The European Union Agency for Law Enforcement Cooperation (Europol) anticipates an increase in AI-assisted cybercrimes, according to its annual analysis of cyber threats in the EU.
In its Internet Organised Crime Threat Assessment (IOCTA) 2024, Europol highlighted how AI tools empower non-technical individuals to execute sophisticated online crimes.
AI Lowers Entry Bar for Cybercriminals
AI-generated deep fakes and false advertisements are increasingly used by cybercriminals to target potential victims. The IOCTA 2024 report highlights that these tools are lowering the entry barrier to cybercrimes.
In response, Europol emphasizes the need to develop tools to combat technology abuse and protect the EU financial system. Catherine De Bolle, Europol’s executive director, stated:
“Law enforcement agencies must build robust capacities to counter the growing threats from cybercriminals leveraging AI, both in terms of human resources and technical skills.”
Future advancements in deepfake technology could have significant impacts beyond petty crimes, including potential cases of sexual extortion where criminals produce fake content to threaten victims. Europol suggests that:
“This trend will require law enforcement agencies to develop more sophisticated tools to identify which parts of audio, image, and video content are deepfakes.”
Concerns Surrounding Cryptocurrencies
Europol’s IOCTA report highlighted certain aspects of the cryptocurrency ecosystem that could lead to increased cybercrimes, specifically non-fungible tokens (NFTs) and Bitcoin exchange-traded funds (ETFs).
Although criminals have not yet found effective ways to conduct large-scale fraud with NFTs, Europol noted that the adoption of Bitcoin ETFs could be advantageous for scammers. As more inexperienced individuals become exposed to cryptocurrency through ETFs, the risk of fraud increases.
“Companies issuing cryptocurrency ETFs will also need to hold large reserves in cryptocurrency, making them attractive targets for fraudsters,” the report stated.
Europol recently confiscated $46 million in crypto assets from the cryptocurrency mixer ChipMixer, which is suspected of involvement in money laundering activities.
Blockchain investigator ZachXBT previously alleged on November 25, 2022, that the hacker(s) behind the defunct cryptocurrency exchange FTX laundered 360 BTC (worth $5.9 million) using ChipMixer following a $372 million exploit.
The total assets seized include 1,909.4 BTC across 55 transactions, amounting to 44.2 million euros ($46 million).