Screen-sharing scams: Is your business at risk?

 

Screen-sharing can be an incredibly useful tool for businesses. Sharing the content that is on your screen in real time with other people is a great way to collaborate, get immediate feedback, and drive projects forward. For the team here at incovo, it can also help us to solve our clients’ IT issues remotely as quickly as possible.

However, despite these obvious advantages, it is important to be aware of a rise in the number of screen-sharing scams. Read on as the IT experts at incovo reveal how widespread the problem is, the devastating financial impact screen-sharing scams can have, and how you can best protect your business.

 

The science of scamming
As screen-sharing becomes increasingly commonplace, thanks to essential business software such as Microsoft Teams, scammers are taking advantage of this familiarity and persuading victims to go one step further – granting them control of their device, by either expanding permissions or downloading remote access software.

The danger is that this can give scammers direct access to online bank accounts. It also gives them the opportunity to install their own malware, which would grant them full access to your device at any time.

 

A growing problem
New research from the Financial Conduct Authority (FCA) found 47% of investors would fail to identify a screen sharing scam. They also reported a staggering 86% increase in cases in one year – that’s a total of 2,014 cases and over £25million in loses.

One key case study from their report focused on 59-year-old Angela Underhill. The unscrupulous scammers persuaded Angela to download remote desktop software which she was led to believe was required in order to secure an investment. However, this software actually enabled the scammers to access her banking details and her pension, and they even applied for loans on her behalf. As a result, Angela lost over £48,000.

 

Protect yourself and your business
The FCA has created a useful ScamSmart Warning List for investors which can check and confirm if the firm you are dealing with is registered, or known to be suspicious.

In addition, incovo suggests all individuals and businesses interacting online keep the following in mind:

1. Stop and think carefully before proceeding if you are asked to download anything new or share a screen with someone you do not know. Your bank, for example, will never need to access your screen to view your information. So, if someone claiming to be from your bank asks you to do so, STOP!
2. Watch out for phishing emails and phone calls. Remember, never share your card details such as the CVV number, expiry date, or PIN with any person, not even someone claiming to be from your bank.
3. Never click on adverts shown on websites or social media that are advertising investment or pension opportunities. If you are interested in something that you see advertised, it’s best to go direct to their website and conduct some thorough research.

 

Professional protection from Sophos
As well as following these top three tips, it pays to have some professional protection. Managed Threat Response (MTR) from leading cyber security experts, Sophos, is a 24/7 service which continually searches for online threats. If and when they are detected, a team of cyber security experts can respond to them immediately – containing and neutralising them to prevent damage to your business.

So for example, if a scammer tries to install malware in an attempt to gain full access and control of your device, the Sophos cyber experts can react in real time and step in before any damage is done.

 

Why choose incovo?
incovo offers a choice of Sophos Standard or Advanced MTR packages so you can choose whichever service suits your business best.

Speak to the cyber security experts at incovo by calling 0345 450 8400 or email enquiries@incovo.com and we’ll ensure your business gets the 24/7 protection it needs.