Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Cyber Security, Quantum, Hacks, Fraud Alerts, Risks, InsurTech
7 Ways You’ll Know You’ve Been Hacked and How to Prevent It
Feb 13, 2023
Image: Pixabay/TheDigitalArtist
When you think of hacking, you probably conjure images of lonely cyber geeks scrolling through lines of code trying to extort millions of dollars.
In reality, hackers tend to work in organized crime gangs and attack everyone, from people like you all the way up to governments and armies.
A hack can be anything from theft of your personal data and banking logins to someone encrypting your hard drive and demanding cash to fix it. There are plenty of different hacks and lots of ways you can figure out if you’ve fallen prey to them.
What are the signs I’ve been hacked?
With so many types of hacking around, there are lots of signs you’ve been hacked to look out for. Here are some of the most common.
1. A ransomware message on your screen
If you get a message on your screen telling you your device has been encrypted and telling you how and where to send a payment to fix it, it’s a clear sign you’ve been hacked.
It is possible to get a ransomware message when nothing bad has happened to your computer, but you should always proceed with caution. If you choose to pay the ransom, you probably won’t get all your data back anyways – only 4% of ransoms paid end up in full data recovery.
Getting a ransomware message can be scary, but if you create backups, often you should be able to recover most of your data without paying a dime.
2. An antimalware message
A savvy tech user will have decent antivirus and antimalware software already installed. If you get a notification from a company you use, pay for, and trust telling you there is a problem with your computer or phone, take heed.
While dodgy pop-ups warning you of imminent data disasters are to be avoided, when you pay for a service to warn you there’s something wrong, then there probably is. Be sure to log into your account from a device that’s not included in the warning and follow the company’s instructions.
3. A sudden slow down
Clear notices and warnings are a pretty sure sign you’ve been hacked, but it’s not always so clear-cut. Hackers will try and get into your computer to find out your data to commit identity theft or break into your bank account, and if this is happening, your computer will go slower.
Does a simple website take forever to load? An app that was lightning-fast suddenly takes minutes to pull up your details? These could be signs that an unauthorized process is running on your device.
If this starts to happen, check through the processes running on your device and remove anything that shouldn’t be there. You may need to wipe your computer and start again in extreme circumstances.
4. Password problems
It’s pretty common to get an email to confirm when you’ve changed your password on an online account. Getting this email when you’ve not actually tried to change your email should set off alarm bells.
Receiving two-factor authentication codes by SMS or email that you’ve not requested or getting an error message when trying to log in to an account, you’re sure you know the details for are also signs of trouble.
If you find your password has been changed for your social media, banking, or online shopping accounts, you should contact the company directly. They will have a process in place to help you recover and secure your account.
5. Strange search behavior
We all know what it looks like to search online – go to a search engine, type in your query, and get a list of matching results. When it starts to look different, you may have a problem.
Seeing the screen flash after you hit enter or going to a different-looking page could be a warning sign you’ve been hacked. This could be the start of someone watching your online activity in order to get your passwords and break into your banking or shopping accounts.
You can check if something looks not quite right by doing the same action in a different browser. If things are looking odd, you need to investigate deeper into your computer.
6. Unusual emails
This warning could go one of two ways. First, if your friends and family tell you they’re getting emails and messages from you that seem out of the ordinary, something is wrong.
Hackers can use your details to try and get your contacts to reveal your personal information or even their own. They can also get into your phone or email account to harvest the details of people you know to try and extort money out of them – while pretending to be you.
You might also be the person who gets emails or messages pretending to be a loved one. If you’ve clicked on a link in a strange message, you could be on your way to being the next victim of a hack.
7. New apps and icons
Using your phone and computer regularly means you know what it should look like – where to look for the apps and tools you use most. When something looks out of place, it’s a sign a hacker may have infiltrated your device.
Anything that you didn’t recognize installing, should be checked out immediately. Avoid accessing it, but check in your Settings when it was downloaded and how much processing power and data it’s using. This should give you a good indication of whether it’s something you’ve forgotten about or if a hacker is using it to track what you’re doing on your device.
How to prevent getting hacked
All of these can seem pretty scary – losing access to your accounts, having your online life tracked and logged… There are steps you can take to prevent a hacker from getting into your device, which we’ve pulled together here for you.
- Be skeptical – emails from weird-looking addresses telling you your banking is compromised, ad pop-ups offering unbelievable discounts; if it feels weird, then it’s probably dodgy so don’t click on something you’re not sure of.
- Use a VPN – getting a VPN download like Surshark VPN will protect your browsing when using public WiFi so a hacker can’t start to take control of your devices. It also encrypts what you send and receives online, protecting your data.
- Keep updated – software and app updates may feel tedious, but they have their uses. Companies will send you updates to patch security concerns when hackers find a way to exploit the tools you use, so update everything as soon as feasible.
Have I been hacked?
Hacking comes in many forms – some can be super obvious, like a big red ransom demand on your screen, while others can be more subtle, like a weird-looking search result.
Know your usual routines and remember what things should look and feel like. When things get strange, you should start investigating what’s installed on your device and why it might be behaving differently.
Seek professional advice if you fall victim to a hack, including informing the police if you’ve lost money or been the victim of a scam.
Frequently asked questions
Where can I check if I’ve been hacked?
There are websites that keep track of data leaks, such as when emails and passwords are stolen from companies by hackers. Your antivirus or VPN tools may also offer a similar service you can register with.
A popular site to check is Have I Been Pwned. Here, you can enter your email addresses, and it will check if it’s ever come up in a data leak. If it has, you can consider changing passwords for accounts associated with that email address.
What is the first thing you should do when you’ve been hacked?
Your first action will depend on the type of hack you’ve been exposed to. If you’ve given your security details or password away in a phishing attack, contact the company whose credentials you’ve given away and follow their processes.
When you get a ransomware notice, first, you should take a photo in case you need it later. Then, you should turn off your device and disconnect it from networks, so remove any SIM cards or internet cables. After that, you should seek professional advice about your next steps.
My email has been hacked, how do I fix it?
When someone has gotten into your emails and changed your password, you should be able to reclaim the account as long as you can access your phone or backup email address. Each email provider will have different processes for you to follow.
What do I do if my phone is hacked?
If your phone has been hacked and compromised, the first thing you should do is go through all of your apps and delete any that look unfamiliar. You can find a complete list of apps through your settings menu on Android or Apple phones.
See: Crypto Hacking Reached $3.8 Billion in 2022 (Biggest on record)
Once everything suspicious is deleted, use your security software tools to scan your phone again. Check data usage and performance to see if there are still signs of a hacker being present. If all else fails and you can’t get rid of the hacker, you should back up as much of your data as possible and perform a factory reset.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Do You Secure Trade Online?
Guest Post | Feb 9, 2023
Image: Unsplash/Saksham Choudhary
With more and more people using online platforms, online trading has become a big business today. While trading online has many benefits, it always exposes you to many dangers.
Protecting your online trades from emerging cyber threats is important by following secure practices.
In this article, we have talked about the different practices that will help you secure your online trade.
Use A Secure VPN Connection
A VPN (Virtual Private Network) connection helps secure online trading by encrypting all data sent and received between your device and the internet. This means that anyone who might try to intercept or monitor your internet traffic, such as hackers or government agencies, will be unable to access the information being transmitted. This provides a higher level of security and privacy for online trading activities, as sensitive information such as financial details and personal information is protected.
In addition, a VPN can help you bypass restrictions and censorship, allowing you to access trading platforms and websites that may be blocked in your country. This can be especially useful for traders who need to access information or execute trade shares from different locations worldwide.
Finally, a VPN can also help protect against online threats such as phishing, malware, and other cyber attacks. A secure VPN connection can reduce the risk of hacking your online trading account and ensure that your sensitive information stays safe and secure.
Set Up Strong Password
Setting up a strong password is an essential step in securing online trading. A strong password helps to protect your online trading accounts and the sensitive information associated with them from unauthorized access. Here are some tips for setting up a strong password:
Length: Make sure your password is at least 12 characters long. The longer the password, the more secure it will be.
Complexity: Use a combination of upper and lower case letters, numbers, and special characters to make it harder for others to guess.
Uniqueness: Avoid using easily guessable information such as your name, birthdate, or common words. Also, do not reuse passwords across different accounts.
Regular changes: Regularly change your password, at least once every three to six months, to reduce the risk of it being compromised.
Close Trading Session
Closing a trading session is an important step in securing online trading. When you close a trading session, you effectively log out of your trading account, which helps to protect your sensitive information and financial details.
Here are some reasons why it's important to close your trading session:
- Prevent unauthorized access: By closing your trading session, you prevent unauthorized access to your account, even if your device is lost or stolen.
- Protect sensitive information: Closing your trading session ensures that your personal and financial information is protected, even if you use a public or shared computer.
- Avoid accidental trades: Closing your trading session can also help prevent accidental trades or other mistakes if you leave your trading platform open.
- Maintain privacy: Closing your trading session helps ensure that others cannot see your financial information or trading activities.
Closing your trading session is a simple yet effective step to secure your online trading activities and protect your sensitive information. It's important to always log out of your trading account when you're finished trading, especially if you are using a public or shared device.
Use Two Factor Authentications
Two-factor authentication (2FA) is a security measure that provides an extra layer of protection for online trading. 2FA requires the user to provide two forms of identification before accessing their trading account, making it more difficult for unauthorized users to gain access.
Here's how 2FA works in the context of online trading:
The first factor is usually a password, which the user enters as normal.
The second factor is a code generated by a separate device, such as a smartphone, and is required to complete the login process. This code can be sent via text message or an authentication app, such as Google Authenticator.
By requiring two forms of identification, 2FA makes it much more difficult for hackers or unauthorized users to access your online trading account. Even if they could obtain your password, they would still need access to the device that generates the second-factor code to log in.
See: ARK Innovation Predictions and Big Ideas 2023
In conclusion, 2FA is an important step in securing your online trading activities. It provides an extra layer of protection for your sensitive information and helps to prevent unauthorized access to your trading account. If your trading platform supports 2FA, it is highly recommended that you set it up and use it to secure your online trading activities.
Finally, Beware Of Scams
It's true that online trading can be vulnerable to scams, so it's important to be aware of them and take steps to protect yourself. Here are some tips for avoiding scams in online trading:
- Be cautious of unsolicited emails or phone calls: Be wary of any unsolicited emails or phone calls claiming to be from your broker or offering "too good to be true" investment opportunities.
- Do your research: Before investing in any trading platform, do your own research to ensure that it is reputable and trustworthy. Read reviews and check the company's background to see if there are any red flags.
- Verify the credentials: Make sure to verify the credentials of any broker or investment advisor before making a deposit. Look for certifications, licenses, and regulatory approvals.
- Keep personal information private: Never reveal your personal or financial information to anyone unless you know their identity and credibility.
- Use secure payment methods: Always use secure payment methods, such as credit cards or secure online payment platforms, when making a deposit or withdrawal.
By being vigilant and taking steps to protect yourself, you can help reduce the risk of falling victim to scams in online trading. If you suspect you have been scammed, report it immediately to the relevant authorities and seek professional help to recover your funds.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Crypto Hacking Reached $3.8 Billion in 2022 (Biggest on record)
Chainanalysis | Feb 1, 2023
Image: Chainanalysis
2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses.
- DeFi protocols by far the biggest victims of cryptocurrency hacks accounting for 82.1% of all cryptocurrency stolen by hackers — a total of $3.1 billion — up from 73.3% in 2021. And of that $3.1 billion, 64% came from cross-chain bridge protocols specifically.
- Bridges are an attractive target for hackers because the smart contracts in effect become huge, centralized repositories of funds backing the assets that have been bridged to the new chain — a more desirable honeypot could scarcely be imagined. If a bridge gets big enough, any error in its underlying smart contract code or other potential weak spot is almost sure to eventually be found and exploited by bad actors.
See: Do Industry Operators, Researchers, and Regulators Agree On How Big Crypto Crime Is?
- Double edged sword: DeFi is one of the fastest-growing, most compelling areas of the cryptocurrency ecosystem, largely due to its transparency. But that same transparency is also what makes DeFi so vulnerable — hackers can scan DeFi code for vulnerabilities and strike at the perfect time to maximize their theft.
- The core issue is that DeFi developers prioritize growth over all else, and direct funds that could fund security measures to rewards in order to attract users.
- DeFi code auditing conducted by third-party providers is one possible remedy to this.
- Test protocols with simulated attacks.
- Circuit breakers. DeFi protocols should build out automated processes to pause their protocols and halt transactions if suspicious activity is detected
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Meta Agrees to $725 Million Class Action Settlement in Cambridge Analytical Scandal
CPO Magazine | Scott Ikeda | Jan 4, 2023
Image: Pexels/Pixabay
The 2018 Cambridge Analytica scandal was perhaps the biggest single event to move online data privacy into mainstream conversation, and Facebook spent 2019 being fined by various government regulatory bodies over it.
- The Cambridge Analytica scandal centered on the firm’s work for the 2016 presidential campaign of Donald Trump.
- The company identified a loophole in the Facebook API that allowed it to access profile information and the “likes” of mass quantities of platform users that it otherwise would not have had access to.
- A psychological profile test created by the company was taken by about 300,000 people, but those who took it were unwittingly granting the company access to the profile information and activity of their full network of platform friends as well.
- Scandal saw Meta CEO Mark Zuckerberg brought before Congress for an intense questioning session, which culminated in a string of fines from federal agencies (and regulatory bodies in other countries). The largest individual payment was $5 billion to settle an FTC probe, a massive overpayment based on the initial proposed fine amount but one that guaranteed Zuckerberg and other executives would not face personal liability.
See: Podcast: Whistleblower testifies about Facebook’s amplification algorithm and misleading the public
- Up to 87 million Facebook accounts had user data inappropriately accessed as the research firm leveraged a weakness in the platform’s API to harvest information that was not meant to be available to the general public.
- Meta has agreed to pay $725 million to settle a class action suit. Meta reportedly agreed to settle the suit in August, but terms have only recently been made available to the public.
- As to what Facebook users can expect to receive if the settlement is approved, after attorney fees (expected to be about 25%) the remaining amount is set to be divvied up between an estimated 250 to 280 million eligible platform users. The actual amount will depend on how many of those users file claims, which could lead to each user receiving as little as a few dollars in compensation.
- The company continues to face other privacy-related difficulties, however; it just recently reached a $90 million settlement in another case involving its use of cookies and embedded “like” buttons to track users around the web without their full knowledge.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Coinbase is Cutting 950 Employees (20%) | Brother of Former Employee 10 months Sentence for Insider Trading
Reuters | Manya Saini and Niket Nishant | Jan 10, 2023
Image: Unsplash/Clay Banks
Coinbase Global Inc said on Tuesday it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year.
- The company, whose shares were up 3.3% at $39.52, said it expects to incur about $149 million to $163 million in restructuring expenses.
- "The entire industry is going through a crisis of confidence and trading volume remains very weak. This job cut is a reflection of the current challenging environment," Oppenheimer analyst Owen Lau said.
- "This (job cuts) is a move that can help with near-term operating leverage," said Mizuho analyst Ryan Coyne, adding that it would not fix the underlying issue of rapidly deteriorating volumes. "It is going to require much more significant cost cutting to accommodate the current volume run rate."
See: Coinbase: $100m Fine to New York State Regulators for Longstanding Compliance Failures
Coinbase Chief Executive Brian Armstrong:
We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion. We will be shutting down several projects where we have a lower probability of success.
Continue to the full article --> here
Decrypt | Mat Di Salvo | Jan 10, 2023
A former Coinbase employee's brother has been sentenced for his role in a crypto insider trading scheme.
Coinbase Complies: Starting Apr 4 Monitor Canadian Transactions Above CA$1,000
- Prosecutors said last year that Ishan Wahi, while an employee at the San Francisco-based crypto exchange, allegedly provided information regarding upcoming token listings on Coinbase to his brother Nikhil Wahi, and his friend, Sameer Ramani.
- U.S. prosecutors have called this the first insider trading case involving cryptocurrency.
- It is alleged by U.S. authorities that $1.1 million was pocketed by the trio. The SEC also filed civil charges against the trio over the alleged scheme.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Gemini and The Winklevoss Twins Are Facing a Big Mess
Fortune | Will Daniel | Jan 5, 2023
Image: Pixabay/geralt
Another victim of the Crypto Winter?
- Gemini exchange: In an interview with Fortune on the eve of Gemini’s launch, Tyler Winklevoss described how he hoped to lean into regulation in order to make cryptocurrencies accessible to retail investors, while also attracting the institutional crowd.
- The exchange grew quickly, barring a brief period of turbulence in the 2018 bear market, and the Winklevii became some of the first Bitcoin billionaires during Gemini’s rise.
- [Early 2021], the Winklevii had launched Gemini’s Earn platform. The crypto lending service offered juicy returns of “up to 7.4%” for depositing crypto, promising that customers could redeem their funds “at any time.” By comparison, the average savings account in the U.S. offers just a 0.2% return today.
- The problem for Gemini: One of the ways Gemini created these returns was through Genesis Global Capital, the lending arm of crypto investment firm Genesis Global Trading, which is owned by Silbert’s Digital Currency Group. Gemini lent users’ funds to Genesis, which in turn loaned them out to institutional borrowers.
- But when prices for cryptocurrencies tanked in 2022, it was a whole new world for Gemini and the Winklevii, and Gemini Earn users were particularly at risk. By June, Gemini was forced to slash 10% of its workforce. And just months later, reports surfaced that the firm would need to raise at least $1 billion to stave off bankruptcy for its Gemini Earn platform.
- The issue was made even worse when Genesis decided to stop issuing redemptions to clients such as Gemini after the collapse of FTX—which meant that Gemini didn’t have the money to pay returns or redeem funds on their Earn platform.
See: Overview of Some Popular Layer 1 Blockchains
- Letter to former friend: In an open letter to Silbert this week, Cameron Winklevoss said that over 340,000 users have more than $900 million in crypto trapped at Silbert’s Genesis Global Capital, and in total Silbert’s companies owe Gemini $1.675 billion. He argued that Silbert was engaging in “bad faith stall tactics” to avoid paying back customers.
- “The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy,” he wrote.
- Now, Gemini’s Earn users are suing Silbert and the Winklevoss twins, alleging that Silbert breached his contract by pausing redemptions, and the Winklevii sold interest-bearing accounts without properly registering them as securities. The Commodity Futures Trading Commission (CFTC) also filed a suit against the twins for misrepresenting the way their exchange and futures contracts operated back in 2017 when they sought regulatory approval.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Can We Improve Fighting Financial Crime With Artificial Intelligence?
Guest Post | Jan 4, 2023
Image: Pixabay/GDJ
Identifying Key Areas of Financial Crime
To fight digital financial crime, you’ve got to know what you’re up against. You’ve got to identify risk and fortify. Prime vulnerabilities for digital theft need to be protected. The difficulty is, financial criminals are successful enough they’re able to run an entire industry. The “black hat”, “cybercriminal” industry generates comparable economy to “white hat” tech, worldwide.
There are a number of reasons for this, chief among them tech companies that base their entire revenue generation model around digital theft, scams, and similar activities. We’re all familiar with the trope of a scammer based in Mumbai, or a similar city, using the lack of information certain people have to trick them into giving up their assets.
There are tax scams and those which deceive targets into believing they’ve been paid money they shouldn’t have. Quite a variety of tactics exist. What’s relevant to business clients is that cybercriminal financial crime often targets small and large operations in similar ways. Phishing scams are a fine example. Artificial Intelligence (AI) can act as a digital shield.
For example, adaptive contextual technology through NICE Actimize can be a key resource in preventing financial crime, such as money laundering. We’ll explore more ways AI helps prevent financial crime here.
AI Can Identify Cybercriminal Patterns
Because many cybercriminal exploits function much like white hat technology through a traditional Managed Service Provider, or MSP, there is a high degree of automation going on. Scammers will set up programs and protocols designed to automatically seek out vulnerabilities in targets. Basically, they use their own form of AI.
As the old saying goes, it takes one to know one. Because cybercriminal revenue generation commonly utilizes automation which necessarily involves AI and Machine Learning (ML), using the superior, but similar, digital tactics is a fine way of anticipating their maneuvers and protecting your business against them.
AI and ML Applications Can Help You Know Where to Fortify
Where things get difficult is in terms of social engineering hacks, which in modern times often combine AI and ML cybercrime techniques with old school “con” jobs. Are you familiar with that classic film The Sting, or the newer caper drama Now You See Me, where magicians steal? Well, modern cybercrime incorporates such tactics as well as those related to tech.
A great example of a social engineering hack is a phishing scam wherein an email that is designed to appear as though it came from a “higher up” in the company is sent to those in the financial areas of an organization. The email will demand funds, information, access, or something else, and it will demand that information immediately.
Staff needs to be trained on how to avoid and anticipate such scams, but AI can look for features which could flag certain messages ahead of time. There are “digital sandboxes” where files sent via attachment through email can be accessed without compromising the whole network of your business. They can be “detonated”, as it were, safely.
See: Zurich CEO: Cyber Attacks May Become ‘Uninsurable’
Spelling, actual email addresses, the time emails are sent, and the like can be flagged, either preventing emails from being sent to an email server or notifying recipients that there is suspicious activity afoot. So you can use AI as leverage against social engineering hacks by identifying common features of such attacks and fortifying operations against them.
Image: Pixabay/TheDigitalArtist
More Protection Against Increasing Cybercriminal Threats
In a nutshell, proper AI and ML help you identify patterns, anticipate cybercriminal attacks, and fortify your business against financial crime overall. This is a brief overview, there are textbooks on this subject. In a nutshell, if you haven’t looked into AI security against cybercrime, this is a wise move.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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