Online criminals watch Wall Street

According to analysts from PandaLabs, the malware analysis and detection laboratory of IT security firm Panda Security, there is a direct correlation between the crisis on US stock markets, the consolidation of the banking sector and the rapid growth of cybercrime. While stock markets have continuously been in the red, activity by cyber-thieves has increased.
"Based on our extensive research and analysis of emerging malware patterns, we believe that criminal organizations are closely watching market performance and adapting as needed to ensure maximum profit," Luis Corrons, technical director at PandaLabs, said in a statement.
Experts from PandaLabs claim that online criminals' adaptation could be in answer to consolidation of the banking sector currently taking place. A number of governments around the world have pumped money into their banking sectors.

This consolidation means there will be fewer banks to target and the ongoing financial instability makes them a less attractive source of income for cyber criminals. Thus trojan programs, designed to hide unnoticed in a computer and steal bank information, have lost popularity in favor of adware programs which try to defraud internet users individually.

Recently one very popular way of making money for cyber-criminals has been through fake antivirus programs. Internet-users receive a message that their computer is infected with a virus and they are offered a special antivirus program to resolve the issue. Once installed, the program asks customers to pay a registration fee before the "virus" is removed. Most customers who have gotten to this stage, worried about the data stored on their computers, pay a fee of around €50 (zł.192).

Edyta Mazerska, PR manager at Panda Security Polska, explained that the scale of this type of fraud in Poland is considerable, but difficult to gauge. "It is hard to estimate the exact number of people who have become victims of false antivirus applications, as in most cases they are not reported," she said.

"According to our data, the number of internet users in Poland who have bought a fake antivirus product is significant. We receive around 50 cases daily, regarding all types of different computer malware. During periods of increased cyber-theft activity, we've received double the normal number of phone calls and 60 percent of them were related to a fake antivirus product purchase."

According to Panda Security, one of the most dangerous false antivirus programs is currently the Malware Protector 2008.

The key findings in PandaLabs' report included:
* The US stock exchange saw a decline of between three and seven percent between September 1 and October 9. At the same time, activity on "malware markets" grew substantially;
* Between September 5 and 16 major American stock indices finished in the red, as did the Madrid IBEX 35 and London FTSE 100. In the same period of time, there was a "surge in daily malware threats." Between September 8 and 9, for example, the volume of daily malware threats grew from 10,150 to over 24,000.
* Between September 14 and 16, major stock exchanges saw drops of from 0.5 percent to 5.5 percent. Daily malware threats increased during that period by around 50 percent each day, from around 8,276 on the first day to over 31,404 on the third.
According to PandaLabs' analysts, these data provide evidence that cyber-criminals are relentless, pervasive and exceedingly adaptable. Moreover, the firm suggested, the inclement global economic climate makes them more dangerous because they're forced to shift strategies quickly, making it more difficult for security firms to keep up.

Maciej Wąsik