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  • Writer's pictureAlex Yetushenko

Cybercrime has cost organizations and individuals over $4 billion in 2020

Recently, a report was published which stated that Americans including large organizations have lost $4 billion due to rising cybercrimes in 2020.

The report was conducted by the FBI and it stated that Internet Crime Report plunged nearly 69% as compared to the reports publicized in the past years.

The report also shows that there has been an increase in phishing scams, extortion, and nondelivery or nonpayment scams. Furthermore, most of these scams were triggered to target individuals via Business Email Compromise (BEC) scams, investment fraud, romance, and confidence schemes.

It doesn’t end here; the cyber attackers didn’t miss a chance to create chaos in the general public. This has also resulted in fear and disruption. A report has also highlighted that the government has also received more than 28 thousand complaints highlighting fraudsters blackmailing individuals and businesses.

How did This happen?

As mentioned above, the email compromise scams and other ways had helped attackers in bagging billions of dollars in a short time. Most ransomware attacks are conducted through mobile devices. The hackers use email, dating apps, and SMS to extract valuable information or to insert malware for encrypting victim’s data.

The most interesting and effective method is that the cyberattacks trigger the BEC attack through mobile phishing. Personal computers and laptops have the advanced cybersecurity software to tackle attacks while there are no tools and software for mobile phones.

If you’re being phished through a mobile device then there are huge chances of your personal and official data breach. Mobile phishing attacks are triggered through SMS or other messaging platforms. These attacks can spam your contact list.


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