Report sounds alarm on AI-powered cybercrime wave in 2024

Report sounds alarm on AI-powered cybercrime wave in 2024

Joy Agwunobi

The Cyber Security Experts Association of Nigeria (CSEAN), has warned that cyber security threats are expected to rise in Nigeria in 2024, with insider threats and malicious artificial intelligence (AI) identified as major concerns. 

The National Cyber Threat Forecast report also predicts an increase in employment and benefit scams in 2024, as fraudsters seek to prey on the hopes and fears of those looking for jobs or government assistance. Using the promise of employment or benefits, the scammers will trick victims into divulging personal information such as social security numbers, bank account details, and other sensitive data. Once they have this information, the scammers can use it to commit fraud and steal the victims’ identities. The report warns people to be vigilant when receiving unsolicited job offers or benefits, and to never provide personal information to strangers online.

The report also highlighted that the economic downturn in Nigeria has created a perfect storm for online scams. With high unemployment and a tough economic climate, people are increasingly looking to the internet for a way to make money. This, it explained, has made them a prime target for scammers, who use sophisticated techniques to steal personal information and money. The situation, according to the report, highlights the need for greater education and awareness around digital security, so that people know how to protect themselves from online scams.

According to the report, one of the most insidious and dangerous types of online scams on the rise is web defacement. This type of scam involves fraudsters creating fake versions of legitimate websites or social media profiles in order to steal information or money from unsuspecting victims. The report noted that with the rise of impersonation scams, where scammers pose as celebrities or other prominent individuals, this type of fraud is becoming increasingly prevalent. The report also predicts that this trend will continue, as scammers continue to find new ways to deceive the public. 

The report stated, “In 2024, Nigeria is poised to continue facing the challenge of impersonation scams. These scams involve creating fake websites and social media profiles, using the names and images of well-known figures to deceive the public. 

Public awareness campaigns and educating people on reporting such scams are crucial to combating impersonation scams. Social media platforms and websites must enforce stricter verification processes for profiles claiming organisational or individual identities. The high incidence of attacks on academic institutions highlights the urgent need for all sectors, especially education, to reassess and bolster their cybersecurity measures.”

The report also warns that employment and benefit scams, which have been on the rise in recent years, are likely to increase in Nigeria in 2024. These scams often target vulnerable individuals with promises of financial opportunities, or jobs that are too good to be true. The scammers then use various methods to steal money or personal information from their victims. Often, these scams are spread through social media platforms and email, making them easy to access and difficult to track

“Attackers will leverage the capabilities of AI to enhance the efficiency and effectiveness of their cyber-criminal activities. This will manifest in more personalised phishing attacks, personalised malware, automated large-scale attacks, and sophisticated social engineering attacks. 

These forecasts point to a continued surge in mis/disinformation, ransomware attacks, attacks against vulnerable government’s online assets, crypto scams, benefit and employment scams, information and credential theft, AI-enabled threats, impersonation scams, insider threats, cyber hacktivism, and web defacement,” the reported stated.

To address these challenges, the Cyber Security Experts Association of Nigeria called for improved cyberspace regulations through public awareness and law enforcement collaboration to control potential monetary loss.

The CSEAN also recommended several measures to address the growing threat of cyber-crime, including public awareness campaigns, improved monitoring and enforcement by digital platforms, and law enforcement collaboration for reporting and prosecution. Additionally, the report recommended safe job search practices, including verification of recruiters and caution against sharing personal details or making payments; it noted that these measures are crucial to mitigating the financial losses associated with cyber-crime.

The report further stated,“To reduce the risk of AI-enabled cyber-crime, individuals and organisations must work together. Individuals should be informed about cybersecurity best practices and be vigilant when using the internet. Organisations should invest in AI-driven security solutions and provide training for their staff to help them spot and avoid cyber threats. Governments should also play a role by enforcing robust cyber laws, funding AI security research, and fostering public-private partnerships to share intelligence and best practices.”

The report further notes that economic hardship and the increased digitisation of society have created a fertile ground for cybercrime, making it an increasingly lucrative option for criminals. The report recommends that businesses and organisations take proactive measures to protect themselves from these threats, including investing in security solutions, educating staff about the risks of cybercrime, and implementing best practices such as two-factor authentication and regular system updates. 

Ade Shoyinka, the president of the Cyber Security Experts Association of Nigeria, emphasised the need for increased collaboration between the public and private sectors in order to effectively combat cybercrime. He also highlighted the need for updated computing resources, such as robust firewalls, and a commitment to following best practices such as strong passwords, regular updates, and backing up data.

Shoyinka stressed the need for a united front against evolving digital threats. Organisations of all kinds must strengthen their cybersecurity, invest in cutting-edge technologies, and prioritise cybersecurity education to reduce vulnerabilities. As the world enters an uncertain year, he emphasised that a shared commitment to cybersecurity will be key to building a safe and resilient digital future. This requires collaboration between businesses, individuals, and governments to create a secure and resilient digital ecosystem.

Shoyinka stressed that the only way to combat evolving digital threats is for everyone to work together. He called on organisations of all sizes to invest in their cybersecurity, to make use of the latest technologies, and to ensure their employees are well-educated on cybersecurity best practices.