybercriminals aren’t breaking into systems—they’re breaking into people. They don’t need to hack your bank. They just need to hack you. And you are one bad click away from making their job easier.

Phishing is cybercrime’s biggest cash cow, costing businesses billions annually. It is the easiest way to bypass security systems, and the worst part? It still works on some of the smartest people.

Real Phishing Disasters

Google & Facebook: $100 Million Stolen (2013-2015)

• A Lithuanian hacker tricked Google & Facebook into wiring over $100 million using fake invoices from a real supplier.
• Two of the biggest tech companies in the world—with massive cybersecurity budgets—fell for it.

Twitter Hack (2020)

• Hackers phished Twitter employees, gained access to internal tools, and hijacked high-profile accounts to push a Bitcoin scam, stealing $118,000 in hours.

Uber Breach (2022)

• A single Uber employee got phished in 2022.
• That one mistake gave hackers full access to Uber’s internal systems, including customer data, financial records, and Slack communications.

Indonesia: Phishing Attacks Surge (2024)

• 70% increase in phishing cases targeting Indonesian bank users.
• Attackers spoof OTP requests to trick victims into handing over login credentials.

The Origins of Phishing

Phishing has been around for decades.

1990s: Hackers steal AOL accounts by tricking users into revealing their passwords. The term "phishing" is coined, inspired by "phreaking," an old-school method of hacking telephone systems. Cybercriminals borrowed this spelling and applied it to their new digital deception tactics—casting out bait (fake emails, links, or messages) and hoping that someone would bite.

2000s: Phishing goes mainstream—fake emails pretending to be from banks, PayPal, and eBay flood inboxes.

2020s: AI-powered phishing attacks are so convincing even cybersecurity professionals fall for them.

Today, phishing has evolved into an advanced cybercrime industry, with AI-powered deception tactics and Phishing-as-a-Service (PhaaS) models making it easier than ever for criminals to launch large-scale attacks. 

While phishing has evolved, human psychology has not. Cybercriminals don’t hack systems—they hack people. And their biggest advantage? They know you won’t take security seriously until it’s too late.

Phishing Techniques

Spear Phishing: Precision-Targeted Deception

• Unlike mass phishing, spear phishing is highly personalized. Attackers conduct extensive research on individuals or organizations, crafting messages tailored to their targets. These emails appear legitimate, making them incredibly difficult to detect—even for security-aware professionals.
• Spear phishing often targets executives, finance teams, or IT staff, aiming to infiltrate an organization’s systems. Once successful, attackers can steal sensitive corporate data, conduct espionage, or escalate privileges within internal networks.

Vishing (Voice Phishing): Manipulation Over the Phone

• Vishing, or voice phishing, involves attackers using phone calls to extract sensitive information. They impersonate trusted figures—bank representatives, government officials, or corporate executives—to pressure victims into revealing confidential details.
• Attackers exploit caller ID spoofing, making their numbers appear legitimate. The personal, real-time nature of voice calls makes vishing particularly effective, as victims are more likely to comply when speaking to a seemingly authoritative figure.

Smishing (SMS Phishing): The Silent Text Message Threat

• Smishing targets victims through fraudulent text messages, often pretending to be delivery notifications, bank alerts, or security warnings. These messages contain malicious links or instructions that prompt users to enter personal information.
• The instant nature of text messaging makes smishing especially dangerous. Many victims react before thinking, assuming that SMS messages are inherently trustworthy. Clicking a malicious link can lead to financial fraud, credential theft, or malware installation on mobile devices.

Clone Phishing or Business Email Compromise (BEC): The Corporate Email Trap

BEC is a highly targeted fraud tactic where attackers compromise or impersonate legitimate business email accounts to deceive employees into transferring money or sharing sensitive data.

Common BEC tactics include:

• CEO Fraud – Impersonating a senior executive and ordering urgent wire transfers.
• Invoice Scams – Sending fake invoices from what appears to be a legitimate vendor.
• Account Takeover – Gaining control of an actual business email account and using it for further attacks.

Organizations must implement strict email verification protocols, multi-factor authentication (MFA), and employee training to mitigate BEC risks.

Your Passwords Are Already on the Dark Web

• Think you haven’t been hacked? Stop and check now.
• Go to: https://haveibeenpwned.com/
• Enter your email.
• See how many times your identity has already been stolen.

If your email has been breached once, assume every password you’ve ever used is already compromised.

And if you’re still reusing passwords across multiple accounts, you are making hackers’ jobs easier. Change them now.

The Viral Nature of Phishing

The digital world is like an ocean—vast, deep, and full of both opportunity and danger. Just as fishermen cast their nets to catch unsuspecting fish, cybercriminals cast their digital bait to lure victims into phishing traps.

But here’s the real danger—phishing spreads like a virus. Just as one infected person can trigger a pandemic, one compromised account can open the floodgates for a larger cyberattack.

This is not just about protecting yourself; it’s about ensuring everyone around you is aware and protected too.

• One compromised employee in a company can lead to a full-scale corporate data breach.
• One hacked personal email can be used to launch phishing attacks against your family and friends.
• A stolen banking credential can result in millions lost from thousands of victims.

Cybercriminals thrive on weak links. If one person clicks a malicious link, the infection spreads, allowing attackers to infiltrate deeper into personal and corporate networks.

Collective Vigilance: It’s Not Just About You—It’s About Everyone

Just as wearing masks during a pandemic protects both the individual and the community, maintaining vigilance against phishing requires collective effort.

Encourage peers, family members, and colleagues to adopt safe online practices. By fostering a culture of cybersecurity awareness, we can create an environment where phishing attempts are recognized and thwarted before they cause harm.

How to Stay Safe

1. Education and Awareness: Regular training helps individuals recognize phishing attempts.
2. Use Multi-Factor Authentication (MFA) & Security Keys: MFA blocks 99% of phishing-based account takeovers.
3. Verify Before Trusting: Always verify the authenticity of unsolicited communications.
4. Implement Advanced Security Measures: Use AI-powered email filtering solutions.
5. Promote a Culture of Vigilance: Share information to keep everyone informed.
6. Exercise Caution with AI Tools: Ensure any AI tools used are from reputable sources.
7. Reporting Scam / Phishing Incidents (Indonesia):

• lapor.go.id
• trustpositif.kominfo.go.id
• aduankonten@mail.kominfo.go.id
• https://iasc.ojk.go.id/report-now
• https://bssn.go.id/

Phishing is a serious threat, but awareness and vigilance can make all the difference. Stay informed. Stay cautious. And most importantly, help others do the same.