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Top 10 Daily Cybercrime Brief by FCRF [21.05.2024]: Click here to Know More | #cybercrime | #computerhacker

Four Keralites Detained in Punjab Prison for Nine Months Over Unknown Cyber Scam
Two Kerala students, Shahal and Suroor, have been jailed for over nine months in Punjab for alleged involvement in a Rs 61.82 lakh cyber fraud. Despite repeated bail rejections, their families insist they are innocent and victims of police inefficiency. The case highlights inadequate cybercrime investigation and the risks of loaning bank accounts.They have been Charged with cheating, forgery, extortion, conspiracy, and identity theft.

Haryana Man Arrested for Links to Cyber-Fraud Cases
Cyber police arrested Aravind Monge from Haryana for a Rs 1.08 crore fraud against a Malappuram native. Aravind was aided by Abdul Roshan, who provided illegally obtained SIM cards and OTPs to set up fraudulent WhatsApp accounts. The investigation revealed a larger cybercrime racket involving individuals in the UAE and Cambodia.

ALSO READ: I Got Scammed, How Do I Get My Money Back?

Rs 1 Crore Returned to 18 Cybercrime Victims from State in Three Months
The Crime Investigation Department (CID) recovered Rs 1.02 crore for 18 cybercrime victims in three months. One Ranchi entrepreneur regained Rs 36 lakh after losing Rs 62 lakh. The CID freezes fraud accounts and advises victims to approach the court for refunds. Since March 2022, Rs 11.32 crore has been frozen in 22,924 cyber fraud cases.

Arjun Bijlani’s Cyber fraud Case: Lost Rs 40K Without Receiving OTPs
Actor Arjun Bijlani lost Rs 40,000 in cyber fraud when his credit card was hacked during a gym session. Promptly blocking his card and reporting to the cybercrime cell, he highlights the importance of vigilance with financial transactions. Bijlani advocates regularly changing credit cards to prevent fraud.

Gurugram Deputy Manager Arrested for Aiding Cybercriminals with Bank Accounts
Gurugram Police arrested Yusuf Mohammad Chand Shaikh, a Yes Bank Deputy Manager, for providing bank accounts to cyber criminals. He facilitated a Rs 43 lakh fraud via a fake crypto investment site. Shaikh admitted supplying five accounts. Gurugram Police have arrested 12 bank officials for cyber fraud in two months.


BreachForums Hacking Forum Seized Again After Hosting Stolen Data from Five Eyes, Europol
Law enforcement seized BreachForums, a major hacking forum, following recent attacks on government agencies and the auction of stolen Europol data. The site’s founder, Baphomet, was arrested. Despite previous shutdowns and arrests, BreachForums quickly reemerges, highlighting ongoing challenges in combating cybercrime.

Report: Global Cybercrime Costs Increasing 12 Times Faster Than Cybersecurity Spending
A report by reveals global cybercrime costs have surged 972% since 2018, outpacing cybersecurity spending, which grew by 78%. Cyber attacks will cost $9.2 trillion in 2024. Despite expected cybersecurity spending reaching $200 billion in 2025, it’s vastly overshadowed by the escalating cybercrime expenses.

Suggestions by Future Crime Research Foundation (FCRF)

Nigerian-Born AI Expert innovate Solutions in Banking and Health Sectors
Christopher Okonkwo, a Nigerian AI expert, leverages artificial intelligence to combat financial fraud in banking and improve mental health care. His innovative solutions, published in international journals, aim to reduce fraud-related losses and enhance data analytics in healthcare, showcasing the potential of Nigerian talent in addressing complex challenges.

Dark Web Drug Site Founder to Appear in New York Court
Taiwanese man Rui-Siang Lin faces charges in a New York court for allegedly founding the dark web marketplace Incognito Market, enabling over $100 million in illegal drug sales. The FBI claims Lin operated the site for four years, profiting from drug transactions and promising anonymity to buyers and sellers.

APWG Q1 Report: Explosive Growth in Phone-Based Phishing Shifts Cybercrime Threat scape
The APWG’s report highlights a surge in phishing attacks via phone calls and text messages, comprising over 20% of fraud-related assets. Scammers are increasingly using vishing, smishing, and hybrid phishing methods to engage victims directly. Social media platforms are the prime target, while AI advancements pose new threats to cybersecurity.

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