cyber crime

Cyber Crime : Current and Emerging Threats

Cyber Crime : Current and Emerging Threats

Protecting your identity online from cyber crime

All over the world, societies are increasingly reliant on the identification information. Identity-related information about individuals is used e.g. for banking, shopping, traveling, and collecting social assistance. Increasingly, such information also includes biometric information. The more our society becomes computerized, the more avenues are open for cyber crime to exploit the vulnerabilities of those systems to commit identity-related crimes, which generate significant profits for criminals each year, with a far-reaching impact not only on economies and online commerce but also on individuals who fall victim to it. Where identity-related information is obtained by criminals, it can be abused to launder money,  commit fraud and enable illicit activities for organized crime purposes, including acts of corruption, human trafficking, migrant smuggling, and even terrorism.

Millions of dollars can be stolen using false identification either in highly sophisticated single events or through millions of smaller incidents. In the hands of unscrupulous criminals, these illegally derived profits can be used to commit further crimes.

Law enforcement agencies and cybersecurity professionals are constantly working to develop innovative solutions to prevent and mitigate cybercrime. However, it’s a collective responsibility to stay vigilant and protect our personal information to minimize the risks.

Remember, by staying informed, practicing good cybersecurity hygiene, and seeking assistance from experts when needed, we can all contribute to creating a safer online environment.

Growing trend of cyber enabled financial crimes

Growing trend of cyber enabled financial crimes

The Internet is a hunting ground for cyber criminals

Crime has also moved online, and cyber-enabled financial crimes, such as business email compromise, CEO fraud (where cybercriminals impersonate executives), e-commerce scams and investment fraud, have escalated in nearly every region. Today’s ransomware attacks target ‘big game’ targets, including major corporations, governments and critical infrastructure. To maximize harm and illicit profit, strategies have shifted to techniques like double extortion, where victims’ data or files are both encrypted and threatened with public exposure, compounding the risks of business disruption and reputational damage.

While world governments have their hands full dealing with the COVID-19 pandemic, shady cyber heist operators are busy working the other way creating a vast fortune, to the tune of $6 trillion by 2021 end alone.

If that total amount is a country’s GDP, it’s next only to the income of the US and China as all of us know India is at $3 trillion mark and planning to touch $5 trillion in next 5 years after crossing the economic indicators of Britain.

Technology keeps evolving at a rapid pace, so do cybercrooks. Apart from newer forms of cyber threats, even the oldest tricks in the book are not completely useless for these cybercriminals. They take these tricks out of the box and make modifications and updates to bypass security measures especially created for them.

Truth Labs has performed a number of forensic investigations of financial fraud and accounting for public sector and corporate clients.

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