— Why has cybercrime lingered over the years...
Humans have been committing cybercrime with the use of technology since telephone hacking first appeared in the 1970s.
Due to their actions on the phone system, where they could impersonate someone and make certain calls that would eventually result in free calls, they were first known as phreakers. The offenders in America were able to identify that specific tones were the basis for telephone system operation, which they mimicked for their own gain.
John Draper was a well-known hacker and computer programmer. Alongside men like Steve Jobs and Steve Wozniak, who went on to found Apple Inc., one of the largest technology businesses in the world, he broke into the system and made free phone calls.
Brett Johnson has been a major player in the field of cybercrime for about 20 years; the US Secret Service has referred to him as “The Original Internet Godfather.” He was the founder and CEO of Shadowcrew.com and Counterfeitlibrary.com. As one of the leading authorities on identity theft, fraud, cybersecurity, and cybercrime, Johnson now helps businesses defend against online threats.
ShadowCrew is regarded as the precursor to the cybercrime forum that exists today. ShadowCrew is the source of many scams that are carried out in the modern world.
Following Johnson’s arrest in 2006 on charges of cybercrime and $4 million in money laundering, ShadowCrew was found to be a global organization with about 4,000 members.
From telephone hacking in the late 1970s and early 1980s, hackers moved on to target individuals, corporations, financial institutions, and other organizations.
Since the introduction of the Internet, cybercrime has grown more brazen and prevalent. It is also thought to be among the most prevalent and active types of crime worldwide.
Data Leaks Through Cybercrime
More claims concerning data breaches affecting millions of people have appeared, according to Norton, a business that sells security and anti-malware software. The studies note that small and medium-sized enterprises are typically the ones affected, with 60 percent of point-of-sale transactions involving credit cards.
Restaurants, retail establishments, grocery stores, and lodging facilities are a few of the sectors that have been shown to be most impacted by POS data breaches. Because of their low security and practices, ease of access for cybercriminals, and other factors, these firms are seen as easy targets for cyberattacks.
“The POS systems that these companies use to ring you up are basically computers that often run on Windows, and are susceptible to the same threats that a regular Windows-based computer is vulnerable to. The credit card data is first stored on the machine and unencrypted for processing purposes. When malware finds its way into the machine, it goes after the unencrypted payment information. The malware collects data and then sends the information to a remote server,” Norton says.
Employees using work computers for Internet browsing and checking emails and social media during downtime are two other ways that data might be compromised. Phishing and social engineering are two methods that use dangerous URLs or email attachments to distribute malware.
Precautionary Measures
According to a Verizon 2022 Data Breach Investigations Report, four important DBIR areas—credentials, phishing, exploiting vulnerabilities, and botnets—should be carefully addressed by organizations since improper handling puts people in danger.
According to the survey, ransomware, a kind of virus that encrypts files on computers, has increased by over 13% this year, which is equal to the increase in the previous five years put together for a total of 25% this year. It also made clear that 13% of breaches are caused by error, which is still a prominent trend.
“The human element continues to drive breaches. This year, 82 per cent of breaches involved the human element. Whether it is the use of stolen credentials, phishing, misuse or simply an error, people continue to play a very large role in incidents and breaches alike.
“In keeping with other studies revealing risks inherent in the extended enterprise, business partners were involved in 39 per cent of the data breaches by our investigators,” the report states.
Research indicates that safeguarding against data breaches and cyberattacks can be achieved through many strategies, such as routinely checking bank accounts, credit reports, and other financial accounts for any unusual behavior. It is important to get in touch with the financial institution right away if you see any questionable or fraudulent behavior.
Incidents of data breaches should be thoroughly investigated, and timely, accurate information pertinent to the investigation should be provided.
Customers of businesses that have had a data breach ought to keep a careful eye on their financial accounts and banks.
Between Pharming And Phishing
Phishing is a type of cybercrime that is well recognized as including the theft of personal information, including identity theft. Information theft, including passwords, bank account information, and card numbers, can occur through phishing attempts on websites that look authentic. Phishers typically use alluring, sometimes irresistible, offers to trick their victims.
Phishers become more prevalent in Nigeria after the 2019 coronavirus disease outbreak. Unwanted COVID-19 palliative texts and emails are sent to people, asking them to click in order to get the payments. There have been many victims who have fallen, even though some may have managed to avoid them.
Cisco claims that after identifying their target, phishers craft email and text messages that seem legitimate but include links, attachments, or other harmful content meant to deceive their victims into clicking on unfamiliar or risky links.
Someone posing as Joanna Oke’s fellow corps member sent her a text message offering her a job at Shell. The message was sent in this manner:
“Good morning. It’s me, James Victor, your ex-corps mate in Kebbi State 2020 A. I tried calling your line, but it is not connecting. My inlaw secured me job in Shell Oil Company, Rivers State branch. Internet employment is going on now and it’s very urgent. Call me, if you wish to (sic) apply.”
Miss Oke expressed her amazement at the scammer’s ability to identify her batch, year of service, and the state she served in.
These attackers manipulate receivers’ emotions—such as fear, curiosity, urgency, and greed—to make them open attachments or click on links that seem to originate from reliable organizations or people.
On the other hand, clicking on a bogus website during phishing might lead to identity theft. This scam involves installing a malicious code on a victim’s computer that directs them, against their will, to websites that are both harmful and fraudulent.
Also Read Understanding The Role of Technology in Business
Pharmers use host names in a variety of methods to obtain users’ personal information, according to Nyman Gibson Miralis, a company that offers expert counsel and representation in intricate international cybercrime investigations.
Phishers use a variety of strategies, such as misspelling domain names to trick people into visiting their website; employing malware, or malicious software; domain hijacking; and DNS cache poisoning, which is thought to be the most dangerous method because it can propagate to other servers.
The Bvn Regulatory Structure
The Central Bank of Nigeria (CBN) created the Bank Verification Number regulatory framework as part of a plan to guarantee the application of the Know Your Customer guidelines and to advance a secure, dependable, and efficient payment system.
According to the CBN, each customer of Nigerian banks receives a distinct identity within the banking sector through the BVN, which is specifically created for Nigerian bank users.
The framework is designed to act as a manual for those involved in BVN operations provision in Nigeria. The CBN, Deposit Money Banks, Nigeria Inter-Bank Settlement System, bank clients, and other financial organizations are among the participants.
Crucially, the framework advocates and requires security and data protection, directing the parties engaged in BVN operations to install secure software, hardware, and encryption for messages sent over a secured network. It also stipulates that BVN data must be stored within Nigerian borders and cannot be transferred outside of them without the CBN’s approval.
It stipulates that users of the BVN information must set up sufficient security measures, including physical, logical network, and business security, to guarantee the security of the information and that of its clients.
The framework also contained other pertinent information, such as the requirement that clients access BVN information via secure channels after completing the necessary authentication. Participants in the BVN must additionally guarantee the confidentiality of BVN information.
Yomi Abosede got a call on her phone in August 2021 from someone posing as a bank representative asking to confirm her bank information. Speaking about her experience, she described how losing more than N50,000 in a single day made her weak and faint-hearted.
“I was in the house with my daughter, who collected the phone, as I hesitated to speak with the caller,” she said.
The fraudster had told her, “We are calling you from your bank to verify your BVN and card PIN. We know it’s the same number as the one we have here, but we are confused about the last digit whether it is zero or two.”
Abosede indicated that everything the caller had informed her regarding her bank information was accurate, but he expressed doubt about the final figure.
“For some minutes, I kept receiving alert messages on my phone for withdrawals and airtime purchases. To show the extent of their wickedness, the N100 balance remaining was immediately cleared off too.”
Cybercriminals also pose a threat to point of sale operators. Speaking with Financial Street, a few point-of-sale attendants and operators revealed that fraudulent alerts and transfers pose a significant risk to their company and cause financial losses.
A false alert caused Isaac Babatunde’s employee to suffer losses for his company.
“I opened a branch somewhere towards the end of last year, and my sales representative had trouble with a bogus warning. He said, “They took advantage of her intelligence and made money.”
Cybercriminals are reportedly focusing their attention on larger organizations, with small enterprises being their less attractive but more vulnerable targets. According to Norton, larger enterprises and companies could be more complex than small ones because of their heightened security measures and point-of-sale systems spread over several locations linked to a central computer.
