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Demian Tretyakov
Demian Tretyakov

Money Lost Due To Cybercrime Down Again This Year!

CDProjekt Red is a popular videogame development firm based in Poland. In February of this year, the firm was hacked by the HelloKitty gang. The hacker group accessed source code to game projects in development and encrypted devices. However, CDProjekt refused to pay the ransom money, and has backups in place to restore the lost data. (ExtremeTech)

Money Lost Due to Cybercrime Down Again This Year!

Last year was a historic year for financial losses reported to the Canadian Anti-Fraud Centre (CAFC). Based on reports to the CAFC, $379 million were lost to scams and fraud in 2021, which was an increase of 130% compared to 2020. The continued prevalence of scams and fraud is why the CAFC, Royal Canadian Mounted Police and Competition Bureau are once again joining forces this March to lead the 18th annual Fraud Prevention Month.

The most common actions are around deploying security monitoring tools and undertaking risk assessments. By contrast, threat intelligence remains a relatively niche undertaking. These results are mostly consistent with previous years, although fewer businesses are carrying out security monitoring this year than in 2020 (down from 40% to 35%).

There is still an overall downward trend for impacts, but the difference between the 2020 and 2021 results is not statistically significant. For consistency, the analysis in Figure 5.9 excludes the four new answer options added this year in terms of breach outcomes.

Each year, this survey series has attempted to capture the cost of cyber security breaches or attacks on organisations. This includes an overarching question covering the cost of all breaches or attacks faced in the last 12 months, and more granular questions breaking down different aspects of the cost of the single most disruptive breach or attack that organisations recall facing in this period.

The FBI receives an average of 2,300 complaints per day about online crime, and the bureau estimates there was almost $7 billion lost to it in 2021 alone. No small potatoes. How it breaks down among the population's generations provides key insights into how cybercrime affects every American.

The FTC report indicating $770 million in cybercrime losses over social media in 2021 represents more than 13% of the total amount all age groups were scammed for that year. People under 40 are by far the largest group on every major social media site, so it might stand to reason that they are more than twice as likely to be the victim of social media related scams. What's interesting about the dollar amount here is that it is not larger, despite the fact that it represents the most profitable means of cybercrime. Common forms of social media scams include clickbait and impersonation scams, sweepstakes or lottery scams, and various money-making or "get rich quick" scams.

If your card has been reported lost or stolen, you will usually not have to pay, unless it can be shown that you have acted fraudulently or without reasonable care, for example by keeping your PIN number written down with your card. The same applies to any money lost through fraudulent bank transactions.

I suppose so, but it is off to a shaky start, what with the Winkelvoss twins as promoters, and a bunch of the money lost by an investor, presumably buried with its cryptographically secured harddrive in a New Jersey dump. This is an online currency whose transactions are now beyond government control, and difficult to track. The concern is the speculative bubble nature of this medium, coupled with the propensity to use bitcoins for illegal transactions. No bank robberies but a lot more cybercrime. It is unlikely that I will accept fees on consulting agreements based on being paid in bitcoins.


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