Europol’s 2024 report highlights how AI tools are enabling non-technical individuals to carry out sophisticated cybercrimes.
The European Union Agency for Law Enforcement Cooperation (Europol) forecasts an increase in artificial intelligence–assisted cybercrimes, according to its annual analysis of cyber threats in the EU.
In its “Internet Organised Crime Threat Assessment (IOCTA) 2024″ report, Europol noted how AI tools are allowing individuals without technical expertise to execute complex online crimes.
AI Lowers Entry Bar for Cybercriminals
AI–generated deep fakes and fake advertisements are being used globally by bad actors to target potential victims. The IOCTA 2024 report highlights that the rise of such tools is making it easier for people to engage in cybercrime.
As a result, Europol sees a need to enhance its capabilities to counter technology abuse and protect the EU’s financial system. Catherine De Bolle, Europol’s executive director, stated:
“Law enforcement agencies must build strong capacities to combat the growing threats from cybercriminals using AI, both in terms of human resources and technical skills.”
Future advancements in deepfake technology could have severe impacts on victims beyond minor crimes. Europol anticipates potential cases of sexual extortion where bad actors produce fake content to threaten victims, and suggests:
“This trend will require law enforcement agencies to have more advanced tools to detect which parts of audio, image, and video content are deepfakes.”
Cryptocurrency Concerns
Europol’s IOCTA report also pointed out certain aspects of the cryptocurrency ecosystem that could lead to more cybercrimes, specifically non–fungible tokens (NFTs) and Bitcoin exchange–traded funds (ETFs).
While criminals have not yet found effective ways to commit large-scale fraud with NFTs, the adoption of Bitcoin ETFs could be exploited. Europol warned that scammers might take advantage of the increasing exposure of inexperienced individuals to cryptocurrency ETFs.
“Companies issuing cryptocurrency ETFs will also need to hold large reserves in cryptocurrency, making them attractive targets for fraudsters.”
Summary Review: Europol’s 2024 report underscores the growing threat of AI-driven cybercrime, highlighting how AI tools are making it easier for non-technical individuals to engage in sophisticated online criminal activities. The report calls for law enforcement agencies to enhance their capabilities to counter these emerging threats, particularly the use of AI–generated deep fakes and fraudulent advertisements. Additionally, the report raises concerns about the cryptocurrency ecosystem, specifically the potential for fraud with NFTs and the increasing risk associated with Bitcoin ETFs. As the landscape of cybercrime evolves, it is crucial for law enforcement to stay ahead by developing advanced tools and strategies to protect against these new forms of digital threats.
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