Security experts are issuing a stark warning to internet users about the prevalence of extortion scams, revealing that they intercept millions of such emails daily. According to a recent blog post by Proofpoint, the cybersecurity firm blocks an average of one million extortion emails every day, with the number spiking to two million on high-volume days.
These scams typically involve a form of sextortion, where the perpetrator claims to possess a compromising webcam video of the victim engaging in explicit activities and threatens to share it with all of their email contacts unless a ransom is paid in cryptocurrency. While these threats are not new, Proofpoint’s data highlights the widespread nature of these schemes. Often, the emails contain personal information such as passwords, obtained from previous data breaches, to lend credibility to the attacker’s claims of hacking into the victim’s device.
Since as early as 2016, the UK’s National Crime Agency (NCA) has been warning about the increasing number of individuals falling victim to sextortion scams in the country annually. Cryptocurrency payments play a pivotal role in these extortion schemes, allowing the perpetrator to remain anonymous and evade detection.
According to Proofpoint, cryptocurrency is also being exploited in various other scams, including traditional business email compromise (BEC) tactics centered around invoice fraud. Additionally, threat actors are targeting cryptocurrency wallets through credential phishing attacks, often impersonating well-known names in the industry like Celo, Binance, and Trusted Wallet. The rise of phishing for NFT (non-fungible token) credentials follows similar patterns, with cybercriminals leveraging easy-to-use phishing kits available on the dark web to streamline their malicious activities.
The increasing reliance on cryptocurrency in cybercrime highlights the need for heightened vigilance among internet users. By staying informed about the latest threats and adopting best practices for online security, individuals can better protect themselves from falling victim to these extortion scams.