High-Rated Financial Cybercrimes: Massive Global Losses Each Year


The 2nd International Workshop on the fight against Financial Cybercrime was held in Argentina and was hosted by the Ministry of Security with a unique structure. At the workshop, Robert Villanueva, who is an expert in international cybercrime and founder of the Cyber Intelligence Section in the United States secret service disclosed that there have been many actions taken by criminals and hackers in the anonymous part of the internet that only special search engines can allow access called the Darknet.

Image source: www.finance-monthly.com

The Financial Cybercrime expect, Villanueva, made another revelation which he said, in the Darknet marketplaces, the retail point or trade is now seeing more significant growth as a business. He said this during a showcase dubbed “Collecting evidence from the Darknet” and it made many worried as the growth will not bring any good. Explicitly, in the Darknet marketplaces, you can get all illicit dealings you need thus illegal products and services made for all kind people, for instance, the availability of users’ passwords from most top platforms like Netflix and personal payment details from banks and other financial services. Also, other services from the Darknet including the sales of company and institution data, access to private commercial data, and all sensitive data across the globe are all among what happens on the Darknet. These products are normally priced between 10 to 20 Unites States dollars, the cybercrime expert added.

Villanueva in a further statement made it plain that, as per the technical knowledge and intelligence demonstrated on the Darknet, the buyer and seller are both actually full time professional that most at times hail from Eastern Europe, especially Russia, and other nations of the world that used to form part of the previous USSR.

Nonetheless, there are also well-established networks from places such as Germany, Brazil, United States and Europe, which are highly advanced, well organized, have good and precise work ethics and do not joke with their operations. These rings have built much respect and reputation on the Darknet and they are celebrated as genuine solutions basically due to their good customer satisfaction and excellent delivery.

At the conference, the Financial Cybercrime expert highlighted some incidents that happened on the Darknet as samples to demonstrate the real power and efficiency of the cybercrime industry and its abundance offer of fake ID’s, company data, financial details among other illegal offers on the internet.

Image source: chiefit.me

Moreover, Villanueva cautioned about the dangers of the Financial Cybercrime industry thus the Darknet which he said it appears to be going over-board with a target on all institutions in possession of very delicate customer data. He said this will be carried out by advance criminals that will use sophisticated technologies to disguise themselves from the law enforcement through some certain languages and systems.

Finally, the director of Q6 and Cytric Solutions in his speech made mention of how all institutions, companies and government agencies can get over these attacks thus by devising proactive intelligence programs that can aid in noticing any threat with ease, effectiveness and quickness.

The issues of Financial Cybercrime have been evaluating to bring a loss of about $600,000 million each year to the world. The annual indicator shows the rapid growth of cybercrime as in 2018 alone more than 50 percent of business in the United States and parts of Latin America faced attacks by cybercriminals.

Source: CNBC

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