FBI investigation finds hackers extorted $28 million in cryptocurrency in 2016

Rage Comment : The FBI cited data from the Internet Crime Reporting Center and released an annual report on Internet crime, detailing the types of Internet attacks and the amount of losses in 2016. Including business email intrusion, DDoS, ransomware, physical threats, etc. The analysis also pointed out that most of these attackers require the use of cryptocurrencies such as Bitcoin, which are difficult to track and easy to transfer. However, since it is suspected that only 15% of the whistleblowers are whistleblowers, the report may only be a glimpse of the whole picture.

Translation: Annie_Xu

On June 22, the FBI released its annual Internet Crime Report, summarizing its findings for 2016. Using reports from the Internet Crime Complaint Center (IC3), the annual report provides a snapshot of cybercrime trends and cases. However, these reports may not be enough to get a full picture, as there is reason to suspect that only 15% of victims report their crimes.

Report Content

The report highlights several "hot topics" from last year, including the huge losses from Business Email Compromise (BEC). The BEC incident ultimately resulted in a loss of $360 million. This is currently the largest known attack last year, with countless victims. BEC is a sophisticated scam that only targets foreign and international companies.

Another focus of the report is the growing popularity of ransomware attacks. Ransomware locks infected devices and holds relevant files for ransom. Criminals can use these devices to send messages to victims, most of which contain ransom information. And they usually ask for a Bitcoin payment amount and a Bitcoin wallet link. Last year, ransomware losses exceeded $2.4 million, and 2,673 attacks were identified.

Other major attacks cited in the report include tech support scams. Tech support scammers stole $7.8 million, and the process is almost the same every time. Scammers talk to victims through various channels and then try to convince them that their devices have a problem. These criminals try to take control of their computers and then offer to "fix the problem" in exchange for money or gift certificates.

At the same time, 17,146 extortion cases were recorded, with a total loss of more than $15 million, all of which occurred online. The FBI report generally lists physical threats made via the Internet. Generally, criminals demand money or valuables, otherwise they will physically harm the victim. There are also threats to release sensitive information.

Other types of cyberattacks include denial of service attacks (DDoS), impersonation of government agencies, hit-man scams, loan scams, and even major data breaches. Criminals basically demand payment in Bitcoin or other cryptocurrencies. Because it is easy to transfer funds, its security layer increases the difficulty of tracking.

Cybercrime reports increased by 3.7% in 2016. Apart from the United States, the most affected states are Canada, India, the United Kingdom, France and Australia. The most affected state in the United States is California, followed by Texas and Florida, which reported more than 21,000 cases.

The report also mentioned the affected age groups. The FBI pointed out that last year, victims over 60 years old suffered the most losses, more than $33,900, followed by those aged 30 to 39, with losses of about $19,000, and the last and largest group, about 20 years old and below, with smaller losses of about $6.7 million.