Cybercriminals use various tools to commit digital fraud. As technology evolves, these tools are becoming increasingly sophisticated, and new threats are emerging constantly.
Let’s look at the most common tools they use including various types of malware, deceptive fake websites and apps, and dark web marketplaces that facilitate the exchange of stolen data and illegal services.
Malware
Malware is short for malicious software. The term encompasses various types of programs designed to infiltrate and damage computers, devices, and systems.
They can be installed from phishing emails, malicious downloads, or by the attacker gaining physical access to the device.
Viruses, trojans, and worms
Viruses are malware attached to legitimate files, such as documents sent by email. When a user opens the file, the virus installs itself on their device.
Trojan is short for Trojan horse. As its name suggests, a Trojan is a virus that allows cybercriminals to gain unauthorized access to the victim’s systems and files.
Worms are malware that spreads through networks automatically. Unlike viruses, which require users to trigger their installation by opening an infected file, worms install and duplicate themselves autonomously.
Ransomware
Ransomware is a particularly dangerous type of malware. It encrypts the victim’s files, rendering their system unusable until they pay a ransom to unlock the encryption.
Ransomware attackers target individuals and businesses across all industries. In recent years, organized groups have begun to target high-value organizations with carefully planned attacks that cause maximum disruption.
Worldwide, there were 1.7 million ransomware attacks per day in 2022, and the average cost to businesses was $1.85 million (source: Astra). The number of ransomware attacks rose by more than 37% in 2023, and the average ransom paid by businesses was over $100,000 (source: Zscaler).
The victims are paying the ransom demands in the hope of avoiding prolonged service outages, loss of business, and reputational damage.
Keylogger and spyware
Keyloggers track keystrokes on a computer or device. They capture everything the user types, including passwords, PINs, credit card numbers, and personal messages. Spyware collects data about the user without their knowledge, such as their browser history, emails, and other personal information.
They send the data back to cybercriminals, who sell it on the dark web or use it to commit fraud, identity theft, or account takeovers.
Infostealers
Infostealers are one of the most alarming cybersecurity threats emerging today.
Inexpensive and readily available on the dark web, infostealers raid infected devices for all kinds of personal data. They can also give cybercriminals control of the device without the victim’s knowledge.
Fake websites and apps
Cybercriminals create fake websites that mimic the legitimate sites of banks or other service providers. These fake sites can use lookalike domain and realistic content. They’re often used in phishing scams, where users are tricked into entering their login credentials, financial information, or other personal details.
Fake mobile apps are distributed via app stores. They’re often disguised as useful applications, but when installed, they steal personal information or deliver malware. Google and Apple regularly remove fake apps from their stores, but new ones are constantly added.
Dark web marketplaces
The dark web is the secret underworld of the Internet. Intentionally hidden, it can’t be accessed using ordinary browsers or search engines.
The dark web’s secrecy makes it a haven for illegal activity. Marketplaces on the dark web are like legitimate e-commerce sites, but they sell everything from drugs and weapons to targeted hacking services and stolen data. Payments are made in cryptocurrency, so they’re anonymous and hard to trace.
Items for sale on the dark web include:
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Stolen data: Personal information, credit card numbers, and login credentials.
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Malware kits: Various types of ready-to-use malware, such as infostealers.
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Hacking tools: Software and services for conducting cyberattacks.
The tools used in digital fraud are diverse and constantly evolving
Today’s cybercriminals are increasingly creative, technically skillful, and dangerous. Understanding their main tools is crucial for keeping yourself and your organization safe.
