A whaling phishing attack is a type of cyberattack that targets high-profile individuals, such as CEOs, CFOs, or other executives, and tries to trick them into giving up sensitive information, such as login credentials, financial data, or business secrets. Whaling phishing attackers use fraudulent emails, websites, or phone calls to impersonate legitimate entities or individuals, such as business partners, clients, or authorities, and lure unsuspecting victims into clicking on malicious links, downloading infected attachments, or providing confidential information.

Whaling phishing attacks are dangerous because they can cause serious damage to both individuals and businesses. Whaling phishing attacks can result in identity theft, financial losses, data breaches, or reputational harm. According to a report by the FBI, whaling phishing attacks cost businesses over $1.8 billion in 2020.

In this article, we will explain how whaling phishing attacks work, what are the different types of whaling phishing attacks, and how to protect yourself from them. We will also provide some examples of successful whaling phishing attacks and how to spot and avoid them.

How do whaling phishing attacks work?

Whaling phishing attacks work by exploiting the human tendency to trust and comply with messages that appear to come from credible sources. Whaling phishing attackers use various techniques to make their messages look authentic and convincing. Some of these techniques include:

• Using logos, names, images, and URLs that resemble those of legitimate entities or individuals
• Mimicking the tone, style, and language of official communications
• Leveraging current events, trends, or topics of interest to attract attention
• Creating a sense of urgency, curiosity, or fear to elicit an emotional response
• Providing fake evidence, testimonials, or endorsements to boost credibility

Whaling phishing attackers also use sophisticated tools and methods to evade detection and bypass security measures. Some of these tools and methods include:

• Using email spoofing or domain spoofing to disguise their email address or domain name
• Using encryption or obfuscation to hide their malware code or malicious links
• Using proxy servers, VPNs, or botnets to hide their location and identity
• Leveraging social engineering techniques, such as persuasion, manipulation, or deception to influence the victim’s decisions or actions

The goal of whaling phishing attacks is to trick the victim into clicking on a link that leads to a fake website, downloading an attachment that contains malware, or providing information that can be used for fraudulent purposes.

Examples of successful whaling phishing attacks

Whaling phishing attacks are not hypothetical or rare scenarios. They are real and frequent occurrences that affect many individuals and businesses around the world. Here are some examples of successful whaling phishing attacks and how they were executed:

• In 2016, a group of whaling phishing attackers targeted the CEO of an Austrian Aerospace company and convinced him to transfer $56 million to a bank account in Hong Kong. The attackers posed as the CEO’s business partner and sent him an email that looked like it came from his partner’s email address. The email contained a link to a fake website that mimicked the partner’s company website. The website asked the CEO to enter his login credentials and then redirected him to a page that requested him to approve a payment for a secret acquisition deal. The CEO followed the instructions and transferred the money, which was never recovered.
• In 2017, a group of whaling phishing attackers targeted the CFO of a Belgian Bank and persuaded him to transfer $75 million to a bank account in China. The attackers called the CFO on his phone and pretended to be his boss. The callers used voice-mimicking software to sound like the boss and told the CFO that he needed to make an urgent payment for a confidential project. The callers also sent him an email that looked like it came from his boss’s email address. The email contained a link to a fake website that asked him to enter his login credentials and then redirected him to a page that requested him to approve the payment. The CFO followed the instructions and transferred the money, which was never recovered.
• In 2018, a group of whaling phishing attackers targeted the CEO of a French film company and tricked him into giving up his login credentials for his email account. The attackers sent him an email that looked like it came from Google and asked him to update his security settings by clicking on a link. The link led to a fake Google login page that captured his login credentials and gave the attackers access to his email account. The attackers then used his email account to send emails to his employees, clients, and partners, asking them for money, information, or files.

Types of whaling phishing attacks

Whaling phishing attacks can take various forms depending on the target, the motive, and the method they use to execute their attack. Some of the common types of whaling phishing attacks are:

• CEO fraud: This type of whaling phishing attack targets the CEO or another executive of a company and tries to trick them into transferring money or revealing business secrets. The attackers impersonate a trusted person or entity, such as a business partner, a client, or an authority, and send an email, a website, or a phone call to the executive. The message contains a request for money or information that seems urgent, confidential, or legitimate.
• Business email compromise (BEC): This type of whaling phishing attack targets the employees or suppliers of a company and tries to trick them into transferring money or revealing information. The attackers compromise the email account of the CEO or another executive of the company and use it to send emails to the employees or suppliers. The emails contain instructions for money transfers or information requests that seem authorized, legitimate, or routine.
• Spear phishing: This type of whaling phishing attack targets a specific individual or a small group of individuals and tries to trick them into clicking on a link or opening an attachment that contains malware. The attackers research the target’s personal or professional details and use them to craft a personalized message that seems relevant, interesting, or credible. The message contains a link or an attachment that leads to a fake website or downloads malware onto the target’s device.

How to protect yourself from whaling phishing attacks

Whaling phishing attacks can be avoided and prevented by following some best practices and using some security software and solutions. Some of these best practices and solutions are:

• Be wary of unsolicited emails, especially those from people you don’t know: Whaling phishing attackers often use email spoofing or domain spoofing to disguise their email address or domain name. Users should always check the sender’s email address and domain name and look for any misspellings, inconsistencies, or deviations from the original ones. Users should also avoid opening any emails that they are not expecting, recognizing, or trusting.
• Be suspicious of emails that ask for sensitive information, such as login credentials or financial data: Whaling phishing attackers often use emails that ask for sensitive information, such as login credentials or financial data, to steal them from users. Users should never provide any sensitive information via email, as legitimate entities or individuals will never ask for them in this way. Users should also avoid clicking on any links or opening any attachments in these emails, as they may lead to fake websites or contain malware.
• Verify the identity of the sender before clicking on any links or opening any attachments: Whaling phishing attackers often impersonate legitimate entities or individuals and use their names, logos, or images to deceive users. Users should always verify the identity of the sender by checking their profile, contact details, or online presence. Users should also look for any signs of tampering, alteration, or duplication in the sender’s account or message. Users should also contact the sender directly via phone or another channel to confirm their identity and their message.
• Keep your software up to date, including your operating system, web browser, and email client: Whaling phishing attackers often exploit vulnerabilities in outdated software to infect users’ devices or networks with malware. Users should keep their software up to date on their devices and applications and install any patches or updates that are available. Users should also use antivirus software and firewall software to protect their devices and networks from malware and intrusions.
• Use a strong password manager to generate and store unique passwords for all of your online accounts: Whaling phishing attackers often use password cracking tools to guess users’ passwords and access their accounts. Users should use a strong password manager that can generate and store unique, complex, and hard-to-guess passwords for each of their online accounts and devices. Users should also change their passwords regularly and never reuse them across different accounts or services.
• Enable two-factor authentication on your online accounts: Whaling phishing attackers often use stolen login credentials to access users’ online accounts and take control of their files, data, or money. Users should enable two-factor authentication (2FA) on their online accounts whenever possible to add an extra layer of security and verification. 2FA requires users to enter a code sent to their phone or email in addition to their password when logging in to their account.

Conclusion

Whaling phishing attacks are a type of cyberattack that targets high-profile individuals, such as CEOs, CFOs, or other executives, and tries to trick them into giving up sensitive information, such as login credentials, financial data, or business secrets. Whaling phishing attacks can result in identity theft, financial losses, data breaches, or reputational harm.

Whaling phishing attacks can be identified and avoided by being wary of unsolicited emails, especially those from people you don’t know; being suspicious of emails that ask for sensitive information; verifying the identity of the sender before clicking on any links or opening any attachments; keeping your software up to date; using a strong password manager; and enabling two-factor authentication.

Whaling phishing attacks can be prevented and mitigated by using security software and solutions, such as antivirus software, firewall software, DNS service provider, VPN service, and password manager.