TORONTO – An email security firm says the Canadian Imperial Bank of Commerce is one of the most commonly-targeted brands used by cyberthieves in phishing attacks across North America, with a more than 600 per cent surge in fake email attempts in the third quarter.
Vade Secure’s analysis shows that CIBC was the lone Canadian company among the top 25 brands used by cybercriminals attempting to trick people into handing over their credentials and access their confidential information.
The Canadian banking brand was ranked 25th and used in an average of 5.3 new phishing links per day during the third quarter, an increase of more than 622 per cent from the previous quarter.
The France-based email security firm’s chief executive Adrien Gendre says each of these links, which typically mimic official webpages, can be sent to thousands of users.
The top three brands were Microsoft, PayPal and Netflix but other Canadian banks were also among the 86 phished brands tracked by Vade Secure, including Bank of Montreal in 33rd place, Scotiabank in 47th place, Royal Bank in 49th place and Toronto-Dominion Bank at 62.
RBC says that as the bank increases its global footprint it becomes a bigger target for phishing attacks, but it has layers of security to protect against these kinds of threats.
CIBC, BMO, Scotiabank and TD Bank did not respond to requests for comment.
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