Cybercrime

Cybercrime is an ever-evolving threat for every business, and the automotive industry is not immune, according to Gary Higham, Zuto's chief technology officer, who shares his advice to co-incide with cyber security awareness month

The sensitive customer data held by car dealerships makes them a target for cyber attacks and fraud and criminals are looking to exploit any potential vulnerabilities in their comms and IT systems.

Action Fraud is warning people to provide an extra layer of protection and enable the 2-Step Verification (2SV) option, as more than 33,600 people had their social media or email accounts hacked in the last year.

Data from Action Fraud, the national fraud and cybercrime reporting service, shows that more than 33,600 people reported that their online accounts had been hacked from August last year, with victims losing a total of £1.4 million.

Action Fraud is launching an awareness campaign on social media and email account hacking for Cyber Security Awareness Month this year, encouraging the public to protect their online accounts from fraudsters.

A cyber safety guide has been re-launched after worrying statistics showed 400,000 older people in Scotland have been targeted by online scams.

The Cyber and Fraud Hub – launched by the Cyber and Fraud Centre – Scotland – has reissued the materials to help senior citizens stay safe on the internet.

The guide was signposted to mark International Day of Older Persons today, and aims to address a wide range of web crime.

A teenager has been arrested in Walsall by the National Crime Agency, as part of the investigation into a cyber security incident affecting Transport for London (TfL).

The 17-year-old male was detained on suspicion of Computer Misuse Act offences in relation to the attack, which was launched on TfL on 1 September.

The NCA is leading the law enforcement response, working closely with the National Cyber Security Centre and TfL to manage the incident and minimise any risks.

Research from Chainalysis, the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Forty-three per cent of fraudulent inflows have gone to wallets that only became active this year, the highest amount of year-to-date (YTD) inflow into new wallets.

Previously, the highest number of scams in new wallets was 29.9 per cent in 2022. Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. According to the second part of the Mid-Year Crime Update, in 2020, scams that started at the beginning of the year lasted 271 days. Meanwhile, for scams beginning in 2024, the longest they have lived is 42 days.

An international operation coordinated by the National Crime Agency (NCA) has resulted in the arrest and extradition of a man believed to be one of the world’s most prolific Russian-speaking cybercrime actors.

The NCA has been investigating the online moniker ‘J.P. Morgan’ and his criminal network since 2015, with parallel investigations also being run by the United States Secret Service (USSS) and FBI.

https://www.nationalcrimeagency.gov.uk/news/suspected-head-of-prolific-cybercrime-groups-arrested-and-extradited

Malware - or malicious software - is helping to fuel a murky underworld of bank card theft on the dark web, it has been revealed.

Criminals are selling software programs to other criminals which allow them to more easily harvest unsuspecting victims' personal card details - often on 'subscriptions' costing as little as £80 per month. 

If there is one thing that history has taught us about the evolution of cybercrime, it is that significant technological developments are a catalyst for dramatic shifts in criminal methods.

The evolution of cybercrime is marked by periods of rapid innovation followed by phases of consolidation. With artificial intelligence (AI) reshaping business operations, it's crucial to consider whether AI will spark a new era of cybercrime or simply enhance existing criminal efficiencies.

Many individuals, including numerous celebrities, have fallen victim to malicious use of ‘deepfake’ technology: the realistic manipulation of a person’s features by artificial intelligence, so they resemble somebody else. This fast-evolving technology is also being used by criminals to target organisations, with potentially catastrophic consequences.

The Financial Times reported last week that the firm which had fallen prey to one of the world’s largest deepfake scams to date, losing HK$200m (£20m) in a highly sophisticated fraud, was British professional services multinational Arup. Senior associate Ed Holmes reviews how the Arup fraud was carried out, and how businesses can safeguard themselves from high-tech attacks like it.

A new report published by the UK’s data protection authority can help organisations around the world better understand the emerging cyber threats they face – and act accordingly.

The issues flagged by the Information Commissioner’s Office (ICO) – including the risk of cyber attacks on supply chains; the evolution of the ‘phishing’ threat; and the growth of ransomware – chime with the experience of Pinsent Masons’ cyber risk team in advising organisations around the world on how to prevent, manage, and respond to cyber incidents.

The ICO’s report also comes at a time when organisations across sectors and geographies are having to be responsive to a changing legal landscape on cybersecurity, as well as increasingly sophisticated technology – including AI.