Fake Law Firms Con Victims of Crypto Scams, Warns FBI

By Phil Muncaster for Infosecurity Magazine
Wednesday, June 26, 2024

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Between February 2023 and February 2024, crypto scam victims lost $9.9m in this way, according to data collected by the FBI’s Internet Crime Complaint Center (IC3). In total, reported digital crimes involving a cryptocurrency element resulted in losses of over $3.8bn last year, IC3 said.

ImmuniWeb CEO, Ilia Kolochenko, argued that such scams will begin to proliferate thanks to generative AI (GenAI) tools which enable fraudsters to quickly and professionally create legitimate-looking emails and websites.

He claimed that governments need to act now to head off a potential surge in GenAI-enabled fraud.

“First, law enforcement agencies should be provided with supplementary funding and additional resources to increase their capabilities to respond to this emerging type of crime. Second, GenAI vendors must be regulated in such a manner that their AI products cannot be misused, while access to the products is logged, controlled and audited on a regular basis,” Kolochenko said.

“Third, security training and awareness campaigns needs to be launched in partnership with the private sector to ensure that would-be victims will be properly educated and avoid falling victims to GenAI scams.” Read Full Article