How Cybercriminal Networks Are Organized with Peter Taylor

Virtual networks with anonymous accounts allow cybercrime gangs the ability to work together without even knowing who they work with. This could be how the good guys infiltrate these networks.

Today's guest is Peter Taylor. Peter is a former police detective and Director of Fraud Management for major UK companies. Ten years ago he set up his own consultancy and has established a reputation as "The Fraud Guy" specializing in research, training, and investigation around organized crime.

Show Notes:

• [0:50] - Peter shares his background and why he's known as The Fraud Guy.
• [2:10] - Throughout his career, Peter spoke with former cybercriminals and hackers.
• [3:51] - Cybercriminals are applying advanced business techniques to their organizations.
• [5:40] - What gets ignored is what cybercriminals and former criminals can tell us.
• [6:46] - We know that cybercriminals can watch what we're doing, but what we don't think about is that we can do the same to them.
• [8:49] - The first function of these organized cybercrime gangs is to steal data. Next is to buy and enhance the data. And the third is to cash out.
• [10:50] - There are some exceptions to the rule.
• [11:50] - The purpose of creating false identities has changed over the years.
• [13:53] - The biggest advantage that cybercriminals have is they get things done, while the good guys abide by time-consuming policies.
• [15:14] - Peter feels like the "good guys" need advice on how to help this problematic trend.
• [16:28] - The more sophisticated areas of cybercrime, the more elitist are actually a small portion. The largest portion of cybercrime is actually several years old.
• [20:11] - Peter shares an example of how organized cybercrime has impacted corporations as well and the rise of check fraud.
• [23:07] - The common Nigerian prince scam still works!
• [25:13] - Guilt and fear are commonly triggered emotions.
• [27:03] - Another reason the Nigerian prince scam works is the trigger of a victim's ego.
• [28:36] - The use of bots and automated messaging can hit so many people at one time with very little effort.
• [29:50] - Talk to the people who are important to you that may not be aware of these scams. Just because we know it, doesn't mean they do.
• [30:56] - Millennials are now the highest target age bracket of those being targeted by scams.
• [32:40] - Cybercriminals reach a point of success where it's no longer about the money. It's about their ego.
• [36:00] - We have to understand the difference in lifestyle and how cybercriminals recruit more people.
• [37:43] - There is little to no support for scam victims and in many countries there are no laws stating that this is even illegal.
• [40:18] - What role does machine learning play?
• [43:01] - Peter shares some experiences in changing up his spending habits.
• [45:12] - There are many different types of ways to access data that Peter lists here.
• [46:52] - There is a lot more going on before, during, and after every single transaction, especially those done online.
• [48:59] - Peter initially got into fraud because of an increase in the apparent theft of thousands of vehicles.
• [50:20] - Insurance fraud is also a very common problem.
• [52:53] - Obligatory security is a form of protection that could be a solution to many problems.
• [54:08] - Peter is optimistic about the future of cybersecurity.
• [55:35] - If we can decrease the money taken by cybercriminals through fraud, the money can be used for better things.
• [57:56] - There are some varying opinions on the politics of scams.
• [59:49] - Many scammers are in the industry out of desperation.
• [61:35] - We can't continue to be in a world where this industry grows.

Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.

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