In 2023, the FBI was inundated with a staggering number of cybercrime complaints, resulting in a total loss of $12.5 billion (1). The IC3 alone received 880,418 complaints, with phishing leading the pack at 298,878 complaints. Data breaches followed with 55,851, and cyber extortion wasn’t far behind with 48,223 complaints.
These high numbers are a stark reminder that there’s still much to learn about the hidden threats in the digital world. As you read on, you’ll be introduced to helpful tips to identify scams, understand the platforms where they occur, and gain resources that can help place you back on solid ground after falling victim to different types of cyber extortion.
Recognizing a Scam
The reason scams succeed is because cybercriminals create believable stories to persuade you to give them money or personal details. Therefore, recognizing a threat before it becomes a problem is the best protection. To a cybercriminal, you are a number so long as you don’t pay, they’ll normally move on to another. Let’s explore the most common scams and how to recognize them:
Recognizing Catfishing Scams
Catfishing is a term used to describe when someone pretends to be someone else on social media or other online platforms with the hopes of coercing potential victims into conversations before manipulating them into some type of cyber extortion There are several forms of this scam, including Financial Catfishing, Romantic Catfishing, and Revenge Catfishing. Some potential warning signs of a catfishing scam include the following:
- Profiles that are overly tailored with images that seem to good to be true.
- Details that just don’t add up. Remember that they can easily get tangled in their own web of deception in their conversations with you. Let them.
- Immediate messages of love. This is the classic tactic to get a profile to accept you and to get them to trust you in a shortest amount of time possible.
- An reluctancy toward meeting in person. This goes along with the details of their story. They’ll make a number of excuses for why they cannot meet.
Stopping Phishing/Smishing Scams
These scams frequently are emails or text messages tricking victims into clicking on a link, opening an attachment, or sending information to a Spoofed account. The content might say there’s a problem with your account or your payment details. Here are some tips to stop phishing attacks:
- Stay informed about phishing techniques. Remember that scammers are always getting better at crafting their messages.
- Use antivirus software and filtering tools that identify phishing or impersonation attempts.
- If you think you’ve received a fraudulent email, don’t click on any links. If you believe the contact is legitimate, go to the company’s website to verify authenticity.
Preventing Data Breaches
In its simplest form, a data breach is when cyber attackers get access to an organization’s confidential information. Preventing this scheme starts with strong and comprehensive security. You can detect it early enough to minimize its effect by following these practices:
- Implement strong access restrictions, such as two-factor authentication and password policies to make it harder for cybercriminals to steal credentials.
- Regularly patch and update software and systems. Automatic updates should be enabled whenever possible.
- Set a plan of action in case the worst happens. This plan must include methods for notifying users of the type of data stolen, password-strengthening techniques, and monitoring systems and networks for malicious activity.
Where Should You Seek Help
It can be difficult for victims to know how to handle cyber extortion threats. Despite the best preventive measures, cyber-attacks can still occur. However, there are organizations and companies that aid or guide you on how to handle the situation.
Reporting to Local Law Enforcement
Always report cyber-attacks against individuals to the local police first. Law enforcement uses a variety of laws and strategies to combat cyber extortion and normally can walk you through proper next steps in the event of some security issue. They strive to bring cybercriminals to justice and protect victims from the devastating impacts.
National Cybercrime Units FBI (IC3), FTC, in the US.
The FBI’s Internet Crime Complaint Center (IC3)(2) plays an essential role in collecting and analyzing data related to cyber extortion. This helps federal agencies anticipate and respond to emerging threats. Also, the Federal Trade Commission (FTC)(3) provides guidance on how to respond to extortion like in cases of romance scams, report suspicious activity, and more. They also play a role in investigating and prosecuting cyber extortion cases, providing support and resources to victims.
Seeking Additional Support
The world of cyber extortion is a tangled web of technical complexities and jurisdictional issues that pose significant challenges for law enforcement. However, working with private cybersecurity firms allows both law enforcement and victims to quickly collect evidence of these crimes, which can lead to better outcomes in their investigations.
Cybersecurity firms have advanced forensic tools for analyzing digital evidence and tracking the criminals responsible for these cyber extortion attempts. Depending on their services, they may also have the ability to track funds that the criminals were able to extort from victims. Finally, these professionals provide proactive security measures to prevent future attacks.
How Digital Forensics Helps Fight Cyber Extortion
Investing in cybersecurity is not just a proactive measure. It’s an essential aspect of preventing, detecting, responding to, and predicting network attacks. At DFC, we fight cyber extortion with effective technological and forensics solutions that identify potential threats and immediately secure your IT infrastructure.
- Financial Tracking: Our expert investigators look beyond the numbers to uncover the origin of transactions that cybercriminals make using your stolen funds
- Cyber Investigation Techniques: Our cutting-edge technology is designed to analyze and trace digital footprints left by cyber criminals wherever they are.
- Device Scanning: Our team uses the latest tools and technology to recover and analyze data from devices to know how your IT infrastructure was penetrated and what malicious activity may have occurred.
- Ethical Hacking: We also assist you with identifying and fixing weaknesses in your system security, protecting you from future attacks.
Don’t let cyber criminals catch you off guard. Contact our Blackmail Helpline for a free consultation and learn how we can help you better prepare for the future.
References:
- https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf
- https://www.ic3.gov/
- https://reportfraud.ftc.gov/
DISCLAIMER: THIS POST IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSIDERED LEGAL ADVICE ON ANY SUBJECT MATTER. DIGITAL FORENSICS CORP. IS NOT A LAWFIRM AND DOES NOT PROVIDE LEGAL ADVICE OR SERVICES. By viewing posts, the reader understands there is no attorney-client relationship, the post should not be used as a substitute for legal advice from a licensed professional attorney, and readers are urged to consult their own legal counsel on any specific legal questions concerning a specific situation.
