In our hyper connected tech world we have probably all heard a number of buzzwords that are related to cybercrime. Identity theft, ransomware, hacks, leaks, fraud, viruses, phishing, forgery, malware and spam are all terms that we either hear on the news or the latest primetime tv drama and that is because cybercrime is evolving at an alarming rate.
What is Cybercrime?
Cybercrime refers to criminal activities carried out by means of computers or the internet and it is one of the fastest growing black markets in the world. Cybercriminals work in illicit parts of the internet with incredibly high risk and even higher profit margins. In order to stay one step (or several steps) ahead of law enforcement, hackers are always evolving and advancing to use the most cutting edge technology available.
One of the biggest security weaknesses with the banking system is that banks are legally required to collect all sorts of your personal information in order for you to store value or use their network. These privacy invasive regulations are commonly known as Know Your Customer laws or KYC for short. These laws create an abnormally large collection of personal data for hackers and cybercriminals to target by forcing your personal identity to be attached to all of your electronic spending. The end result is the erosion of financial privacy and the creation of large caches of your personal data ripe for exploitation by dark markets.
Cache for Cash
The larger these collections of personal data caches become, the greater incentive for a group of hackers to target them. These data caches can be at banks or on social media accounts. According to the Wall Street Journal a recent hack of Home Depot resulted in 53 million email accounts being compromised. With these e.mail hackers can launch phishing scams and spam attacks that can deliver malware.
Once this malware installs itself on your computer, it searches for personal info such as names, addresses, phone numbers, bank accounts, passwords, medical records, social security numbers and anything else that can be used to hijack your identity both on and offline. Once your data is mined, hackers can do all sorts of things with it like opening up bank accounts or lines of credit in your name such as personal loans, credit cards, claim your tax returns, obtain medical care like prescription drugs just to name a few.
This is not just a threat when you spend money on the internet but every time that you swipe your credit or debit card you are transmitting lots of your personal data. So imagine that every single time that you have ever used your credit card…ever. Now imagine that malicious actors gained access to that data. How could your life be damaged?
It is much harder for identity theft to destroy your credit when your identity is not attached to your money. This is why the world needs a payment network that doesn’t require any of your personal information in order to send, receive or store value. Bitcoin is just the solution for such a problem. It provides the user with increased privacy while reducing your risk of falling victim to cybercrime and we are just beginning to learn of the benefits of using bitcoin.
We are doing whatever we can to increase bitcoin awareness and educate new users and we need all the help we can get. If you feel that this post would benefit others, please share it. Furthermore, if you feel like educating people about bitcoin out in the real world, start the discussion with one of our bitcoin shirts.
How do you think bitcoin will help to prevent cybercrime? Let us know with a comment below or a tweet at @BitcoinReasons