According to the 2022 Internet Crime Report compiled by the IC3, at $3.3 billion, Investment Fraud is now the top-earning cybercrime category, surpassing business email compromises in 2022, according to the FBI. Furthermore, the Bureau said the increase was mainly a result of criminals spoofing legitimate business phone numbers to confirm fraudulent banking details with their victims.
Global consumers and businesses filed throughout 2022:
• $10.3bn total cybercrime losses (up 49% yoy)
• 801,000 complaints (down 46,000 yoy)
• $3.31bn total Investment fraud (up 127% yoy)
• $806.6m total Tech support fraud (up 132% yoy)
• $2.7bn total BEC fraud (up 14% yoy)
• 300,000 phishing complaints (down 7% yoy but still the most popular form)
The report also noted that while 2,385 complaints about ransomware were reported last year, estimating losses at $34.4m, the loss figures do not represent the full scale of the financial burden placed on organizations. Also, many ransomware breaches go unreported and loss estimates do not include lost business, time, wages, files, equipment or third-party remediation services used by victims.
Monti Knode, Director of Customer Success, Horizon3.ai had this to say:
“The SVB collapse is a perfect storm for both Investment fraud and BEC — the top two losses categories from the IC3.
“Right now, thousands of tech companies are moving their money, but even more fragile is the fact that they are messaging with their customers and reestablishing invoicing and payments. This is creating confusion and opens up opportunity for attackers to pose and prey on unwitting customers.
“Tech companies caught up in the SVB collapse will need to be extremely diligent and get personal with their customer base to maintain trust during this tough time, or a customer may quickly attribute the moniker of “threat” to their vendor, and that’s nowhere anyone wants to be.”
This dovetails into a story that I put up yesterday saying that I expect attacks that are leveraging the failure of SVB. Given the numbers in this report, we could start seeing those attacks at any time. Never mind all the usual cybercrime that we see now. And that’s going to cost us all a lot of money.
Like this:
Like Loading...
Related
This entry was posted on March 14, 2023 at 4:59 pm and is filed under Commentary with tags Cybercrime. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Investment Fraud is Now Top Cybercrime Earner: Internet Crime Report
According to the 2022 Internet Crime Report compiled by the IC3, at $3.3 billion, Investment Fraud is now the top-earning cybercrime category, surpassing business email compromises in 2022, according to the FBI. Furthermore, the Bureau said the increase was mainly a result of criminals spoofing legitimate business phone numbers to confirm fraudulent banking details with their victims.
Global consumers and businesses filed throughout 2022:
• $10.3bn total cybercrime losses (up 49% yoy)
• 801,000 complaints (down 46,000 yoy)
• $3.31bn total Investment fraud (up 127% yoy)
• $806.6m total Tech support fraud (up 132% yoy)
• $2.7bn total BEC fraud (up 14% yoy)
• 300,000 phishing complaints (down 7% yoy but still the most popular form)
The report also noted that while 2,385 complaints about ransomware were reported last year, estimating losses at $34.4m, the loss figures do not represent the full scale of the financial burden placed on organizations. Also, many ransomware breaches go unreported and loss estimates do not include lost business, time, wages, files, equipment or third-party remediation services used by victims.
Monti Knode, Director of Customer Success, Horizon3.ai had this to say:
“The SVB collapse is a perfect storm for both Investment fraud and BEC — the top two losses categories from the IC3.
“Right now, thousands of tech companies are moving their money, but even more fragile is the fact that they are messaging with their customers and reestablishing invoicing and payments. This is creating confusion and opens up opportunity for attackers to pose and prey on unwitting customers.
“Tech companies caught up in the SVB collapse will need to be extremely diligent and get personal with their customer base to maintain trust during this tough time, or a customer may quickly attribute the moniker of “threat” to their vendor, and that’s nowhere anyone wants to be.”
This dovetails into a story that I put up yesterday saying that I expect attacks that are leveraging the failure of SVB. Given the numbers in this report, we could start seeing those attacks at any time. Never mind all the usual cybercrime that we see now. And that’s going to cost us all a lot of money.
Share this:
Like this:
Related
This entry was posted on March 14, 2023 at 4:59 pm and is filed under Commentary with tags Cybercrime. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.