Cybercrimes are one of the biggest risks to people and organizations worldwide. The quick development of cybercrime has brought in advanced methods that breach and interfere with necessary services.
What is Cybercrime
Cybercrime refers to criminal activity that targets or leverages computers, networks, or digital systems. These actions are carried out in order to perpetrate fraud, steal identities, alter data, or damage one's finances and reputation. Attackers frequently take advantage of flaws in human nature or technology, so it's imperative that businesses remain vigilant and informed.
How Cybercrime Works?
Reducing risks requires an understanding of how cybercrime functions.
Motivation and Methodology
The main motivations of cybercriminals are political agendas, corporate sabotage, and financial gain. Typical tactics include ransomware attacks, exploit kits, and phishing.
Attackers frequently target unwary people by taking advantage of antiquated systems, inadequate cybersecurity procedures, and human error, such as clicking on dubious links or using weak passwords repeatedly.
Targets of Cybercrime
Cybercriminals target a variety of people, but their main targets are:
- Financial Institutions: Because of their abundance of private information and financial resources, banks, credit unions, and fintech businesses are frequently targeted by hackers.
- Online Platforms: Digital platforms and e-commerce websites are targeted for account takeovers and user data theft.
- Individuals: Phishing emails and social engineering techniques are used by scammers to fool users into divulging personal information.
- Small and Medium Businesses (SMEs): Because they lack the resources necessary for strong cybersecurity, SMEs are often the targets of attacks.
Types and Examples of Cybercrime
Cybercrime comes in many forms, and the most common with real-world examples are below:
Phishing & Spear Phishing
Phishing is the act of sending fake emails or creating websites trick users into revealing sensitive data like passwords and credit card numbers.
On the other hand, spear phishing is the act of creating targeted scams using personal info in order to deceive specific individuals or companies.
One example we can give is the case where a fake email from a “bank” leads users to a cloned website to steal login credentials. Moreover, in spear phishing, attackers impersonate vendors to gain access to corporate systems.
Ransomware Attacks
Malicious software encrypts files and demands a ransom (usually in cryptocurrency) for their release.
Some attackers also threaten to leak stolen data (double extortion).
One example of a ransomware attack occurred in 2023, when a ransomware attack on a European healthcare provider disrupted surgeries and patient care. The organization paid the ransom to regain access.
Identity Theft & Account Takeovers
Attackers steal personal information (e.g., SSN, login details) to impersonate users or hijack accounts.
Often targets streaming services, banking apps, and e-commerce platforms.
One example we can give is that criminals took over user accounts on subscription platforms, locking victims out and selling credentials on the dark web.
Cryptocurrency-Related Crimes
Cybercriminals use crypto’s anonymity to launder money, commit fraud, or fund ransomware.
Includes fake ICOs, scam tokens, and attacks on crypto exchanges.
One example of cryptocurrency-related crimes occurred in 2024, when a major crypto exchange was fined millions for weak AML controls, enabling large-scale money laundering.
Social Engineering & CEO Fraud
Manipulation tactics are used to trick employees or individuals into giving up sensitive data or making payments.
CEO Fraud: Impersonating top executives to approve wire transfers or share confidential information.
One example of CEO fraud is a corporation that lost $2 million after a scammer, posing as the CEO, sent a fake “urgent transfer” request via email.
What are the Global Regulations Against Cybercrime?
Around the world, regulatory frameworks are being developed to counter the growing threat of cybercrime. Among the major international programs and frameworks are:
The Budapest Convention on Cybercrime
This was the first international treaty to specifically address crimes committed through computer networks, including the internet, and it was adopted in 2001. Our first option on our list, in order to effectively combat cyber threats, this convention offers a framework for nations to harmonise their cybercrime laws.
The 2021 FATF Guidance on Virtual Assets
The second option on our list is the 2021 FATF Guidance on Virtual Assets, which was released by the Financial Action Task Force (FATF), and it tightens rules pertaining to the use of virtual assets like cryptocurrencies. Intended to ensure increased security and accountability in digital transactions by combating financial crimes such as fraud, money laundering, and other crimes connected to cyber activity.
EU Cybersecurity Act & NIS2 Directive
Our third option, the EU Cybersecurity Act, in order to improve cybersecurity generally throughout Europe, which was passed in 2019, creates a certification framework for digital goods, services, and procedures. Enhancing the resilience and response capabilities of vital services and critical infrastructures against growing cyber threats is the main goal of the NIS2 Directive, an update to the original 2016 directive.
U.S. Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA)
Our last option on our list was passed in 2022. This act mandates that operators of critical infrastructure in the US notify federal authorities of major cyber incidents like ransomware attacks within a certain amount of time.
How to Detect and Prevent Cybercrime?
In order to combat cybercrime, organisations must take proactive measures. The following are suggested mitigation strategies:
Proactive Monitoring
An important tool for spotting anomalies like questionable IP logins, odd transaction patterns, or behaviour that differs from normal user behaviour is real-time transaction screening. Organisations can lower the risk of financial crime and data breaches by continuously monitoring transactions in real time, enabling them to identify and respond to possible threats promptly.
Risk-Based AML + Cybersecurity Integration
Another way to prevent cybercrimes can be achieved by advanced cybersecurity measures and AML (Anti-Money Laundering) compliance. They are seamlessly integrated by platforms such as Sanction Scanner; they help with monitoring transaction activity, looking for matches on global watchlists, and examining negative media signals to identify possible threats. As we mentioned above, businesses can improve their capacity to identify and stop fraudulent activity while adhering to legal requirements by combining these measures.
Ongoing Monitoring & Alerts
Another option is to observe continuously. When suspicious activity occurs, such as frequent or high-value fund transfers, repeated login failures, or interactions with flagged or high-risk jurisdictions, the systems send out alerts. Organisations can proactively address possible threats and shield their users and systems from malicious activity.
Which Tools Can Help Prevent Cybercrime?
Fighting cybercrime requires the right tools. A summary of useful technologies and their uses is provided below:
| Solution | Purpose | Sanction Scanner Feature |
| Sanctions List Screening | Block known cybercrime actors | Daily updated watchlist screening |
| Transaction Monitoring | Detect fraud-based transactions | Rule- and AI-based flow analysis |
| Adverse Media Screening | Spot reputationally risky entities | Dark web & news signal integrations |
| Ongoing Risk Scoring | Prioritize clients by risk level | Dynamic scoring models with alerts |
Institutions can safeguard their assets and drastically lower their susceptibility to fraudulent activity by utilising these tools.
FAQ's Blog Post
Cybercrime refers to illegal activities conducted using computers or the internet, including hacking, fraud, data theft, and cyberbullying.
Key types include phishing, ransomware attacks, identity theft, online fraud, cyberstalking, and unauthorized access to systems.
Examples include the WannaCry ransomware attack, phishing scams targeting bank customers, and data breaches at major corporations.
Cybercriminals can range from individual hackers and organized crime groups to state-sponsored actors and insider threats.
Use strong passwords, enable two-factor authentication, update software regularly, and avoid suspicious emails or links.
Report the incident to local authorities or cybercrime units, secure your accounts, and consult cybersecurity experts if needed.
Law enforcement agencies use digital forensics, IP tracing, and collaboration with ISPs or international bodies to track offenders.
Yes. Most countries have legal frameworks that define and penalize various forms of cybercrime, with penalties ranging from fines to imprisonment.
