Bitcoin Losing Favor With Cybercrooks

Story by: Ted Knutson 

Bitcoin is losing favor with cybercrooks, a Congressional hearing on terrorism financing was told Thursday.

Hackers are increasingly moving to Ethereum and other more moderately priced forms of cryptocurrency as Bitcoin has become too volatile for their tastes.

They are also moving away from the most prominent brand name in cryptocurrency as Bitcoin exchanges are being taken down by law enforcement agencies around the world.

That intelligence came from RAND Corporation Information Scientist Lillian Ablon and Center for Strategic and International Studies Senior Vice President James Lewis in written and oral presentations during the House hearing.

Lewis added crooks are moving away from Bitcoin for receiving ransomware payments and other transactions because the digital currency isn’t anonymous enough.

He explained their identities can be exposed when they convert Bitcoin into cash.

Both experts pointed out cybercrime is succeeding as a “get rich quick scheme.”

Some crooks are posting pictures of expensive cars they are buying on social media, Ablon and Lewis said.

On the black market, RAND Corp.’s Albon said a crook can get more for a stolen Twitter account than a stolen credit card number because the Twitter username/password combination could unlock access to other accounts.

She added crooks can get higher prices on the dark web for Twitter accounts because they give access to victims’ contact lists for follow-on spam or phishing attacks.

Freshly acquired credit card numbers are pricier than ones from gained from older hacks because the chances are greater the accounts are current, Albon added.

She said a “chip and signature card” can go for $15 right after a breach. After as banks and users discover what has happened, the price can dip to $10 each.

Or lower.

“Eventually, the credit cards may go on clearance, and one can purchase a “grab bag” of 100 credit card numbers for $700,” Albon said.

The bag of stale card numbers can still be a money maker for the purchaser, said the researcher, because even if only two of those cards are still open for fraud, a crook can one can purchase and then illegally sell electronics, for a profit of more than the $700.

During the session, McAfee Chief Strategist Joe Bernik said ransomware is the fastest growing cybercrime tool, with more than 6,000 online criminal marketplaces selling products and services.

While cybercrooks are applying state-of-the-art Artificial Intelligence and machine learning to their craft, Bernik said the old-fashioned methods of digital thievery remain the most prevalent.

“If tried and true tactics like phishing are still working, why spend money to purchase a more sophisticated technique?” said executive of the cyber protection software company.

Original story: https://tinyurl.com/y7cckatt

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