Maria Varmazis, host of N2K's T-Minus Space Daily podcast, dives into the alarming rise of sextortion on popular social media platforms, emphasizing its impact on vulnerable teens. Joe and Dave share listener stories about gift card scams and phishing tactics, revealing clever and deceptive methods used by scammers. They discuss the changing landscape of ransomware, noting companies are less inclined to pay ransoms and new reporting requirements. The conversation highlights the necessity of proactive measures to protect personal information in a rapidly evolving fraud environment.
Gift card scams exploit vulnerabilities in retail security, showcasing the urgent need for better protective measures against theft and misuse.
Sextortion targeting minors on social media is a rising crisis, highlighting the responsibility of platforms to enhance user safety amidst escalating threats.
Deep dives
The Rise of Gift Card Scams
Gift card scams are a prevalent issue, highlighting vulnerabilities in how gift cards are secured and monitored. Scammers are found to shoplift gift cards, scratch off protective layers to access serial numbers, and then track these cards online to identify when they are activated. Once the balance is available, they can either sell the card for cash or exchange it for other gift cards at a reduced value. This manipulation underscores the need for enhanced security measures at retail locations to prevent such theft.
Sextortion Targeting Minors
Sextortion crimes are increasingly targeting minors, with criminals using social media platforms to blackmail victims into sending explicit content. The perpetrators often pose as attractive individuals, gaining trust over time before making threats regarding the shared material. Victims, particularly young men, may pay initial demands only to face escalating extortion requests. This crisis is urgent as it has led to tragic consequences, including suicides, emphasizing the responsibility of social media companies to protect their users.
Increased Phishing and Courier Scams
Phishing scams remain a significant threat, with common themes identified, such as financial, notification, and shipping scams. The FBI recently reported a troubling trend where scammers employ couriers to collect cash or valuables from victims, often under the guise of legitimate transactions. This method takes advantage of unsuspecting individuals hired solely to transport items, while the scammers remain anonymous. These developments further highlight the need for vigilance and awareness in protecting against such schemes.
Diminishing Ransomware Payments
The frequency of companies paying ransomware has dropped dramatically, from 85% in 2019 to just 29% recently, reflecting a shift in corporate attitudes toward these attacks. Enhanced backup systems allow organizations to recover data more efficiently without succumbing to extortion demands, therefore recalibrating ransom value assessments. As trust in cybercriminals erodes, fewer organizations are willing to pay for promises of data security. The diminishing payments could lead to more targeted attacks or alternative methods of extortion in the future.
This week, we are joined by host of N2K's T-Minus Space Daily podcast, Maria Varmazis, she sits down with Joe and Dave to discuss sextorion materials that were found on popular social media apps such as, TikTok, Instagram, Snapchat and YouTube. Joe and Dave share quite a bit of follow up, Joe starts with an anonymous listener writing in sharing their story on gift card scams. Dave shares another anonymous listeners comments, sharing about what they think of Andy Cohen going public on how he got scammed. Finally, Joe and Dave hear from a listener by the name of "The Computrix," who says they need to defend Walmart. Dave share's his story about the most common phishing email themes of 2023. Joe's got the story of ransomware not being paid the same way as it used to be by companies, and share the two different angles on that. Our catch of the day comes from listener William, who writes in with a phishing scam that caught his eye.