Criminals Capitalize on Social Media, Including Meta, to Target Small Businesses with Phishing Scams

It’s hardly surprising that small businesses are relying more and more on Instagram, Facebook, and other platforms to market their brands and sell items given how much of daily life is now conducted online.

The main issue is that, in terms of cybersecurity, small business owners are considerably outmatched on these platforms.

Consider Pat Bennett, a businesswoman who sold granola in the Cleveland region and derived around 50% of her revenue from Instagram. When her company’s Instagram page, Pat’s Granola, came under attack, the firm was already under stress due to the increased cost and availability of sugars and oats.

The assault seemed to be harmless. An Instagram message from a small company owner Bennett knows personally arrived at her inbox. Her friend sent Bennett a link asking him to cast his vote for her in a competition.

It was a real competition, and Bennett frequently used Instagram Message to speak with contestants. It turned out to be an attack that affected all of her contacts in the address book. Bennett lost access to her Facebook and Instagram accounts and hasn’t been able to get it back after utilizing every avenue Meta suggests.

She managed to follow the IP addresses to Europe with some help, but it wasn’t enough to avert the worst. In a letter, Bennett was informed that, in exchange for paying close to $10,000, she could take back control of her accounts. She was forced to start afresh after refusing to pay the ransom.

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Social Media Giants’ Silence Leaves Small Business Owners Vulnerable

Small company owners claim that social media juggernauts like Meta have not done anything to assist them in addressing the issue.

Over half of small business owners named social media as their favourite digital marketing medium, according to SCORE, a nonprofit organization supported in part by the U.S. Small Business Administration. In contrast, 51% of respondents mentioned their company website, and 33% said they preferred online advertising.

Also, 66% of business owners cited Facebook, 42% cited Alphabet’s YouTube, and 41% cited Instagram when asked which social media platform they found to be the most effective for digital marketing.

Despite the threat’s seeming size, cybersecurity experts say the best defense is actually quite simple. The security tools that social media platforms now provide, such two-factor authentication, aren’t being used by enough individuals. Business password managers, created for many users who might need access to the same accounts, are another option for business owners.

 It also helps to be aware of what to look for and to be cautious of any links or information requests. The Identity Theft Resource Center is a nonprofit that can assist those who are unlucky enough to experience a hack and lose access to their accounts in determining their next course of action.

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Source: MSN