10 Cybersecurity Scams to Watch for in 2023

Geopolitical, and Economic Factors Will Continue to Drive Cybercrime

This article explores the current landscape of cybercrime and highlights top five and five common scams in 2023.

Geopolitical and economic factors have a significant impact on the rise of cybercrime. As the world experiences various challenges, such as the Russia-Ukraine war and increasing poverty and food insecurity, cyberattacks have become more prevalent. These factors contribute to the desperation felt by individuals, leading them to turn to cybercrime as a means to support themselves and their families.

Inflation and economic difficulties are affecting many people, particularly in the United States. Record inflation rates and the resulting financial strain force individuals to make difficult choices daily. Similarly, in less stable economies around the world, countless people find themselves in desperate positions, struggling to provide basic necessities for their families. Regrettably, this desperate situation creates an environment where new cybercriminals emerge every day out of sheer necessity.

The desperation faced by individuals also fuels the creativity and audacity of cybercriminals. Scammers take advantage of people’s desperation by using various tactics to exploit their vulnerabilities. These scams are evolving at a rapid pace, with new ones emerging faster than we can detect and prevent them.

  1. Cybercrime and Scamming as a Service: To streamline their criminal operations, cybercriminals are turning to underground virtual marketplaces. These platforms offer end-to-end services, allowing low-skill threat actors to easily obtain stolen credentials, credit card numbers, phishing kits, malware, and other tools to carry out various cybercrimes. This ‘Scamming as a Service’ model enables even less experienced individuals to engage in sophisticated attacks, leading to an increase in cybercrime activities.
  2. Malware and Ransomware Threats: The high-profile ransomware attack on the Colonial Pipeline in 2021 exposed the devastating consequences of these cyber threats. As geopolitical conflicts persist, cybercriminals are likely to leverage malware and ransomware attacks, particularly in regions affected by war and associated sanctions. Russian state-sponsored organized crime teams, skilled in ransomware, may exploit such situations to fund their war efforts. Entities supporting Ukraine’s defense, including U.S. government agencies and defense contractors, may become targets of phishing campaigns to cause disruption and demand ransoms.
  3. Business Email Attacks: Business Email Compromise (BEC) attacks are at the forefront of cybercriminal activity due to their attractive potential payouts. By impersonating company executives, employees, or vendors, scammers trick recipients into transferring funds urgently. The social engineering tactics employed in these scams manipulate victims into acting quickly, leading to significant financial losses. As the methods used in BEC attacks evolve, we see a shift towards targeting mid-level employees, demonstrating the adaptability and creativity of cybercriminals.
  4. Crypto Scams and ‘Pig Butchering’: With cybercriminals constantly innovating, they now use translation programs to communicate with global victims in their native languages. In a scheme known as “pig butchering,” scammers initiate conversations to establish online friendships and eventually lure victims into crypto-related scams. By promising quick returns on investments, the fraudsters manipulate victims into pouring more money into their schemes. These scams rely on the anonymity of cryptocurrencies, making them harder to trace and leading to increased scrutiny on cash-out methods.
  5. Innovation in the Cybercrime Cash-Out Process: The cash-out process poses a significant risk for cybercriminals, as large transfers can attract the attention of law enforcement. To avoid detection, cybercriminals are turning to crypto mixing services, which obscure the origin of funds. Gift cards have also become an attractive option for cashing out illegal proceeds due to their low traceability. However, potential targets are becoming more aware of such tactics, making it necessary for cybercriminals to seek new, more clandestine methods to launder their gains.

The interconnectedness of geopolitics, economic challenges, and cybercrime continues to drive an uptick in cyberattacks in 2023. As desperate circumstances push individuals into cybercrime, the landscape of scams and cyber threats evolves, becoming more sophisticated and creative. Businesses, organizations, and individuals must remain vigilant against these evolving threats, enhance cybersecurity measures, and promote awareness to protect themselves from falling victim to cybercriminals’ schemes.

In addition to the five scams mentioned in the previous section, there are several other prevalent scams that individuals and organizations should be aware of:

  1. Phishing Scams: Phishing scams involve fraudulent emails, messages, or websites that impersonate legitimate entities to deceive recipients into revealing sensitive information such as login credentials, credit card details, or personal information. These scams often create a sense of urgency or offer enticing rewards to trick victims into providing their confidential data.
  2. Romance Scams: Romance scams typically occur on online dating platforms, where fraudsters create fake profiles and build emotional relationships with their victims. Once trust is established, scammers exploit their victims’ emotions to request money for various reasons, such as medical emergencies, travel expenses, or investment opportunities.
  3. Charity Scams: Charity scams take advantage of people’s generosity by impersonating legitimate charitable organizations. Scammers use various tactics, such as fake disaster relief campaigns or emotional stories, to solicit donations. However, the funds collected never reach the intended beneficiaries, and the scammers profit from the goodwill of unsuspecting donors.
  4. Employment Scams: In employment scams, fraudsters pose as recruiters or employers offering attractive job opportunities. They may request payment for training materials, background checks, or administrative fees, or they may use the guise of the job to gather personal information for identity theft purposes.
  5. Online Purchase Scams: With the rise of e-commerce, online purchase scams have become increasingly prevalent. Scammers create fake online stores or marketplace listings for popular products at significantly discounted prices. Victims make payments but never receive the purchased items, as the scammers disappear after collecting the funds.

It’s important to stay informed about these and other scams, as cybercriminals are constantly evolving their tactics. Practicing caution, verifying the legitimacy of communications and offers, and maintaining strong cybersecurity measures can help protect against falling victim to these scams.

Looking to beef up your cybersecurity strategy? We can help. Email info@zeektek.com to get started.

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