Connect with us

Expert Speak

Scammers Target People Who are Newly Single, Wealthy, or Inexperienced With Using Online Platforms

Published

on

Written by Doros Hadjizenonos, Regional Director at leading cybersecurity specialists Fortinet

With hundreds of millions of people using online dating platforms and nearly five billion using social media, the online space offers a rich hunting ground for scammers. Researchers at Georgia State University found scammers often target people who are newly single, wealthy, or inexperienced with using online platforms. However, people of all ages and from all walks of life have fallen victim.

Doros Hadjizenonos, Regional Director at leading cybersecurity specialists Fortinet, says fraudsters target users of social media and online dating apps in growing numbers. “So-called romance scammers typically create fake profiles to interact with users, build a relationship, and ultimately manipulate them to extract money,” he says. This may result in both financial losses and emotional trauma.

In the US alone, around 24,000 people collectively lost nearly $1 billion to romance scammers in 2021, according to the FBI. In the UK, the National Fraud Intelligence Bureau (NFIB) received 8,036 reports of romance fraud in the past year, with total losses amounting to over £92 million. In South Africa, there is an increase in reported romance scams, leading to some victims losing millions, their life savings, or their pensions.

Hadjizenonos notes that technology is helping romance scammers become even more sophisticated. “Deepfake photos, voice calls and videos, and letters or poems written by GenAI like ChatGPT, can be very convincing,” he says.

He believes AI could be used by social media platforms and dating sites to help reduce the risk to their users. “AI-enabled analytics can be used to pick up patterns in chats and raise alerts – without compromising individual users’ privacy,” he says. These tools could spot warning signs like persistent requests for personal details or money. “Platforms could also use biometric data to verify users against government identity systems.”

The most important measure to protect users against romance scams is awareness, he says. “People need to be very cautious online. They should think twice about sharing personal information, sending people money or private photos, or entertaining offers related to get-rich-quick schemes. They should also make use of the platform’s privacy settings and research their love interest’s social media footprint – if there’s no history and just one photo, this should be a red flag,” he says. “Scammers often steal other people’s profile pictures, so a reverse image search may indicate whether the new contract is who they say they are.”

Fortinet has highlighted several warning signs that individuals should be mindful of when engaging with a potential romantic partner online. These include:

  • Love bombing: Rapid declarations of love, discussions of marriage, and excessive flattery.
  • Distance: Persistent excuses for being unable to meet in person, such as remote work locations, living in another country, military postings, or frequent travel, along with a reluctance to engage in phone or video calls.
  • Requests for money: Initial small requests that gradually escalate to larger sums.
  • Unsolicited investment advice: Claims of being a skilled investor and promises to help make easy money.
  • Drama: Seeking urgent financial assistance under the pretence of a medical emergency, accident, arrest, or other unforeseen events, often accompanied by a plausible explanation for their inability to access their funds.
  • Requests for explicit photos: Seeking private photos that could be exploited for extortion.
  • Inconsistencies in communication style: Multiple scammers taking turns to manipulate the victim.

Being aware of these red flags can help individuals protect themselves from potential romance scams and online exploitation. “Remain open to the magic of finding love this Valentine’s Day, but remember to tread carefully and stay vigilant. It’s crucial not to let romance cloud your judgment,” Hadjizenonos concludes.

Artificial Intelligence

How AI is Reinventing Cybersecurity for the Automotive Industry

Published

on

Written by Alain Penel, VP of Middle East, CIS & Turkey at Fortinet (more…)

Continue Reading

Cyber Security

Positive Technologies Study Reveals Successful Cyberattacks Nett 5X Profits

Published

on

Positive Technologies has released a study on the dark web market, analysing prices for illegal cybersecurity services and products, as well as the costs incurred by cybercriminals to carry out attacks. The most expensive type of malware is ransomware, with a median cost of $7,500. Zero-day exploits are particularly valuable, often being sold for millions of dollars. However, the net profit from a successful cyberattack can be five times the cost of organizing it.

Experts estimate that performing a popular phishing attack involving ransomware costs novice cybercriminals at least $20,000. First, hackers rent dedicated servers, subscribe to VPN services, and acquire other tools to build a secure and anonymous IT infrastructure to manage the attack. Attackers also need to acquire the source code of malicious software or subscribe to ready-to-use malware, as well as tools for infiltrating the victim’s system and evading detection by security measures. Moreover, cybercriminals can consult with seasoned experts, purchase access to targeted infrastructures and company data, and escalate privileges within a compromised system. Products and tools are readily available for purchase on the dark web, catering to beginners. The darknet also offers leaked malware along with detailed instructions, making it easier for novice cybercriminals to carry out attacks.

Malware is one of the primary tools in a hacker’s arsenal, with 53% of malware-related ads focused on sales. In 19% of all posts, infostealers designed to steal data are offered. Crypters and code obfuscation tools, used to help attackers hide malware from security tools, are featured in 17% of cases. Additionally, loaders are mentioned in 16% of ads. The median cost of these types of malware stands at $400, $70, and $500, respectively. The most expensive malware is ransomware: its median cost is $7,500, with some offers reaching up to $320,000. Ransomware is primarily distributed through affiliate programs, known as Ransomware-as-a-Service (RaaS), where participants in an attack typically receive 70–90% of the ransom. To become a partner, a criminal must make a contribution of 0.05 Bitcoin (approximately $5,000) and have a solid reputation on the dark web.

Another popular attack tool is exploits: 69% of exploit-related ads focus on sales, with zero-day vulnerability posts accounting for 32% of them. In 31% of cases, the cost of exploits exceeds $20,000 and can reach several million dollars. Access to corporate networks is relatively inexpensive, with 72% of such ads focused on sales, and 62% of them priced at under a thousand dollars. Among cybercriminal services, hacks are the most popular option, accounting for 49% of reports. For example, the price for compromising a personal email account starts at $100, while the cost for a corporate account begins at $200.

Dmitry Streltsov, Threat Analyst at Positive Technologies, says, “On dark web marketplaces, prices are typically determined in one of two ways: either sellers set a fixed price, or auctions are held. Auctions are often used for exclusive items, such as zero-day exploits. The platforms facilitating these deals also generate revenue, often through their own escrow services, which hold the buyer’s funds temporarily until the product or service is confirmed as delivered. On many platforms, these escrow services are managed by either administrators or trusted users with strong reputations. In return, they earn at least 4% of the transaction amount, with the forums setting the rates.”

Considering the cost of tools and services on the dark web, along with the median ransom amount, cybercriminals can achieve a net profit of $100,000–$130,000 from a successful attack—five times the cost of their preparation. For a company, such an incident can result not only in ransom costs but also in massive financial losses due to disrupted business processes. For example, in 2024, due to a ransomware attack, servers of CDK Global were down for two weeks. The company paid cybercriminals $25 million, while the financial losses of dealers due to system downtime exceeded $600 million.

Continue Reading

Expert Speak

What the Bybit Hack Reveals About the Future of Crypto Security

Published

on

Written by Oded Vanunu, Chief Technologist & Head of Product Vulnerability Research at Check Point (more…)

Continue Reading
Advertisement

Follow Us

Trending

Copyright © 2021 Security Review Magazine. Rysha Media LLC. All Rights Reserved.