January 24 • 2023
Cybercrime is low risk, low investment, and high return. Not surprisingly, illegal financial gain is one of the biggest reasons for cyber-attacks. The result is a predicted USD 10 Trillion of damages by 2025. Our vision is to change that.
Today we are announcing a partnership between The Cyber Helpline & CYBERA to help victims of cybercrime, fraud, scams and online harm minimise financial loss.
The collaboration will allow victims being supported by The Cyber Helpline to quickly report financial losses and to maximise their chance of recovering their funds. This reporting will also be utilised to maximise the data available to banks to stop further crimes from being successful.
Both CYBERA and The Cyber Helpline share a common mission to help protect individuals from cybercrime and to minimise impact. This collaboration will enable both organisations to have a bigger impact in this area.
Fraud and cybercrime is now the largest type of crime in the UK, with countless victims. This spans many different types, from investment and romance scams to the impersonation of bank staff and the police.
Looking specifically at the authorised push payment fraud (APP) – when victims are tricked into making real-time online payments to fraudsters – over 195,000 cases averaging £3000, were lost in 2021. Less than half of victims are refunded, but in some payment types – such as crypto, and international payments – almost 100% lose all of their money.
Claudio Staub, Co-Founder at CYBERA says, “Only by working together across the financial sector, law enforcement and non-for-profit organisations like The Cyber Helpline can we really make a difference for victims by getting their funds back. As many fraudulent transactions are international, it is essential to set up cross-sector and cross-border collaborations like this one to successfully fight financial crime”.
That’s why this partnership is so important. It means that victims can reach out to get the help they need from The Cyber Helpline and can then seamlessly utilise CYBERAs CYBERCRIME COMPLAINT service to report the crime. CYBERA is unique as it provides the ability to quickly and easily report cybercrime to both the recipient institution and law enforcement on a global basis.
CYBERA’s approach helps aid freezing, recovery and repatriation of stolen funds, giving victims outside the UK’s Contingent Reimbursement model a better chance of getting some funds back.
Victims can track the progress of their complaint and get access to a crypto asset tracing service to support freezing orders wherever it has been sent.
CYBERA is not just helping victims, but also aids prevention, by enabling sharing of known mule accounts and wallets for use by financial and crypto Institutions along with law enforcement to reduce further cybercrime attacks.
Rory Innes, Founder & CEO at The Cyber Helpline said, “We are supporting over 2,000 victims a month with our team and tens of thousands more are accessing our online guidance. Quick reporting of financial losses to the right organisations has a direct impact on the chance of the victim getting their funds back. By partnering with CYBERA we can ensure individuals can deal with the financial loss quickly and effectively, but then our team can focus on the wider issue by helping them understand, contain, recover and learn from the cybercrime or fraud.”.
The Cyber Helpline is a movement by the information security community to step up and fill the gap in support for victims. It is a UK charity that provides a free, confidential helpline for individuals and families who have been a victim of cybercrime or online malicious behaviour and helps victims understand, contain, recover and learn from cyber-attacks.
At CYBERA we’re on a mission to help protect customers from financial cybercrime. A mission shared by the Cyber Helpline.
With the level of attacks continuing to grow with multi-billion dollar losses globally, financially motivated cybercrime threatens the benefits of digital finance and commerce.
CYBERA provides a coordinated global response to support victims of cyber scams and fraud. By sharing criminal complaints with beneficiary institutions and law enforcement, CYBERA helps in the effort to recover funds. CYBERA’s also offers the capability to share crime data in real-time to prevent further fraudulent transactions from happening to others.
CYBERA is a high-growth global startup company with Swiss roots, headquartered in New York City, CYBERA has offices in Zurich and London.
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