Fortinet, a global leader in broad, integrated and automated cybersecurity solutions, is expecting to see an escalation in cyber-fraud.
Kalle Bjorn, Director of Systems Engineering, Middle East, for Fortinet, believes the problem with e-fraud is only going to get worse over the next few years in the Middle East.
“At the end, it’s the money that is driving the cybercriminals. Pure user information is exchanging hands,” said Kalle.
He added that user information is being traded on-line with cyber-criminals willing to pay more for credit card information.
“You have credit card information that has been validated and verified, that is more expensive,” he said.
“I don’t think it’s going to disappear. You will have a large amount of information that is going to be available for sale.
“People will trade on this – it’s not something that will disappear.
“It’s a source of money for the cybercriminals, and I definitely see that it’s an easy way for them to actually get some money as well.”
Bjorn added that most of the transactions were taking place on the Dark Web.
“It’s much more difficult to track the seller and the buyer on the Dark Web,” said Bjorn.
“The whole thing with the cryptocurrencies is it allows, basically, exchange of information and money very, very discreetly.
“It’s something that is here to stay. I don’t see it disappearing.
“The biggest problem in the earlier days (from the point of view of the criminals) was that it was fairly easy to track transactions that were done over bank accounts.
“But with the cryptocurrencies being introduced, it’s become nearly impossible to track down the individuals that are exchanging the money.”
Fortinet secures the largest enterprise, service provider, and government organisations around the world.
The company empowers its customers with intelligent, seamless protection across the expanding attack surface and the power to take on ever-increasing performance requirements of the borderless network.