Last updated on May 7, 2020
Cybercrime is without doubt a booming industry. Also and especially in times of the COVID crisis. Cybercrime organisations are roaming through cyberspace like marauding robber barons and are attacking consumers online or their boiler rooms. They know no national borders, act like international corporations and give Law Enforcement the finger. Squeezed into their respective jurisdictions, law enforcement agents have little chance against cybercriminals.This must change dramatically if a cyber society is to function.
Critical US situation
Worldwide, the United States is certainly a pioneer in the fight against cybercrime. Scammers and cybercriminals avoid the US and US citizens because of fear of the FBI. And even there, unfortunately, there are apparently massive problems with prosecution and investigation.
The US attorney Ankush Khardori is a former US federal prosecutor specialized in financial fraud. He was one of the US prosecutors in the Yukom Case and the trial against Israeli binary options fraudster Lee Elbaz. She used to be the CEO of Israeli-based Yukom Communication Ltd and was found guilty of investment fraud. The Yukom scheme defrauded tens of thousands of retail investors across the globe. Hence, it’s fair to say that Khardory knows very well how effective scams can be.
Khadori for sure has the experience and high credibility. All the worse are the statements he made in a worth reading article on Slate on the occasion of the many COVID-19 scammers. In essence, he says that the US authorities do far too little against cybercrime. Yet the US authorities are the world leaders in the prosecution of cybercrime. In this respect, we must conclude that cybersociety is apparently defenseless mercy of the scammers and cybercriminals at present. Law enforcement is apparently unable to keep pace with this threatening development.
Exploding cybercrime activities
In February, the FBI released its 2019 Internet Crime Report report on internet-enabled crimes and scams.” The FBI’s Internet Crime Complaint Center (IC3) received 467,361 complaints in 2019—an average of nearly 1,300 every day—and recorded more than $3.5 billion in losses to individual and business victims. The highest number of complaints and the highest dollar losses reported” since it started tracking the data in May 2000!
The cybercrime fight era
According to Ankush Khardori, law enforcement in the US is not doing nearly enough to combat these scams, and the coronavirus fraudsters will bring that into stark relief. Although Khadori speaks about the US law enforcement his statements are true for every single jurisdiction on this planet. Law enforcement agencies across all jurisdictions urgently need to prioritize their resources toward aggressively pursuing these schemes across national borders with efficient cross-jurisdictional coordination.
In the borderless cybersociety, cybercriminals take advantage of different jurisdictions and the difficulties of national law enforcement agencies in cross-jurisdictional prosecutions. Cybercrime knows no boundaries, but the law and law enforcement does. This must be changed. It must be changed immediately!
The fight against cybercrime needs to be backed by governments and private equity. It needs a huge effort, large investment, and human capital to efficiently fight cybercrime and thus enable the global cybersociety to prosper. The state and the private sector must fight cybercrime in a close private-public partnership.