AI helps cybercriminals target victims more precisely

Cybercriminals are using artificial intelligence to study people’s habits and data and identify the most profitable targets, ERR’s R2 Portal reports in a technology commentary by Kristjan Port.

Cybercrime has cost people in Estonia at least tens of millions of euros this year, the article says. The actual amount may be higher, as many victims stay silent. A European study found that only 39 percent of crime victims reported what happened to police. Estonia’s losses are relatively small compared with the European average.

The study estimated that fraud caused about 50 billion euros in losses across Europe over the past 12 months. About 68 percent of the proceeds came from citizens and businesses in Germany, France, Italy, Spain and the United Kingdom. The highest average losses were recorded in Switzerland, Denmark and Belgium.

Researchers surveyed 22,200 people in 15 European countries. Three-quarters said they had encountered fraud in the previous year, while 71 percent said they were good at recognising scams. The article estimates cybercriminals’ return on investment at 70 to 80 percent.

Criminals have also adopted a “cybercrime as a service” model. They can rent ransomware platforms or buy adaptable malware templates for 100 to 1,000 dollars a month. They also trade access to company networks, personal accounts and other tools used to facilitate crime.

About a quarter of proceeds may go to the developers of criminal service platforms, while laundering and withdrawing stolen money can cost a further 10 to 35 percent. Smaller scams typically cost a few hundred to 1,000 euros and bring in several thousand to tens of thousands of euros. Larger extortion schemes can cost tens of thousands of euros, with proceeds ranging from hundreds of thousands to a few million euros.