Cybercrime shifts: Rise of Russian cybercrime, attacks on cryptocurrency marketplaces

Cryptocurrency marketplaces, designed to facilitate trading on the full range of digital currencies, are experiencing a range of fraudulent activity. The world of cryptocurrency has moved from being the playground of the criminal underworld to be a prime target for attacks on legitimate transactions, according to the Q4 2017 Cybercrime Report by ThreatMetrix.

Fraudulent new accounts are created using stolen or synthesized identities to set up mule accounts to launder money. Additionally, legitimate accounts are being hacked to make fraudulent payments and transfer cryptocurrency balances out when at their highest value.

The report also revealed an increased volume of attacks originating from Russia, using both automated bots and location spoofing tools. In fact, for the very first time, Russia emerged as a top attack originator, with the majority of incidents targeting ecommerce retailers in the U.S. Key shopping days in Q4 over the holiday season saw up to 2 million bot attacks coming from Russia alone.

Read more about the findings of the Q4 2017 Cybercrime Report by ThreatMetrix on Help Net Security.

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