Intelligent CIO Africa Issue 03 | Page 45

INTELLIGENT BRANDS // Enterprise Security the countries or regions their victims are from to pull off various types of fraud, typically BEC fraud. Increase in the volume of cybercrime-related complaints received by law enforcement agencies in the region. Maintaining overseas accounts and contacts not only makes their schemes more convincing, but hiring regional mules is often perceived to reduce the chances of law enforcement agencies identifying them. Establishing and maintaining money-laundering networks requires constant communication. Next-level cybercriminals’ mules are mainly West Africans who may have migrated to target countries. In fact, the Interpol survey revealed that the majority of the West African cybercriminal groups expand their operations overseas. This setup—asking countrymen who reside overseas to help with illegal operations—is part of the general West African cybercriminal culture. The Interpol survey revealed that Internet fraud targeting businesses instead of individuals enabled West African cybercriminals to steal more money. An average of $2.7 million from businesses and $422,000 from individuals is stolen each year data from 2013 to 2015 was used. This could be the reason why we are seeing an increase in the BEC fraud volume over time. The most-targeted country for BEC fraud was United States followed by China. often part of groups operating in the same physical location— normally cybercafés. They are supervised by more experienced cybercriminals—usually ringleaders or gang masterminds. Each cybercriminal takes care of an entire operation—from scouring the Internet for email addresses to send spam to, to communicating with each potential victim, and finally receiving the defrauded money. Yahoo boys continue to use Yahoo! apps but probably not as much as in the past, when they first earned their nickname. They actively use social media, particularly Facebook, to post pictures showing off their ill-gotten wealth—newly acquired vehicles or luxury items. Their social circles comprise contacts who generally reside in the same physical locations as they do, which tells us that they may be close friends and meet face-to-face. www.intelligentcio.com A new breed of West African cybercriminals has recently surfaced, who in some aspects are the opposite of Yahoo boys. They seem well-off and highly respected on social media but tend to shy away from showing off their wealth. Some are also family men and mature in terms of personal behavior. Next-level cybercriminals engage in more complex types of fraud. As such, we can deduce that they are more technically proficient than Yahoo boys. They normally purchase keylogging software and hire encryption service providers from Russian and other underground forums that use English. Next-level cybercriminals also possess better money-laundering capabilities. They maintain financial accounts and connections overseas, as evidenced by the fact that they use bank accounts in West African cybercriminals will eventually start creating online communities, not just small groups of close friends with whom they share technical skills and know-how. Some may start selling products and services that work for their crimes, leading to the formation of a West African underground market. Younger West African cybercriminals and those working toward becoming criminals will continue to be as bold as those from Brazil, flaunting their ill-gotten gains for the world to see. Cybercrime in West Africa is real. Just because today’s attacks are less sophisticated than those we are accustomed to seeing from cybercriminals in other countries or regions, it does not mean they do not have adverse effects. Excerpted from Cybercrime in West Africa, poised for an Underground Market by Trend Micro and Interpol. INTELLIGENTCIO 45