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Scam of the Week: Watch Out for Silicon Valley Bank Scams

Posted on Wednesday, March 29, 2023 in Privacy & Security

Recently, the US-based Silicon Valley Bank (SVB) recently shut down due to failure to meet its financial obligations. This collapse has caused a public panic, and unfortunately, cybercriminals take advantage of high-profile news stories to catch your attention and manipulate your emotions.

In the coming weeks, we expect to see cybercriminals referencing the collapse of SVB in phishing attacks and disinformation campaigns. Cybercriminals are already taking advantage of this event to try to steal your sensitive information. For example, cybercriminals may send you emails offering money or financial advice in response to the bank failure. These emails may appear to come from trusted financial services, but interacting with these emails can lead to cybercriminals taking your banking information or funds. 

Follow the tips below to stay safe from similar scams:

  • Always think before you click. Cyberattacks are designed to catch you off guard and trigger you to click impulsively. 
  • Watch out for sensational or shocking headlines about SVB. These headlines could lead to articles that contain disinformation, or false information designed to intentionally mislead you. 
  • Be cautious of unexpected payout opportunities. Remember, if something seems too good to be true, it probably is!

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