as we enter fraud prevention month. An Equifax report shows fraud in Canada is rising \ two major law enforcement actions dismantle the 8Base ransomware and Garantex, crypto exchange, and an emerging botnet sets a new record for DDoS attacks. This is cybersecurity today. I'm your host, Jim Love. Nearly 90% of Canadians believe companies aren't doing enough to protect their personal data, and more than half feel powerless against fraud. According to new data from Equifax, Canada.
As fraud rates climb, concerns are particularly high among seniors and Quebec residents who are demanding stronger protections and broader fraud education. The Equifax survey highlights growing public frustration with 55% of respondents convinced that identity thieves will always be one step ahead. Auto fraud is a major concern with falsified documents and inflated incomes driving a surge in fraudulent applications.
Consumers new to Canada and those with limited credit history were hit, especially hard facing auto fraud rates more than twice as high as established borrowers. Mortgage fraud has declined, but falsified financial documents remain a persistent issue making up over 90% of fraudulent mortgage applications. Fraud prevention is a major concern for many Canadians. Said Carl Davies, head of Fraud and Identity.
At Equifax Canada, every dollar lost to a fraudster costs individuals and banks significantly more money. Canadians, especially older adults, are demanding better safeguards to prevent financial crimes and identity theft. The report also underscores the demand for stronger corporate and government action. While 88% of Canadians believe that financial institutions and governments must work together to combat fraud, 82% said companies that fail to protect customer data should face penalties.
As fraud tactics evolve, consumer concerns will likely continue to grow, along with calls for greater accountability from businesses and policy makers. I. And one number that should give pause to those who are charged with educating the public. 51% of those surveyed are unsure about how to respond to fraud.
There's a link to the survey in our show notes In a significant crackdown on cyber crime, international law enforcement agencies have dismantled two major operations, the 8Base ransomware group, and the Russian Cryptocurrency Exchange Garantex. A coordinated effort led by Europol resulted in the arrest of four Russian nationals associated with the 8Base ransomware group, known for deploying Bobo's ransomware to extort payments from victims worldwide.
Their operation led to the seizure of 27 servers linked to the criminal network significantly disrupting their activities. 8Base had been active since 2022. Employing. Double extortion tactics, encrypting victims data and threatening to publish it unless ransoms were paid their targets included organizations in the United States and Brazil, notably the United Nations Development Program. In a separate operation.
The US Secret Service siezed the web infrastructure of Garantex a Russian cryptocurrency exchange implicated in laundering illicit earnings for cyber criminals, including ransomware, gangs, and dark net marketplaces. Following the seizure Garantex suspended all services, including cryptocurrency withdrawals after tether blocked digital wallets on its platform containing over 2.5 billion rubles, or approximately $28 million.
Garantex had been under scrutiny for its alleged involvement in facilitating transactions for sanctioned Russian banks and circumventing European Union sanctions related to the conflict in Ukraine. The exchanges shut down, represents a significant blow to the Russian cyber criminal ecosystem.
Both of these show the results of global cooperation in combating cyber crime and disrupting the financial infrastructure that supports illegal activities by dismantling operations like 8Base and Garantex authorities aim to deter future cyber threats and protect potential victims worldwide. And while these are encouraging results, we are aware that these groups tend to regroup and resurface, but for now, let's just take it as a win.
A newly identified botnet has rapidly emerged orchestrating some of the largest distributed denial of services or DDoS attacks on record. This botnet, which appeared almost overnight, has been linked to massive DDoS campaigns targeting various online services. Security researchers have observed that this botnet leverages a vast network of compromised devices, primarily internet of things, gadgets such as IP cameras, and home routers.
The scale of the attacks has surpassed previous records, with some assaults reaching unprecedented data transmission rates, the botnets rapid proliferation and attack patterns. Bear similarities to notorious malware strains like Murai and BASHLIGHT.
Murai, for instance, exploited default credentials in IOT devices to amass of botnet responsible for a significant DDoS attacks in 2016, including 622 gigabyte per second assault on the Krebs on security website, and a one terabyte per second attack on the French web host OVH. Similarly BASHLIGHT infected Linux-based systems to launch DDoS attacks with some incidents peaking at 400 gigabytes per second.
The emergence of this botnet underscores the persistent vulnerabilities within IOT ecosystems. Despite increased awareness and security measures, many devices remain susceptible to exploitation due to weak or default credentials and outdated firmware. The sheer size and impact of these attacks highlight the necessity for robust cybersecurity practices and the development of more secure IOT devices.
Internet service providers and cybersecurity firms are actively collaborating to mitigate the effects of these large scale DDoS attacks strategies include traffic filtering, rate limiting, and deploying advanced DDoS protection solutions to safeguard critical infrastructure and services. As this situation evolves, it serves as a stark reminder of the ongoing challenges in securing the expanding landscape of connected devices against sophisticated cyber threats. And that's our show.
Catch us on the weekend for our interview show if you can. Otherwise, I'll talk to you again on Monday morning with the cybersecurity news. I'm your host, Jim Love. Thanks for listening.