Europol warns that its 2024 report shows AI tools are making it easier for people without technical skills to carry out advanced cybercrimes.
The European Union Agency for Law Enforcement Cooperation (Europol) expects a rise in AI-assisted cybercrimes, according to their annual report on the latest cyber threats in the EU.
In the Internet Organised Crime Threat Assessment (IOCTA) 2024, Europol highlighted that AI tools are helping non-experts commit sophisticated online crimes.
Europol WarnsAI Eases Entry for Cybercriminals
AI-generated deep fakes and fake ads are being used by criminals around the world to target victims. The IOCTA 2024 report shows that these tools are making it easier for people to commit cybercrimes.
Because of this, Europol is gearing up with new tools to fight technology abuse and protect the EU financial system. Catherine De Bolle, the executive director of Europol, said:
“Law enforcement agencies are expected to build a robust capacity to counter the growing threats stemming from cybercriminals leveraging AI, both in terms of human resources and technical skills.”
Future advancements in deepfake technology could seriously harm victims, going beyond small crimes. Europol warns that criminals might use fake content for sexual extortion, threatening victims with it, and advises:
“This trend would require law enforcement agencies to have more suitable and sophisticated tools to identify which (parts of) audio, image and video content are deepfakes.”
Cryptocurrency Concerns
Europol’s IOCTA report also raised concerns about parts of the cryptocurrency world that might lead to more cybercrimes, especially with non-fungible tokens (NFTs) and Bitcoin exchange-traded funds (ETFs).
Even though criminals haven’t yet figured out how to commit large-scale fraud with NFTs, Europol warns that the growing use of Bitcoin ETFs could help scammers. As more people who are new to cryptocurrency start using ETFs, they might become targets for fraud.
“Companies issuing cryptocurrency ETFs will also have to hold large reserves in cryptocurrency, which might make them valuable targets for fraudsters.”
Europol recently seized $46 million worth of crypto assets from ChipMixer, a service suspected of being involved in money laundering.
On November 25, 2022, blockchain investigator ZachXBT claimed that hackers who attacked the now-closed FTX cryptocurrency exchange used ChipMixer to launder 360 BTC ($5.9 million) after stealing $372 million.
In total, Europol seized 1,909.4 BTC through 55 transactions, amounting to 44.2 million euros ($46 million).
