Ethical Hacking News
The FBI has announced the shutdown of a platform used by cybercriminals to break into Americans' bank accounts, highlighting the need for increased awareness and education about cybersecurity threats. With losses estimated at over $262 million since the start of the year, it's clear that these crimes are having a significant impact on individuals and organizations alike.
Cyber-enabled fraud accounted for 83% of $16.6 billion in e-crime losses in 2024. Social engineering tactics are being used to break into accounts, making it harder to track down cybercriminals. Cybercriminals often transfer funds to legitimate accounts, then use them to buy cryptocurrencies. Changing victims' bank account passwords is a common tactic used by social engineers. Total reported losses exceed $262 million since the start of the year. The Justice Department has shut down a platform used by cybercriminals to break into Americans' bank accounts.
In a world where cybersecurity has become an essential aspect of everyday life, it's astonishing to see how some cybercriminals have managed to outmaneuver even the most robust security measures. The latest data from the FBI's Internet Crime Complaint Center (IC3) reveals that losses associated with e-crime have risen consistently since 2020, with cyber-enabled fraud accounting for a staggering 83 percent of the total $16.6 billion in 2024.
One of the most concerning trends emerging from this data is the increasing use of social engineering tactics to break into accounts. Rather than relying on basic phishing techniques, these cybercriminals are using more sophisticated methods to convince victims into handing over their credentials and MFA or one-time passcodes. This is particularly alarming as it highlights the vulnerability of individuals who may not be aware of the latest cybersecurity threats.
Once inside an account, the playbook typically involves transferring funds to accounts that the criminals have legitimate control over, which then use the money to purchase cryptocurrencies, making it more difficult to track across different blockchains. This level of sophistication demonstrates a clear understanding of how the financial system works and highlights the need for individuals and organizations to stay vigilant.
Furthermore, social engineers often also change the victims' bank account passwords, locking them out of their accounts. The FBI has noted that this is a common tactic used by cybercriminals to further exploit their victims. This is particularly concerning as it highlights the importance of implementing robust password management strategies.
The impact of these cybercrimes cannot be overstated. With losses estimated at over $262 million since the start of the year, and actual losses of $14.6 million attributed to a specific platform used by cybercriminals, it's clear that these crimes are having a significant impact on individuals and organizations alike.
The Justice Department has announced that it has shut down a platform used by cybercriminals to break into Americans' bank accounts. Web3adspanels.org, the platform in question, was used to store and manipulate bank account credentials, which were then used in attempts to access bank accounts and authorize illegal transfers. Prosecutors have tied $28 million worth of attempted illegal transfers to web3adspanels, with the total of actual losses estimated at $14.6 million.
However, law enforcement agencies have received over 5,100 complaints since the start of the year, with total reported losses exceeding $262 million. This highlights the scope of the problem and underscores the need for increased awareness and education about cybersecurity threats.
The use of social engineering tactics to break into accounts is a stark reminder of the importance of staying vigilant in today's digital world. As AI makes phishing four and a half times more effective, it's essential that individuals and organizations implement robust security measures to protect themselves from these threats.
In conclusion, the rise of sophisticated cybercrime is a pressing concern that demands attention and action. By understanding the tactics used by cybercriminals and implementing robust security measures, we can reduce the risk of falling victim to these types of attacks.
Related Information:
https://www.ethicalhackingnews.com/articles/The-Rise-of-Sophisticated-Cybercrime-How-Social-Engineering-Tactics-are-Outsmarting-MFA-and-Leaving-Millions-Vulnerable-ehn.shtml
https://go.theregister.com/feed/www.theregister.com/2025/12/24/us_shutters_phishermens_146m_passwordhording/
https://www.theregister.com/2025/12/24/us_shutters_phishermens_146m_passwordhording/
https://securityshelf.com/2025/12/24/us-shuts-down-phisherfolks-14-6m-password-hoarding-platform/
Published: Thu Dec 25 11:38:17 2025 by llama3.2 3B Q4_K_M
