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Expansion of Cybercrime Market Lowers Barriers for Online Scammers

Expansion of Cybercrime Market Lowers Barriers for Online Scammers

03/07/2025
Compos Mentis Legal Practitioners, a leading Nigerian law firm with offices in Warri, Lagos, and Abuja, continues to set new standards in legal service delivery through innovation, strategic thinking, and a commitment to global best practices. Established in 2007, the firm has grown into a trusted name in dispute resolution, debt recovery, intellectual property, medical law, and corporate advisory. The firm holds the distinction of being the first Nigerian law firm certified to the ISO 9001:2015 standard, reflecting its dedication to quality management, transparency, and client satisfaction. This milestone reinforces Compos Mentis LP’s role as a trailblazer in legal professionalism, setting a benchmark for excellence across Nigeria and beyond. At the heart of the firm’s innovation strategy is Consultus Lawyer, a proprietary digital platform that allows clients—both local and international—to access legal services remotely. Through this platform, the firm provides affordable, high-quality support in a wide range of legal matters, including cross-border disputes and advisory services. Flexible pricing models ensure accessibility for diverse clients, including government agencies, public institutions, community trust boards, individuals, and small enterpr In 2024–2025, the firm recorded an 87.5% success rate across 24 litigation cases, a testament to its rigorous preparation and expert legal strategy. The firm's consistent results and sectoral expertise have been recognized through numerous accolades, including the Dispute Resolution Law Experts of the Year in Nigeria – 2025 by Global Law Experts and the Regional Law Firm of the Year at the 2024 ESQ Legal Awards. Compos Mentis LP has also earned multiple Mondaq Awards in 2024 and 2025 for its contributions to legal thought leadership, particularly in intellectual property and immigration law. These recognitions underscore the firm’s ability to blend deep legal insight with a forward-thinking approach to knowledge sharing. Beyond its commercial achievements, Compos Mentis LP is deeply committed to social responsibility. The firm provides pro bono legal services to indigent individuals and supports host communities in the Niger Delta with legal representation and governance advisory. It also invests in talent development, fostering the next generation of legal professionals through mentorship and continuous learning opportunities. As Compos Mentis LP expands its reach and digital capabilities, it remains grounded in its core values: excellence, access to justice, and service to the community. With a proven track record, global outlook, and commitment to legal empowerment, the firm is positioned as a leader in Nigeria’s evolving legal landscape. To learn more, visit: https://compos-mentis.com #ComposMentis #LegalInnovation #DisputeResolution #AccessToJustice #ConsultusLawyer #ISO9001Certified #RuleOfLaw #NigeriaLegal #LawFirmOfTheYear #GlobalLegalStandards

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Expansion of Cybercrime Market Lowers Barriers for Online Scammers

by Raxer X.
03/07/2025
in Fraud & Scams, Security & Risk

The proliferation of cybercrime marketplaces has significantly lowered the barriers to entry for individuals seeking to engage in online scams, according to cybersecurity experts. Advancements in scam technologies and the growth of organized cybercrime networks have contributed to an environment where perpetrating cyber fraud has become more accessible than ever before.

In the past, committing cybercrimes required a considerable level of technical expertise. However, Nicholas Court, Assistant Director of Interpol’s Financial Crime and Anti-Corruption Centre, notes that the current landscape has changed markedly. “Looking back to the 1990s and early 2000s, you needed to have a reasonable level of technical competence to pull off these types of crimes,” Court observes. Today, the barriers to entry have come down “quite significantly,” making it easier for individuals without advanced technical skills to engage in cybercriminal activities.

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This shift is largely attributed to the emergence of cybercrime-as-a-service (CaaS) platforms, where malicious tools and services are readily available for purchase. These platforms offer a range of illicit products, including ransomware kits, hacking tools, and stolen data, enabling aspiring cybercriminals to execute sophisticated scams with minimal effort. Tony Burnside, Vice President and Head of Asia-Pacific at cloud security company Netskope, highlights that the availability of these services allows cybercriminals to scale up their operations while reducing the need for technical expertise.

The darknet hosts many of these illicit marketplaces, providing anonymity to both vendors and buyers. Platforms such as Abacus Market, Torzon Market, and Styx facilitate the exchange of cybercrime tools and services, though their prominence fluctuates as authorities work to dismantle them and new ones emerge. These markets often operate using cryptocurrencies to obscure financial transactions and evade detection.

The impact of this evolving cybercrime ecosystem is evident in various regions. For instance, in the Philippines, online scammers have reportedly stolen approximately one billion pesos annually. Alexander Ramos, Executive Director of the Department of Information and Communications Technology – Cybercrime Investigation Coordinating Center (DICT-CICC), emphasizes the scale of the problem, noting that the substantial profits from scams have enticed more individuals to participate in such activities.

In response to the escalating threat, telecommunications companies in the Philippines are enhancing their cybersecurity measures. PLDT Inc. and Globe Telecom Inc. have implemented initiatives to protect customers and enterprises from malicious online activities. These measures include adopting advanced technological solutions, collaborating with industry stakeholders, and educating consumers about cyber threats. For example, PLDT has aligned with the GSMA’s Open Gateway Initiative to foster standardized APIs for secure digital experiences, while Globe’s Digital Thumbprint Program educates Filipinos on digital citizenship and cybersecurity.

Globally, the financial impact of cyber scams is substantial. In 2023, cybercriminals in Southeast Asia reportedly stole up to $37 billion through various schemes, including romance-investment scams, cryptocurrency fraud, and illegal gambling. The United Nations Office on Drugs and Crime (UNODC) has highlighted the increasing use of advanced technologies, such as generative AI and deepfakes, by these criminal networks to enhance the effectiveness of their scams.

The rise of cybercrime-as-a-service platforms and the accessibility of sophisticated scam tools have transformed the cybercrime landscape, making it imperative for individuals and organizations to adopt robust cybersecurity measures to protect against the growing threat of online scams.

Stay informed with supply chain news on The Supply Chain Report. Learn more about international trade at ADAMftd.com.

#CyberCrime #OnlineScams #CyberSecurity #Darknet #CyberThreats #Ransomware #DigitalSafety #HackingTools #CyberFraud #FinancialCrime #Interpol #Netskope #PLDT #GlobeTelecom #CyberProtection #DataSecurity #TechSecurity #DigitalThreats #CyberDefense #OnlineSafety

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