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Cybercriminals Score Billions in Cryptocurrency Thefts

Cybercriminals Score Billions in Cryptocurrency Thefts

Is it possible that none of us are surprised to know that in the first quarter of 2019, more than US $ 1.2 billion cryptokuranship was stolen? Maybe not This story follows the old line of bank robbery Willie Sutton, which is credited with saying that he looted the banks “because it is money.” So a lot has not changed. Cryptocarrenia is not exactly the amount, however, even if they have market value.

In 2019, it is more complex to protect irregular cryptocycenes than to keep the money kept in traditional banks. Global markets are increasingly using cryptoconference, new cyber threats appear. Even the biggest cryptocycurrency exchange has weakened, as we had seen earlier this month, when Binens had a loss of 7,000 bitcoins, thanks to the sophisticated hackers was about $ 41 million.

Legislative steps
We are starting to see the emergence of Anti-Money Laundering (AML) protection across the world, including FINRA (Financial Industry Regulatory Authority). Although it is not a government entity, FINRA is “a profit-benefiting organization that is authorized by the Congress to ensure that the broker-dealer industry works fairly and honestly.”

FINRA’s stated objectives behind its AML rules:

… to help detect and report suspicious activity including money laundering and terrorist financing, such as securities fraud and market manipulation.
Asia / Pacific Group (APG) has also established AML and Counter-Terror Financing (CFT) rules that cover cryptoconcency.
In addition, the Financial Stability Board (FSB), whose members include American, European Union and some 20 other countries, have taken steps to overcome the unique problems generated by the cryptoconcency. FSB published its crypto-property regulators directory last month, “To provide information about relevant regulators and other authorities in the FSB Courts and International Bodies, who are dealing with crypt-property issues and aspects covered by them. “

Who is watching all these cryptocurrence stolen, scam, and fraud?

Cryptography tracking
The anti-phishing working group has tracked phishing and malware attacks against Bitcoin and other cryptosystems since 2011. Last year, it established a separate working group for crypto currency. The APWG Crypto Exchange Working Group does the following:

Due to phishing and targeted attacks, cryptocycurrency helps in protecting the exchange, wallet, investment funds and consumers against losses of cryptocurrency assets.
APWG enables cryptocurrency exchanges to submit live phishing information to eCrime Exchange (eCX), and that data is delivered in real time in web browsers, email clients and other security products, which protects more than 100 million consumers Does it Of course, this is no longer important because all businesses are in the grip of phishing and malware attacks, which are in the news every day – so much that hardly anyone ever takes an eyebrow.

Certainly the APWG Crypto Currency Working Group will be very busy looking at the scale of cyber crime today.
Where are all “money” going? … offshore, apparently

In the last two years, according to the Sipertress Cryptocurrency Intelligence Report, since March 2017, border cross payment has increased rapidly. The probable cause of this remarkable increase is related to traceability. Looking at the decentralized global market for limited control over the cryptoconcity and trading them, the lack of uniform rules from country to country makes it difficult to find the money stolen for enforcement agencies.

Once unregulated countries have gone into offshore exchanges, it is incredibly difficult to track the cryptocture, which often leaves the American officials in the dark. While the global rules are in the works, it does not appear that these efforts may seek cash in the market with relatively few cyber criminals.

How to Avoid Phishing and Related Malware
There are simple things that cryptocurrency companies can do to reduce the risks associated with phishing attacks and associated malware. For example, train all employees for a phishing email to be on a regular basis. Depending on the current data, less than 50 percent of the businesses provide phishing training.

Some sources of phishing attacks are often not taken care of by anyone. Virtually every business worker in the world allows to use cell phones, tablets and personal computers (aka BYOD – to bring their device). So cyber criminals know that they are the entry points for phishing attacks and malware.

Another problem in today’s world is the failure of business data files of businesses, so that if there is a malware attack then the business can recover. Since the FBI has eight months of intrusion, according to the FBI, what is happening during those eight months?

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