Criminals are always looking for new and innovative ways to make money, and one of the biggest money-making schemes in recent years has been hacking. Criminal hacking has become so prevalent and dangerous that Americans rank it as their number one technology risk to health, safety, and prosperity. This is not an unfounded fear, as evidenced by the recent case of a Canadian hacker facing criminal charges after a $50 million cryptocurrency theft.
Crypto Theft Leads to Criminal Charges
The Canadian hacker in question, Karim Baratov, was recently arrested by police in Canada and extradited to the United States to face charges related to the theft of $50 million in cryptocurrency. Baratov was part of a group of hackers who targeted Yahoo accounts in 2014, stealing personal data from millions of users. While the others in the group were sponsored by the Russian government, Baratov was a freelance hacker who was paid to access the accounts of specific individuals.
Baratov used spear-phishing attacks to gain access to the Yahoo accounts of his targets. Once he gained access, he was able to access their cryptocurrency wallets and steal large sums of money. Baratov was able to avoid suspicion by keeping his thefts small and random, making them difficult to track.
Americans Rank Criminal Hacking as Their Number One Technology Risk
A recent survey conducted by Insureon found that criminal hacking was Americans' number one technology risk to health, safety, and prosperity. The survey found that 55% of respondents believed they were at risk of being hacked, and 53% believed that a hack would have a negative impact on their business. The survey also found that only 21% of small business owners had cyber liability insurance, leaving them vulnerable to financial loss as a result of a hack.
The survey underscores the importance of taking steps to protect oneself and one's business from criminal hacking. This includes using strong passwords, keeping software up to date, and using security software such as firewalls and anti-virus programs. It also means being aware of common hacking techniques such as spear-phishing attacks and taking steps to avoid falling victim to them.
Criminal Hacking as a Top Technology Risk
Criminal hacking is not just a risk to individuals and businesses, but to society as a whole. According to a report by the World Economic Forum, cyber attacks are the third-biggest threat to global security, behind only natural disasters and extreme weather events. The report found that cyber attacks were becoming more frequent and more sophisticated, and that they could have devastating consequences for critical infrastructure such as power grids and transportation systems.
The report urges governments and businesses to take steps to mitigate the risk of cyber attacks, including investing in cybersecurity measures and working together to share information and best practices. It also calls for greater international cooperation in combating cyber crime and establishing clear rules and norms for behavior in cyberspace.
Woman Arrested in Facebook Hacking Scam
Criminals are not just targeting large corporations and governments, but are also targeting individuals on social media platforms such as Facebook. In December 2018, Thai police arrested a woman for running a Facebook hacking scam that targeted elderly people looking for help with their social security benefits.
The woman, who went by the alias "Ana," would offer to help elderly people apply for social security benefits in exchange for access to their Facebook accounts. Once she had access, she would use their accounts to post fake "Likes" on other pages and sell the likes to businesses looking to boost their online presence. She would also use their accounts to send spam messages promoting fake investment opportunities.
The case highlights the need for individuals to be vigilant about who they share their personal information with online, and to be wary of offers that seem too good to be true. It also underscores the need for platforms such as Facebook to take steps to protect their users from these types of scams.
In Conclusion
Criminal hacking is a serious and growing threat to individuals, businesses, and society as a whole. From cryptocurrency theft to social media scams, hackers are finding new and innovative ways to make money at the expense of others. It is more important than ever to take steps to protect oneself and one's business from these threats, including using strong passwords, keeping software up to date, and using security software. It is also important for governments and businesses to work together to combat cyber crime and establish clear rules and norms for behavior in cyberspace.
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