Europol, the EU’s law enforcement arm, claims that artificial intelligence (AI) and an increase in the use of cryptocurrencies open gateways for “cyber-attacks, child sexual exploitation, and online and payment fraud schemes”.
Europol Report Says Crypto And AI Open Doors For Cybercrimes
Detailed in the authority’s 10th edition of its Internet Organised Crime Threat Assessment (IOCTA), the findings show how millions of people across the EU fell victim to attacks and exploits. According to Europol, this audit is an “in-depth assessment of the key developments, changes and emerging threats in cybercrime” during 2023. It also provides a projection of future cybercrime trends given the rapidity of emerging technologies, digital payment options, cryptocurrencies and AI.
On the upside, a crackdown on ransomware and dark web channels and markets stifled the activities of criminal sites. This, however, also caused a spike in exit scams and the “fragmentation and multiplication of cyber threats”.
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Investigations found that ransomware zooms in on smaller businesses with less robust cyber security. Digital skimmers target e-merchants and banks, while individuals often suffer losses because of phishing scams, business email compromise (BEC) and investment fraud.
Europol says that multi-tiered extortion methods are on the increase throughout all spheres of cybercrime. Cryptocurrencies also feature in a broader scope of cybercrimes as these are often not regulated and cannot be traced back to the owners.
The agency predicts that crypto-based crimes, whether it’s defrauding or the funding of illicit activities, will become more prominent. There is also the possibility of criminals misusing crypto-based exchange-traded funds (ETFs).
