Cybersecurity Archives | Page 303 of 408 | Digital Watch Observatory

Two charged after pensioner loses over £100,000 in cryptocurrency fraud

Two men have been charged in connection with a cryptocurrency fraud that saw a 75-year-old man from Aberdeenshire lose more than £100,000. The case, reported to police in July, led to an extensive investigation by officers from the north east division CID.

Following inquiries, officers travelled to Coventry and Mexborough on Tuesday, working alongside colleagues from West Midlands Police and South Yorkshire Police.

The coordinated operation resulted in the arrests of two men, aged 36 and 54, who have now been charged in relation to the fraud allegations.

Police have not yet disclosed details of how the scam was carried out, but cryptocurrency frauds often involve fake investment schemes, phishing scams, or fraudulent trading platforms that lure victims into handing over money with promises of high returns.

Many scams also exploit a lack of regulation in the digital currency sector, making it difficult for victims to recover lost funds.

Authorities have urged the public to remain vigilant and report any suspicious financial activity, particularly scams involving cryptocurrencies.

For more information on these topics, visit diplomacy.edu.

Multi-million crypto Ponzi scheme exposed by Norwegian investigators

Norwegian prosecutors have charged four individuals for their role in a massive fraud and money laundering operation that deceived thousands of victims worldwide. Authorities say the scheme collected over 900 million kroner ($86–87 million), with more than 700 million kroner laundered through a Norwegian law firm before being transferred to accounts in Asia.

The scam operated as a multi-level marketing structure, with victims recruited to buy “product packages” containing cryptocurrency and company shares. Investors were promised profits from gas fields, mining, and real estate, but investigators say no real investments were made. Instead, new deposits funded payouts to earlier investors, fitting the classic Ponzi scheme model.

Officials revealed that financial professionals, including lawyers and accountants, helped to conceal the money flow, making the fraud harder to detect. Europol has warned that financial crimes like these are a growing global threat, with fraud and money laundering acting as the driving force behind organised crime.

Despite the cross-border nature of the operation, Norwegian authorities stress that those responsible will be prosecuted, no matter where their victims are located. The case highlights the increasing use of professional services to facilitate fraud, a challenge that law enforcement agencies worldwide are struggling to tackle.

For more information on these topics, visit diplomacy.edu.

Young people rely on social media for political news

A growing number of young Europeans are turning to social media platforms like TikTok, Instagram, and YouTube as their primary news source, surpassing traditional outlets such as TV and print media. According to the latest European Parliament Youth Survey, 42% of people aged 16 to 30 rely on social media for news about politics and social issues. This shift highlights changing preferences toward fast-paced, accessible content but also raises concerns about the growing risk of disinformation among younger generations.

Younger users, especially those aged 16 to 18, are more likely to trust platforms like TikTok and Instagram, while those aged 25 to 30 tend to rely more on Facebook, online press, and radio for their news. However, the rise of social media as a news source has also led to increased exposure to fake news. A report from the Reuters Institute revealed that 27% of TikTok users struggle to identify misleading content, while Instagram has faced criticism for relaxing its fact-checking systems.

Despite being aware of the risks, young Europeans continue to engage with social media for news. A significant 76% of respondents reported encountering fake news in the past week, yet platforms like Instagram remain the most popular news sources. This trend is impacting trust in political institutions, with many young people expressing scepticism toward the EU and skipping elections due to a lack of information.

The reliance on social media for news has shifted political discourse, as fake news and AI-generated content have been used to manipulate public opinion. The constant exposure to sensationalised false information is also having psychological effects, increasing anxiety and confusion among young people and pushing some to avoid news altogether.

For more information on these topics, visit diplomacy.edu.

Google faces backlash from privacy advocates over new tracking rules

Google has introduced changes to its online tracking policies, allowing fingerprinting, a technique that collects data such as IP addresses and device information to help advertisers identify users. The new rules mark a shift in Google’s approach to online tracking.

Google states that these data signals are already widely used across the industry and that its goal is to balance privacy with the needs of businesses and advertisers. The company previously restricted fingerprinting for ad targeting but now argues that evolving internet usage—such as browsing from smart TVs and gaming consoles—has made conventional tracking methods, like cookies, less effective. The company also emphasises that users continue to have choices regarding personalised ads and that it encourages responsible data use across the industry.

Critics argue that fingerprinting is harder for users to control compared to cookies, as it does not rely on locally stored files but rather collects real-time data about a user’s device and network. Some privacy advocates believe this change marks a shift toward tracking methods that provide users with fewer options to opt out.

Martin Thomson, an engineer at Mozilla, noted that by allowing fingerprinting, Google has given itself—and the advertising industry it dominates—permission to use a form of tracking that people can’t do much to stop. Lena Cohen, staff technologist at the Electronic Frontier Foundation, expressed similar concerns, stating that fingerprinting could make user data more accessible to advertisers, data brokers, and law enforcement.

The UK’s Information Commissioner’s Office (ICO) has raised concerns over fingerprinting, stating that it could reduce users’ ability to control how their information is collected. In a December blog post, Stephen Almond, the ICO’s Executive Director of Regulatory Risk, wrote that this change irresponsible, and that advertisers and businesses using this technology will need to demonstrate compliance with privacy and data laws.

Google responded that it welcomes further discussions with regulators and highlighted that IP addresses have long been used across the industry for fraud prevention and security.

For more information on these topics, visit diplomacy.edu.

Europol chief warns trust in law enforcement at risk

Law enforcement agencies must ensure public understanding of the need for expanded investigative powers to effectively combat the increasing scale and complexity of cybercrime, Europol’s chief Catherine De Bolle stated at the Munich Cyber Security Conference.

De Bolle emphasised that cybercriminal activity is not only growing in volume but also evolving in sophistication, leveraging both traditional telecom infrastructure and advanced digital tools, including dark web marketplaces. In response, she underscored the necessity for law enforcement agencies to strengthen their technical capabilities. However, she noted that implementing large-scale investigative measures must be balanced with maintaining public confidence in state institutions.

Her remarks followed those of Sir Jeremy Fleming, former director of the UK’s cyber intelligence agency GCHQ, who spoke about the importance of maintaining public trust in intelligence operations.

De Bolle further stressed the need for stronger collaboration between government agencies, private sector entities, and international organisations to address cyber threats effectively. As cybercrime and state-sponsored cyber activities increasingly overlap, she advocated for a shift away from fragmented approaches, calling for ‘multilateral responses’ to improve collective cybersecurity readiness.

For more information on these topics, visit diplomacy.edu.

Cryptocurrencies gain traction in Hong Kong schemes

Hong Kong has hinted at the growing acceptance of cryptocurrencies as proof of wealth for its New Capital Investment Entrant Scheme (New CIES). While cryptocurrencies are not listed as approved investment assets, a local accountant disclosed that bitcoin and ether were used successfully in two cases to demonstrate applicants’ wealth.

Authorities stated there were no specific restrictions on asset types for applications, leaving the door open for virtual assets.

The investment scheme, relaunched in March 2024, requires applicants to control assets worth at least HK$30 million (£3.9 million) and invest them in approved options to gain residency.

With Hong Kong positioning itself as a global hub for virtual assets, experts see the inclusion of cryptocurrencies in applications as a step toward mainstream acceptance.

Competition with regional rivals like Singapore and Dubai has intensified Hong Kong’s efforts to attract capital. Analysts noted that the scheme excludes mainland Chinese applicants but revealed workarounds, such as securing permanent residency in third countries like Guinea-Bissau.

Data showed that nearly 80% of over 250 recent applicants were from Guinea-Bissau or Vanuatu, highlighting an emerging trend.

Cryptocurrency advocates praised Hong Kong’s openness, seeing it as a critical move in recognising digital assets on par with traditional ones. The development signals a potential shift in how virtual wealth is perceived globally and could boost Hong Kong’s appeal to investors.

For more information on these topics, visit diplomacy.edu.

Rising foreign cyber threats test Philippine security

The Philippines has reported attempts by foreign actors to infiltrate government intelligence systems, though no breaches have occurred, according to Cyber Minister Ivan Uy.

Advanced Persistent Threats (APTs), often linked to state-backed groups, have persistently targeted the nation but failed to compromise its cybersecurity defences.

Uy highlighted that some threats, described as ‘sleepers’, had been embedded in systems before being uncovered through government cybersecurity measures. He expressed concerns about such threats operating undetected for extended periods.

Efforts to trace the origins of these attacks are challenging, as hackers often leave misleading evidence. Diplomatic cooperation and intelligence sharing with the military and international allies have become key tools in countering these threats.

Last year, the government successfully thwarted cyberattacks allegedly originating in China, including attempts to breach systems related to maritime security. Uy noted that global cyber conflicts resemble a ‘non-kinetic World War III’, with nations and organisations exploiting digital vulnerabilities for strategic or financial gain.

In addition to cyberattacks, the Philippines is grappling with rising misinformation, deepfakes, and ‘fake news media outlets’ ahead of its mid-term elections in May.

The ministry has deployed tools to counter these risks, emphasising their potential to harm democracies reliant on informed public opinion during elections.

For more information on these topics, visit diplomacy.edu.

Cybersecurity firm Dream secures $100 million, hits $1.1 billion valuation

A cybersecurity firm co-founded by former Austrian Chancellor Sebastian Kurz and Israeli entrepreneurs has reached a valuation of $1.1 billion after securing $100 million in a new funding round.

The company, known as Dream, focuses on AI-driven cybersecurity solutions for governments and critical infrastructure. Bain Capital Ventures led the Series B investment, with additional backing from Group 11, Tru Arrow, Tau Capital, and Aleph.

Founded in January 2023, Dream has reported over $130 million in annual sales to government and national cybersecurity agencies in 2024.

The company was established by Kurz, former NSO Group CEO Shalev Hulio, and cybersecurity expert Gil Dolev. It operates out of Tel Aviv, Vienna, and Abu Dhabi, positioning itself as a key player in global cybersecurity.

Kurz, who became Austria‘s chancellor in 2017 at the age of 31, resigned in 2021 and was later convicted of perjury in a political case. He received an eight-month suspended sentence, which he is currently appealing. Despite his legal troubles, his latest business venture is rapidly growing in the cybersecurity industry.

For more information on these topics, visit diplomacy.edu.

Pro-Russian hackers target Italian banks and airports in cyber attack

A wave of cyber attacks hit around 20 Italian websites, including those of banks and airports, in an incident linked to rising tensions between Rome and Moscow.

Italy‘s cybersecurity agency attributed the attacks to the pro-Russian hacker group Noname057(16), which targeted websites such as Intesa Sanpaolo, Banca Monte dei Paschi, Iccrea Banca, and Milan’s Linate and Malpensa airports. Authorities reported no major disruptions.

The attack followed recent remarks by Italian President Sergio Mattarella, who compared Russia‘s war on Ukraine to Nazi Germany‘s expansionism.

Moscow condemned the statement, while Italian Prime Minister Giorgia Meloni defended it. The hackers cited Mattarella’s comments as motivation for their actions, according to Italy’s cybersecurity agency.

Noname057(16) previously claimed responsibility for a cyber attack on Italy in December, which targeted around 10 institutional websites. Some of the affected organisations declined to comment on the latest breach, while others reported no operational impact. Italian authorities continue to monitor the situation.

For more information on these topics, visit diplomacy.edu.

Argentina’s President faces impeachment calls over cryptocurrency scandal

President of Argentina, Javier Milei, is facing impeachment calls from opposition lawmakers after promoting a little-known cryptocurrency that crashed shortly after his endorsement. Late on Friday, Milei posted on X recommending the crypto coin $LIBRA, causing its price to surge to nearly $5 before plummeting below $1 within hours.

Critics accused the president of irresponsibility, with some suggesting the incident could be a “rug pull” scam designed to manipulate investments.

Lawmaker Leandro Santoro, a member of the opposition coalition, called the incident an international embarrassment and announced plans to seek Milei’s impeachment.

Argentina’s fintech chamber acknowledged the possibility of fraudulent activity, adding to concerns about the president’s involvement. Local media reported that Milei’s post remained online for a few hours before being deleted.

Milei later distanced himself from the cryptocurrency, stating he had no connection to it and was unaware of its details before promoting it.

After learning more, he removed the post to avoid further publicity. Despite his explanation, the controversy has intensified political tensions, with opposition figures questioning his judgment and calling for accountability.

For more information on these topics, visit diplomacy.edu.