Cybercrime Becomes a Global Industry
Cybersecurity experts have warned that cybercrime is now easier and more widespread than ever, driven by the rise of the “cybercrime economy,” which has evolved into a fully-fledged global industry.
Criminal tools and services are now available for sale in hidden digital markets, allowing anyone to engage in fraudulent activities without requiring advanced technical skills, according to a report published by CNBC and reviewed by Al Arabiya Business.
Specialized Cybercrime Markets
Cybercriminals are no longer just individuals operating in secrecy; they now run their operations like major corporations. Nicholas Court, Assistant Director of Interpol’s Financial Crimes Unit, stated that cyberattacks once required advanced technical expertise, but today, accessing personal data and launching fraud schemes has never been easier.
According to cybersecurity expert Tony Burnside, the rise of Cybercrime-as-a-Service (CaaS) has led to the emergence of specialized platforms that sell malicious tools, including ransomware, hacking software, and stolen data. Many of these marketplaces are hosted on the dark web, with prominent examples including Abacus Market, Torzon Market, and Styx. Criminals purchase these tools using cryptocurrency to maintain anonymity.
Huione Guarantee: The Largest Online Criminal Marketplace
A report by cryptocurrency analytics firm Chainalysis revealed that some of these illegal online marketplaces have reached unprecedented activity levels.
One of the largest is Huione Guarantee, linked to Cambodia-based Huione Group, which has recorded $70 billion in cryptocurrency transactions since 2021. This platform is used to promote illicit services such as money laundering, investment fraud, and the sale of fake identities through private groups on Telegram, managed by organized criminal networks.
AI-Powered Fraud on the Rise
With advancements in artificial intelligence, fraud schemes have become more sophisticated and cost-effective. Kim Hock Lye, CEO of Wizlynx Group, stated that deepfake technology and voice cloning have enabled fraudsters to carry out more convincing scams.
In a notable case, a company in Hong Kong fell victim to a $25 million fraud, where criminals used deepfake technology to impersonate the company’s CFO during a video call.
The Challenge of Eliminating These Markets
Despite ongoing global efforts to combat these activities, illegal online marketplaces often resurface under different names, making it an ongoing challenge to shut them down permanently.
Nicholas Court from Interpol emphasized that “cybercrime is not the type of crime that can be stopped by simply arresting perpetrators. Prevention and awareness must be a priority to strengthen cybersecurity.”
As these threats continue to escalate, companies are increasingly adopting advanced AI-powered security systems, such as dark web monitoring, to detect leaked data and protect their systems from cyber threats.
source : العربية Business