Several SBA loan phishing scams identified in recent weeks that impersonate the U.S. Small Business Administration in order to obtain personally identifiable information and login credentials for fraudulent purposes.
Due to the hardships suffered by businesses due to the COVID-19 pandemic, the SBA’s Office of Disaster Assistance is offering loans and grants to small businesses to help them weather the storm.
Hundreds of millions of dollars have been made available by the U.S. government under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help struggling individuals and companies during the pandemic. Cybercriminals have been quick to develop campaigns to fraudulently obtain those funds, raid bank accounts, steal sensitive information, and distribute malware and ransomware.
Several phishing campaigns have been launched since April 2020 targeting businesses that are considering or have already applied for loans under the SBA’s Economic Injury Disaster Loan Program.
Phishing emails have been sent encouraging small businesses to apply for a loan. One such campaign confirms that the business is eligible for a loan and the loan has been pre-approved. The purpose of the scam is to obtain business information that allows the scammers to apply for a loan on behalf of the business and pocket the funds.
Another scam impersonates the SBA and claims an application for a loan is complete and payment will be made once supporting documents have been received. The emails include an attached form that must be completed and uploaded to the SBA website. The email attachment appears to be a .img file but has a hidden double extension and is actually a .exe executable. Double-clicking and running the file will see GuLoader malware installed, which is a downloader that can deliver a range of different malicious payloads.
Protect your MSP clients with the newest zero-day threat protection and intelligence against anti-phishing, business email compromise and zero-day attacks with PhishTitan.
Free Demo
The same email address used for that campaign was used in a different attack that included a PDF form that requested bank account information and other sensitive data, which needed to be completed and uploaded to a spoofed SBA website.
In the past few days, yet another SBA loan phishing scam has come to light. Phishing emails were sent to Federal Executive Branch, and state, local, tribal, and territorial government agencies. The phishing scam relates to an SBA application for a loan with the subject line “SBA Application – Review and Proceed.” The emails links to a cleverly spoofed SBA web page that indistinguishable from the genuine login page apart from the URL that attempts to steal credentials. The scam prompted the DHS’ Cybersecurity and Infrastructure Security Agency (CISA) to issue an emergency alert warning of the scam.
These SBA loan phishing scams use a variety of lures and have multiple aims, but they can be avoided by following good cybersecurity best practices.
First and foremost, you should have an advanced spam filtering solution in place such as SpamTitan. SpamTitan checks email headers and message content for signs of spam, phishing, and scams and uses DMARC and sender policy framework (SPF) to identify and block email impersonation attacks.
Dual antivirus engines detect 100% of known malware and sandboxing is used to subject attachments to deep analysis to identify malicious code and malware that has not been seen before. Machine learning technology is also used to identify new phishing scams, along with multiple threat intelligence feeds to identify known phishing scams.
Prior to opening any downloaded document or file it should be scanned using antivirus software that has up-to-date virus definitions. Check the properties of files to make sure they are what they claim to be and do not have a double extension.
Care should be taken when opening any email or email attachment, even emails that are expected. Steps should be taken to verify the legitimacy of any request received via email, especially one that requires the provision of personally identifiable information or requests for bank account and other highly sensitive information.
Emails and websites may look legitimate and have SBA logos, but that does not guarantee they are genuine. Always carefully check the sender of the email – Genuine SBA accounts end with sba.gov. The display name can easily be spoofed so click reply and carefully check the email address is correct. Care should be taken when visiting any website linked in an email. Check the full URL of any website to make sure it is a legitimate domain.
CISA also recommends monitoring users’ web browsing habits and restricting access to potentially malicious websites. The easiest way to do this is by using a web filtering solution such as WebTitan. WebTitan allows businesses to monitor Internet activity in real time, send automatic alerts, block downloads of certain file types, and carefully control the types of websites that can be accessed by employees.
For more information on spam filtering and web filtering solutions to protect your business from phishing and other cyberattacks, give the SpamTitan team a call today.