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Category Archives: Cryptocurrency

Ransomware in the Digital Age: Multidisciplinary Legal Strategies for Minimizing Cryptocurrency Ransom Payments

Via May 2024 issue of LLRXRansomware in the Digital Age: Multidisciplinary Legal Strategies for Minimizing Cryptocurrency Ransom Payments: The year 2023 witnessed an unprecedented escalation in ransomware attacks, affecting users from homeowners to critical infrastructure like healthcare, education, and government. With over 5,200 reported incidents—a 74% increase from the previous year—ransomware has not only intensified in frequency but also sophistication and financial demands, with total payments exceeding $1 billion. This surge highlights the value of data and the increasing likelihood that victims will pay ransoms, often facilitated by cryptocurrencies like Bitcoin. Cryptocurrencies have played a pervasive role in the rise in ransomware attacks due to their anonymity and ability to facilitate cross-border payments. Jawad Ramal explains how using cryptocurrencies to facilitate ransom payments offers complex challenges due to their high transaction costs and regulatory ambiguities that complicate compliance efforts. The pervasive role of cryptocurrencies in ransomware attacks underscores the necessity for multi-disciplinary legal professions that are capable of utilizing blockchain analytic tools, financial hedging techniques, and general knowledge of the evolving cryptocurrency space. Instituting safe harbor provisions would also ensure that victims do not face the threat of prosecution after making ransom payments.

New FTC Data Shed Light on Companies Most Frequently Impersonated by Scammers

FTC: “New data from the Federal Trade Commission shows that Best Buy/Geek Squad, Amazon, and PayPal are the companies people report scammers impersonate most often. A newly released data spotlight shows that consumers in 2023 submitted about 52,000 reports about scammers impersonating Best Buy or its Geek Squad tech support brand, followed by about 34,000… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, May 18, 2024

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, May 18, 2024 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on… Continue Reading

AI in Finance and Banking, May 15, 2024

Via LLRX – AI in Finance and Banking, May 15, 2024 – This semi-monthly column by Sabrina I. Pacifici highlights news, government documents, NGO/IGO papers, industry white papers, academic papers and speeches on the subject of AI’s fast paced impact on the banking and finance sectors. The chronological links provided are to the primary sources,… Continue Reading

What I wish I’d known before my smartphone was snatched

FT.com – unpaywalled: “Phone theft is rising at a rapid pace. And far more lucrative than the value of the handset, organised criminal gangs know that our smartphones have become the gateway to a vast amount of our personal financial information. They will go to incredible lengths to steal phones unlocked, deploying tactics including “shoulder… Continue Reading

Microsoft is changing how you log in to your accounts

Washington Post [unpaywalled]: “As passwords slowly go extinct, Microsoft is introducing another way to log in to your consumer account. The company said Thursday that users logging in to Microsoft 365 workplace software, Copilot, Xbox and Skype can now use “passkeys” rather than traditional passwords or an authenticator app. That means whatever biometric authentication (such… Continue Reading

The Continued Threat to Personal Data: Key Factors Behind the 2023 Increase

The Continued Threat to Personal Data: Key Factors Behind the 2023 Increase. Professor Stuart E. Madnick, Ph.D. December 2023: “Around the world, individuals’ most private, most personal data has become a target for cybercriminals. Attacks and data breaches across the globe continue to increase. Even as organizations work to fight back, cybercriminals are constantly finding… Continue Reading

British Library: Ongoing outage caused by ransomware attack

Bleeping Computer: “The British Library confirmed that a ransomware attack is behind a major outage that is still affecting services across several locations. Over 11 million visitors use the library’s website annually, with more than 16,000 people using its collections daily (onsite and online). Its collection includes over 150 million items archived on 625 kilometers… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, August 26, 2023

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, August 26, 2023 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, August 12, 2023

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, August 12, 2023 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on… Continue Reading

GAO – Blockchain in Finance

GAO Report via YouTube: “Blockchain creates and records tamper-resistant transactions by multiple parties without a central authority, such as a bank, when used for financial transactions. Recent price crashes, bankruptcies, and fraud involving crypto assets, such as bitcoin and other cryptocurrencies, raised concerns about regulation and the risks consumers face. Regulatory gaps may limit regulators’… Continue Reading