Financial Crime World

Cybercrime in Finance Industry Remains a Concern in Belgium

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Despite a recent decline in cybercrime cases, Belgium still ranks fourth globally for cybercrime density, according to a report by cybersecurity company Surfshark. The country has 94 victims per million internet users, behind only the UK, US, and Canada.

Types of Cybercrimes

  • Phishing: fraudulent emails or texts aimed at tricking individuals into revealing sensitive information
  • Ransomware attacks: targeted attacks on cameras and routers
  • Smishing: SMS-based phishing attacks
  • Identification app ItsMe: fraudulent text messages claiming that users need to visit a fake website to provide sensitive information

Most Common Attack Types in Belgium

  • Phishing: 241,343 instances of phishing in 2020, resulting in an average loss of €225 per victim
  • Romance fraud: accounted for the greatest total cost to victims, amounting to over €600 million in 2020
  • Investment fraud: resulted in losses of up to €38,287 on average per victim

Financial Losses due to Cybercrime

  • The majority of cybercrime incidents aim to gather personal data rather than financial gain
  • Romance scams have cost people tens of thousands of euros
  • Investment fraud has resulted in losses of up to €38,287 on average per victim

Businesses and Cybersecurity

  • Almost 1,000 Belgian-located businesses were attacked by cybercriminals in 2021
  • Malware attacks and ransomware being particularly popular
  • Belgium scores highly when it comes to cybersecurity, with a decrease (-1%) in the number of victims year-on-year

Factors Contributing to Cybersecurity Success

  • Awareness of cybercriminal techniques
  • Use of security products
  • High rate of VPN usage (almost one-quarter of Belgians use a Virtual Private Network)

Comparison to Other Countries

  • India had the lowest rate of cybercrime victims, with just 4 per million users
  • South Africa saw the highest year-on-year growth in cybercrime cases, rising by 277%
  • Belgium has the lowest density of data breaches compared to Germany, France, and the Netherlands