US Government Hearing Shows A Major Jump For Online Crime In 2020
US Government Hearing Shows A Major Jump For Online Crime In 2020
June 17, 2020
US Government Hearing Shows A Major Jump For Online Crime In 2020
US Government Hearing Shows A Major Jump For Online Crime In 2020
June 17, 2020

The US government hearing showed a major jump for online crime since COVID-19 took over in 2020.

On June 16, Emanuel Cleaver, the Representative and Subcommittee Chair of US House, said in his opening statements of the virtual hearing before the Subcommittee on National Security, International Development, and Monetary Policy:

“We are seeing a 75% spike in daily cybercrimes, reported by the FBI since the start of the pandemic.”

However, after COVID-19 prevention measures caused business closures and shelter-in-place orders in mid-March, many companies looked to remote work. As droves of people increased their web activity, hackers saw more opportunities. For example, amidst the newfound need for online meetings, popular video meeting platform Zoom suffered widespread data leaks. 

Tom Kellermann, the head of the Cybersecurity Strategy of VMware, singled out the finance industry by noting a 238% uptick in related digital crime between January and May 2020.

ALSO READ :  Huobi Charity Initiates To Distribute Aid To Assist Indonesia’s Fight Against COVID-19

He added:

“This is compounded by the 900% increase in ransomware attacks.”

It has been analyzed that after noting a number of ways nefarious parties have preyed on victims, Kellermann mentioned an uptick in crypto exchange hacks and leaks. Also, he explained that parties use these venues as a means of laundering money, in tandem with the dark web and anonymous digital assets. 

Kellermann said:

“Dark web forums enabled by anonymous virtual currencies have created a bazaar for criminals and organized crime to reach a global market.”

He added:

“Many of these payment systems and cryptocurrencies offer true or relative anonymity. This raises the necessity of increased regulation of digital money.”

Thus, in combination with a number of other points, Kellermann posited increased regulation as a possible solution, mentioning several proposed regulatory actions.

Source: Cointelegraph | Image: Amnesty International


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Money on Chain Launches TEX With A Unique Twist

Money on Chain Launches TEX With A Unique Twist

Money on Chain (DeFi protocol), a lending platform and stablecoin issuer based on Bitcoin (BTC) sidechain RSK, has announced the launch of TEX, an automated token swap platform based on an order book, with a unique...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.