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.




More Canadian Cities Along With The Province Of Ontario Ban TikTok
Posted in Commentary with tags TikTok on March 15, 2023 by itnerdThe list of Canadian Cities is growing. Hot off the heels of this, and this ban by four provinces, TikTok has new bans deal with. The Toronto Star says that the following cities have banned TikTok:
In a statement to the Star Monday, the City of Vaughan said that, “effective immediately,” TikTok is no longer allowed to be installed or used on city workers’ corporate devices.
Meanwhile, Kitchener Mayor Berry Vrbanovic took to Twitter on Monday morning to announce the app is being removed from all its corporate smartphones, out of an “abundance of caution.”
Oh yeah and this also happened:
On March 9, the province of Ontario announced a TikTok ban on all provincial government-issued devices — the last province to do so, after all other provinces and territories followed the federal example of barring the app from corporate devices.
So if you’re TikTok, you have to wonder what is next. The momentum against TikTok is growing and it’s only a matter of time before everyone, everywhere bans TikTok. And you have to wonder what the Chinese Communist Party will do as a result of these bans.
Buckle up.
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