Cyber Security News – May 2022

May 25, 2022

Email Phishing attacks are the type of cybercrime that causes the most financial damage

BEC- Business Email Compromise stands out as one of the most damaging phishing attacks.

BEC fraud is a type of crime where criminals break into their email accounts, pretend to be someone they’re not, tricking victims into transferring money to a place they shouldn’t be sending. These crimes attract far less attention than major ransomware attacks, but according to the FBI, BEC fraud is the most costly type of cybercrime in the U.S. for years. BEC scams attract criminals worldwide because of the low risk of return.

According to a new FBI report, the damage caused by BEC fraud in the United States in 2021 is about $2.4 billion. That’s a 33 percent increase from 2020 and more than ten times higher than seven years ago. In one case alone, $2.8 million was stolen.

BEC scammers use a variety of techniques to hack legitimate business email accounts and trick employees into making wire transfer or purchases they shouldn’t. Targeted phishing emails are a common type of attack, but experts say scammers are quick to adopt new technologies sech as “deep fake” sound produced by artificial intelligence to pretend to be executives in a company and persuade their subordinates to send money by tricking them.

$615 million worth of cryptocurrency stolen

Blockchain company Ronin said hackers stole about $615 million worth of cryptocurrency from their systems.

Ronin announced that $615 million worth of cryptocurrency was stolen from his company’s systems, making it one of the largest cryptocurrency heists on record.

Unidentified hackers stole abut 173,600 Ethereum and USD 5.5 million on March 23, the company said.

The attack was reportedly discovered a week after the attack, adding, “We are working directly with various government agencies to ensure that the culprits are brought to justice.”


Spyware on Your Phone

Spyware designed for authoritarian regimes and individuals to monitor the people they are targeting through their devices and without permission is becoming more and more common.

According to research by Norton Labs, the use of its software, also called stalkerware or spyware, increased by 63 percent between September 2020 and May 2021. Norton Labs believes this increase is due to people spending more time at home during the Covid-19 pandemic.

Stalkerware software allows you to track everything a person does on a computer or phone after they are installed. If you’re close enough, that person’s phone calls can be tapped.

If your mobile phone, abnormally restarts on its own, Battery runs out faster than usual and if you suspect that you have started to experience these after clicking on the link in an SMS, spyware may have been installed on your mobile phone.

When you suspect such a situation, it is advisable to setup antivirus application your phone and reset all your accounts (social media, shopping sites, mobile banking) with two-factor authentication.