Security News > 2020 > November > Pandemic, A Driving Force in 2021 Financial Crime

Financial cybercrime in 2021 is set to evolve, researchers say, with extortion practices becoming more widespread, ransomware gangs consolidating and advanced exploits being used more effectively to target victims.

According to Kasperky, ransomware - above all - will continue to be a main scourge in the year ahead. "Due to their successful operations and extensive media coverage this year, the threat actors behind targeted ransomware systematically increased the amounts victims were expected to pay in exchange for not publishing stolen information," researchers said in a Monday posting.

"The COVID-19 pandemic is likely to cause a massive wave of poverty, and that invariably translates into more people resorting to crime including cybercrime," researchers said.

"These include new strategies in financial cybercrime - from reselling bank access to targeting investment applications - and the further development of already existing trends even greater expansion of card-skimming and ransomware being used to target banks," he said.

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News URL

https://threatpost.com/2021-financial-crime-covid-19/161665/