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A Hacker Gets His Money… Then Where Does It Go?

A Hacker Gets His Money… Then Where Does It Go?

The UK is the second most likely country to be targeted by hackers and financial data is on the top of their target list. In 2018, British Airways was one of the companies who fell victim to a cyber attack and both company and employee data were compromised. No matter small or large, all businesses can be affected.

Cybercrime has become a global business and with all the money getting stolen via hackers, we have to ask, what happens to all that money?

In February, the 2019 Merchant Payments Ecosystem Conference & Exhibition was held in Berlin, and it’s the only one of its kind in Europe. This conference focuses on all aspects of banking and specifically online banking. Various speakers spoke at the MPE 2019 and among the topics covered was the subject of cyber theft.

At the MPE 2019 discussion, it was said that hackers used about 60 percent of their takings for everyday living, buying clothing and jewelry and legal investments, such as buying property. The remaining 40 percent gets wasted on buying drugs, prostitution and funding for more cybercrime.

Why Are Hackers a Big Issue?

Cybercrime is a network and not just one individual hacker. Together these criminals are becoming richer and developing new hacking methods around the clock. Cybercriminals is a huge threat and a cyber attack can happen and anytime from anywhere in the world. The average Joe like us needs to be prepared just as much as the big shots. Our defenses need to be just as strong as the attack tactics used by hackers.

Cyber attacks are all about money and to get the funds, hackers use many different ways to get what they what. Hackers can use tactics like spam messaging, phishing, attacks via social media portals, the use of malware such as worms and virus, blackout SEOs, drive-by downloads and ransomware. 

Some Methods Used by Hackers to Get to Your Money

Ransomware

A type of software used by hackers which blocks the user’s access to their private data and computer, larger corporations could be denied access to their servers. The cybercriminals then demands the victim to pay an amount or in other words ‘ransom money’ for the block to be removed and access to be restored. The use of ransomware has been rapidly increasing and is a global threat.

Hoax ‘fake’ online business

Online shoppers can easily fall victim to online deals that don’t exist. Websites for fake companies get set up to trick potential customers to purchase their “products” (which don’t exist) at great discount prices online. Once your purchase is made the goods never arrive at your doorstep and your money is gone.

Phishing

This method is used by hackers, where they pretend to be someone you trust or a service provider you know. They aim to trick you into giving you login details, such as your usernames and passwords.

Pay-per-click fraud

Once hackers have gained access to a user’s computer they download malicious software onto the computer. This software then alters the data usage of the victim’s computer, and in turn, the cybercriminal uses the victim’s data for their own cyber business operations such as increasing the views and reach of clients’ marketing.

Hoax Security Protection Software

Hackers set-up fake webpages selling malicious antivirus. Users are tricked into paying for the fake antivirus software and allowing the software to be downloaded to their computer.

Social media spam

Hackers set up fake user accounts disguising as a familiar user on platforms such as Facebook, Instagram, and Twitter to name a fee. Cybercriminals use these ‘familiar accounts”, such as a Facebook friend or follower on your Instagram account to convince the user to open the fraudulent website or message.

Malicious Banking Software

Money is the ultimate goal of cybercriminals. The advances in online banking see advances in cyber theft. We have gone from basic key-logging software to video capturing software to record your login details.

Premium-rate SMS fraud

Corrupt apps on your mobile phone or table can prompt you to complete surveys and ask you to enter your number and then send message to other users at your expense.

Hackers will continue to launch cyber attacks to gain access to more money, but we can remain vigilant to make sure that we take the necessary precautions to deter future attacks. Have a look at our services to see how we can help you prevent things like this from happening.

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