Cybercrimes have been affecting users in more ways than we can think. While there are several forms of cybercrime currently circulating in the market, there’s one cybercrime that appears to have outgrown other forms significantly.
Network Contagion Research Institute (NCRI) has revealed in research that “financial sextortion” is growing on a large scale in several countries in the world, especially in the United States, Canada and Australia.According to the report, this form of cybercrime is being conducted by a non-organised group in West Africa called “Yahoo Boys”.
Financial sextortion reports have increased exponentially
FBI has reported that they’ve received a jump of around 1000% in financial sextortion reports over the last 18 months. NCMEC has also reported an increase of 7200% between 2021 and 2022. The FBI’s director has coined this jump as a “global crisis that demands everyone’s attention”.
How financial sextortion takes place
Before getting to the financial sextortion, let’s understand what sextortion is. Sextortion, according to the FBI, is a form of crime that involves kids, adults and young teens which forces them to send explicit images and videos online.
This becomes a financial crime when scammers start threatening their victims asking them to pay some ransom to prevent them from widely distributing the photos or videos. More often than not, these scammers ask for money repeatedly through several modes of payment like gift cards, peer-to-peer transfers, cryptocurrency, etc.
How scammers target their victims
Scammers create fake social media profiles and target high schools, sports teams, and universities with follow requests, pretending to be attractive peers or potential romantic partners.
They use advanced social engineering tactics to coerce their victims into sending compromising photos, often by directing them to Snapchat or Wizz, where they exploit the platform features to give a false sense of security and authenticity.
They use screenshots of the victim’s Instagram followers and following lists, draft messages to the victim’s friends or family and other extreme threats to blackmail the victim into paying a ransom, usually in the form of gift cards, cryptocurrency, or peer-to-peer payment apps.
They also use artificial intelligence tools to generate nude photos of the victim from a clothed photo or to create more convincing catfish profiles with face-swapping and voice-changing software.
They sometimes force the victim to act as an accomplice, money mule, or account creator for their criminal network.
According to the research report, Instagram, Snapchat and Wizz are among the most affected social media platforms by financial sextortion.
What parents can do about it to keep kids safe online
Open conversations: It is advisable to initiate open discussions with your children about online risks, emphasising the importance of not sharing intimate photos with anyone, especially strangers. Assure them that they can come to you for help if they encounter such situations.
Understand Instagram’s risks: It is important to educate children about potential risks on Instagram, including criminal accounts pretending to be peers. Warn them that accepting follow requests from unknown individuals exposes their Followers & Following lists, providing leverage for extortion scams.
Snapchat misconceptions: Clarify misconceptions about Snapchat by explaining that photos can be saved or screenshotted. Dispel the belief that content sent on Snapchat disappears completely. Highlight the possibility of criminals using pre-recorded videos to deceive users.
Wizz App warning: Make sure your children are aware of the risks associated with the Wizz app, as advised by schools, parent advocacy networks, law enforcement, and watchdog organisations.
Community involvement: Raise awareness in your community, schools, sports teams and youth groups about the dangers of sextortion. Encourage open discussions to destigmatise conversations about sextortion, fostering an environment where experiences can be shared without judgment.
Network Contagion Research Institute (NCRI) has revealed in research that “financial sextortion” is growing on a large scale in several countries in the world, especially in the United States, Canada and Australia.According to the report, this form of cybercrime is being conducted by a non-organised group in West Africa called “Yahoo Boys”.
Financial sextortion reports have increased exponentially
FBI has reported that they’ve received a jump of around 1000% in financial sextortion reports over the last 18 months. NCMEC has also reported an increase of 7200% between 2021 and 2022. The FBI’s director has coined this jump as a “global crisis that demands everyone’s attention”.
How financial sextortion takes place
Before getting to the financial sextortion, let’s understand what sextortion is. Sextortion, according to the FBI, is a form of crime that involves kids, adults and young teens which forces them to send explicit images and videos online.
This becomes a financial crime when scammers start threatening their victims asking them to pay some ransom to prevent them from widely distributing the photos or videos. More often than not, these scammers ask for money repeatedly through several modes of payment like gift cards, peer-to-peer transfers, cryptocurrency, etc.
How scammers target their victims
Scammers create fake social media profiles and target high schools, sports teams, and universities with follow requests, pretending to be attractive peers or potential romantic partners.
They use advanced social engineering tactics to coerce their victims into sending compromising photos, often by directing them to Snapchat or Wizz, where they exploit the platform features to give a false sense of security and authenticity.
They use screenshots of the victim’s Instagram followers and following lists, draft messages to the victim’s friends or family and other extreme threats to blackmail the victim into paying a ransom, usually in the form of gift cards, cryptocurrency, or peer-to-peer payment apps.
They also use artificial intelligence tools to generate nude photos of the victim from a clothed photo or to create more convincing catfish profiles with face-swapping and voice-changing software.
They sometimes force the victim to act as an accomplice, money mule, or account creator for their criminal network.
According to the research report, Instagram, Snapchat and Wizz are among the most affected social media platforms by financial sextortion.
What parents can do about it to keep kids safe online
Open conversations: It is advisable to initiate open discussions with your children about online risks, emphasising the importance of not sharing intimate photos with anyone, especially strangers. Assure them that they can come to you for help if they encounter such situations.
Understand Instagram’s risks: It is important to educate children about potential risks on Instagram, including criminal accounts pretending to be peers. Warn them that accepting follow requests from unknown individuals exposes their Followers & Following lists, providing leverage for extortion scams.
Snapchat misconceptions: Clarify misconceptions about Snapchat by explaining that photos can be saved or screenshotted. Dispel the belief that content sent on Snapchat disappears completely. Highlight the possibility of criminals using pre-recorded videos to deceive users.
Wizz App warning: Make sure your children are aware of the risks associated with the Wizz app, as advised by schools, parent advocacy networks, law enforcement, and watchdog organisations.
Community involvement: Raise awareness in your community, schools, sports teams and youth groups about the dangers of sextortion. Encourage open discussions to destigmatise conversations about sextortion, fostering an environment where experiences can be shared without judgment.