Collaborative research between Trend Micro Incorporated, a global leader in cybersecurity solutions, and INTERPOL, has found a significant increase in West African cybercrime.
The report, “Cybercrime in West Africa: Poised for an Underground Economy,” was released as part of Trend Micro’s ongoing Cybercriminal Underground Economy Series (CUES) and reveals that scams targeting individuals and businesses have grown exponentially since 2013.
The report categorises cybercriminals in to two major types of threat actors, Yahoo Boys (named for their reliance on Yahoo apps) and Next-Level Cybercriminals. Yahoo Boys became the primary type of cybercriminal in the early 2000s. They focus on simpler schemes such as stranded traveller and romance scams, whereas Next-Level Cybercriminals execute more sophisticated attacks, such as Business Email Compromise (BEC) and tax scams. The more complex attacks take more time and investment, but the average BEC scam results in a payout of $140,000, making it worth the extra time and effort.
“Our ongoing collaboration with INTERPOL is aimed at mitigating the risks posed by cybercriminals around the world, with this research specifically focusing on cybercrime in West Africa,” said Raimund Genes, chief technology officer for Trend Micro. “While there is not yet an actual underground marketplace, cybercrime is pervasive in West Africa. Both the approach to cybercrime and the manner in which threat actors communicate lead to a cybercriminal ecosystem unlike any other we’ve experienced thus far. The unique nature of the problem also presents its own set of roadblocks in bringing these criminals to justice.”
One constant finding throughout Trend Micro’s CUES research is that each underground marketplace culturally reflects the region in which it operates, and West Africa is no exception. Cybercriminals have developed a culture, they openly communicate and support one another, even potentially meeting in person, sharing best practices and encouraging newcomers.
“This joint paper shows that criminals across the region are becoming more technically savvy, and this emerging underground market will require an even stronger law enforcement response in the future, both in terms of training for investigators and ensuring the appropriate legislation is in place,” said Noboru Nakatani, Executive Director of INTERPOL’s Global Complex for Innovation (IGCI). “In addition to building awareness of cybercrime-related issues across West Africa and beyond, the research also highlights the importance of public-private partnerships in identifying and arresting criminals, as well as educating businesses and governments about cyber threats.
“The joint paper with Trend Micro and other activities coordinated by the INTERPOL Global Complex for Innovation, demonstrate the Organisation’s ongoing commitment to collaborative partnerships to mitigate the damage caused by cybercriminals on the world economy and society,” concluded Mr. Nakatani.
The longstanding partnership between Trend Micro and INTERPOL continues to tackle cybercriminal networks in an effort to make the digital world safer.
For a more detailed analysis on the culture of West African cybercrime, read our article written by Trend Micro’s Chief Cybersecurity Officer, Ed Cabrera, here.
