Cyber Security
New Pig Butchering Scam Targets Victims, Warns Chainalysis
With several billion dollars in inflows, scams that involve cryptocurrency are mounting in 2024 and are one of the largest areas of crypto-related illicit activity year to date (YTD). This is according to new research by Chainalysis, the blockchain data company, which also found that 43% of the total YTD scam inflows have gone to wallets that only became active this year. This suggests a surge in new scams, and is a significant development given that the next highest year, 2022, saw just 29.9% of total YTD flows go to wallets that became active that year.
Also notable this year has been the marked decline in the average lifespan of scams. Between 2020 and 2024 YTD, the average number of days scams were active has significantly decreased, starting at 271 days for scams that began in 2020, and ending at 42 days so far for scams beginning in 2024. “Taken together, these two data points strongly suggest that scammers are pivoting away from elaborate Ponzi schemes that cast a wide net, to more targeted campaigns like romance scams or address poisonings,” explained Eric Jardine, Cybercrime Research Lead at Chainalysis.
Earlier this year, in its 2024 Crypto Crime Report, Chainalysis researchers estimated that based on average payment size, romance scams — also called pig butchering scams — have had the worst impact on victims, of all scam types. Also concerningly, the company’s data suggests that this type of scam activity has grown by 85x since 2020. From 2022 to 2024, just one such organisation, a popular fraud shop, received US$ 10.5 million from scammers known to perpetrate romance scams. With this shop selling ‘seasoned’ social media profiles for anything between US$5 to US$20 per account, scammers could have purchased between 525K and 2.1M social media profiles they could then use to target victims.
“The pivot away from Ponzi schemes implies that victims are now being targeted through more interpersonal channels, such as social media or text messages. On one level, this sort of tactical shift makes scammers harder to track and somewhat more challenging victim restitution. However, there are clear cases involving asset freezes and law enforcement intervention that show how victims can still be made whole. This also serves as a reminder that while it’s easy to write off targeted scams, especially romance scams, as ‘something that won’t happen to me’, any individual can be a target. It is therefore important to stay on guard and be especially wary of communications from people you weren’t expecting to hear from — no matter how innocent their messages may seem. Engaging in a dialogue doesn’t mean you are being scammed but as soon as there is a request for transfer of monetary funds, it should raise red flags,” added Jardine.
Moreover, as Chainalysis has demonstrated, the transparency of blockchains has proven to be an incredibly powerful tool in understanding and uncovering the modus operandi of cybercriminals. “We closely monitor the crypto crime ecosystem, in collaboration with our partners, to shine a light on illicit activity. In doing so, we will continue to work with law enforcement agencies and cryptocurrency exchanges with the intelligence and tools to disrupt and prevent these scams,” concluded Jardine.
Cyber Security
AmiViz Champions Cybersecurity Innovation at Leading MENA Events
AmiViz has announced its successful participation in two key regional cybersecurity conferences: MENA ISC 2024 in Saudi Arabia, and CYSEC UAE 2024 in the UAE. These events have served as a platform for AmiViz to collaborate with its top vendors, including Bitsight, Cequence Security, Picus Security, AlgoSec, BlackBerry, Check Point, Tenable, Asimily, and Threatcop, to showcase cutting-edge cybersecurity technologies and solutions.
Throughout these events, AmiViz engaged deeply with partners and customers, gaining invaluable insights into the unique cybersecurity challenges faced in the region. The focus was on promoting new technologies that address these challenges and enhance security protocols for businesses operating in the dynamic Middle Eastern market.
“Our presence at the MENA ISC 2024, and CYSEC UAE 2024 has been a remarkable opportunity for us to not only present our innovative solutions but also to understand firsthand the needs and pain points of our clients,” stated Ilyas Mohammed, COO at AmiViz. “Collaboration with our key vendors has allowed us to offer a comprehensive suite of cybersecurity products and services that cater specifically to the complexities of this region.”
AmiViz’s participation in these events underscores its commitment to advancing cybersecurity readiness and resilience across the Middle East. By leveraging strategic partnerships with leading global vendors, AmiViz continues to bring state-of-the-art cybersecurity solutions to the forefront, helping businesses protect their critical assets against increasingly sophisticated cyber threats.
AmiViz, along with its key vendors, will continue participating in major tech events, with plans for a strong presence at GITEX next month. Following GITEX, the company is gearing up for Black Hat in Saudi Arabia this November, showcasing its cutting-edge cybersecurity solutions to the region.
Cyber Security
UAE and Saudi Arabia Face Unprecedented 70% Rise in Threats: Positive Technologies
Positive Technologies experts have unveiled comprehensive research on the shadow market of cybercriminal services targeting the Gulf countries. The UAE and Saudi Arabian organizations remain in the crosshairs of cybercriminals, and over half of all posts on darknet forums are about selling data and access to local companies’ infrastructures. Researchers have highlighted a sharp increase in the free distribution of such data on the dark web, along with a surge in reports of DDoS attacks targeting the public sector and other industries. One in five ads analyzed was related to buying or selling access, with two-thirds available for under $1,000.
According to the research, cybercriminals remain focused on the two largest economies in the region—the UAE (40% of all posts) and Saudi Arabia (26%). The spotlight on darknet forums is on the public sector, which accounted for 21% of all analyzed posts. Most of the data (63%) related to regional government institutions was published for free as part of hacktivist attacks. Next in line for most popular on the dark web are commerce (16% of all ads), the service sector (15%), and financial institutions (13%).
Amid geopolitical tensions, hacker groups have ramped up calls for DDoS attacks and breaches to disrupt government institutions in the region. In the first half of 2024, the number of reports on the results of DDoS attacks on the dark web surged by 70% compared to the same period in 2023. Beyond the public sector, hacktivists also targeted the financial and transportation sectors.
According to the research, 33% of all the analyzed ads were linked to data breaches. One-third of these messages were about selling information. In these ads, criminals primarily offered databases stolen from major commerce companies, with an average cost of $2,300.
Positive Technologies analyst Anastasiya Chursina commented, “When compared to our previous research over a similar period, the share of freely distributed data almost doubled (up to 59%). This allows criminals to broaden the profiles of potential victims for targeted attacks. If the victim refuses to pay the ransom, both ransomware groups, as well as hacktivists (whose goal is to draw public attention to a political stance rather than just receive financial gain), can distribute data for free.”
Accessing company information resources is the second most common type of dark web ads, making up 21% of all listings. According to the research, in 70% of all cases, access can be bought for less than $1,000. The vast amount of access-for-sale ads on the darknet and their low cost make it easier for cybercriminals to gain initial access and launch attacks on organizations in the region.
Positive Technologies recommends that companies build their defences based on result-driven cybersecurity, using modern tools such as application-level firewalls, including cloud versions, network traffic analysis systems, solutions for monitoring information security events and managing incidents, as well as metaproducts.
Cyber Security
BotGuard OÜ to Offer Live Demos at GITEX GLOBAL 2024
BotGuard OÜ will present its intuitive, user-friendly cybersecurity solution at GITEX GLOBAL 2024, focusing on effective bot protection. Live demonstrations in Hall 25 stand H25-21 will showcase the ease and efficiency of the technology in securing websites against malicious attacks. “Our participation in GITEX GLOBAL 2024 underscores our commitment to addressing the escalating malicious bot attacks faced by organizations worldwide,” said Bertil Brendeke, Chief Revenue Officer (CRO) of BotGuard OÜ. “At GITEX, we aim to engage with industry leaders and stakeholders, sharing our expertise and practical technologies that can help fortify their defences.”
In 2023, 17% of API attacks involved bad bots exploiting business logic vulnerabilities. For hosting companies, such vulnerabilities can lead to unauthorised access to sensitive customer data or control over hosting resources, further emphasizing the need for reliable security protocols and regular audits of their systems. “BotGuard OÜ’s solutions are designed to address these exact challenges, enabling businesses to safeguard their digital assets. The technology is incredibly easy to use, making it accessible for businesses of all sizes,” the company said.
By participating in GITEX GLOBAL 2024, BotGuard OÜ aims to expand its reach in the Middle East, providing local businesses with the tools they need to combat cyber threats effectively. During the event, live demonstrations in Hall 25 stand H25-21 will showcase how their website protection can be set up within a minute. These demonstrations will highlight the efficiency and effectiveness of BotGuard’s solutions.
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