Why can’t Ransomware payments be traced?
Over the last few years, Ransomware has been everywhere throughout the news.
Barely a week passes by without a report of a vast Ransomware flare-up or the development of another Ransomware family.
In spite of this consideration, less is knows about how painful it is and who the lawbreakers are that get advantage from it.
Before getting into the details let’s understand more about this malicious system threat,
what it is? And what are its effects?
As a malicious subset of malware, it prevents and limits users accessing power on their PC, by encrypting users files unless a ransom is paid.
Ohh btw just like malware there are some adware also which keeps on infecting your computer and you can remove those adware using adware removal tool.
Crypto Ransomware is the advanced form that locks essential files and demands a ransom to be paid through online payment methods especially Bitcoin.
Infection and Behavior
Ransom virus gets downloaded onto computer system through a variety of means. It can arrive through contaminated email attachments, visits to shady sites, as a payload, freeware and shareware downloading or through infected advertisements.
Once successfully installed on your computer system, it starts encrypting predetermined files using a hybrid algorithm. It places a ransom note on victim’s computer screen and forces users to pay a fee to get their data restored.
Ransom price and Payment
The amount of ransom varies amongst different variants of Ransomware. However, there is one thing that remains common, it operates specifically over digital payment platforms like Bitcoin.
It should be noted here that paying ransom does not guarantee that the users will get the ransomware decryption key, and even if they receive will they be able to restore their encrypted files.
Most preferred platform for payment- Bitcoin
Bitcoin is the most favored platform for ransom payment and is extensively used by cybercriminals to extort money from its victims.
Anonymous: Creating bitcoin wallets, as other virtual monetary standards, does not require any ID. This makes it perfect for leading cybercrimes.
Completely Automatable: It is profoundly easy to mechanize the payment cycle completely. From wallet creation to payment observing to moving cash to cashing it out finally.
Unquestionable: Bitcoin exchanges are undeniable, which ensures that once the payment is paid, the cash won’t be charged back—dissimilar to MasterCard exchanges.
Fungible: Bitcoin is the only virtual money with enough individuals who need to get it to make it fungible. This by itself clarifies why bitcoin is the first choice for ransomware. No other money would so effectively permit cybercriminals to cash out the enormous proceeds of their crimes.
Why can’t Ransomware payments be traced?
What makes Bitcoin the most used platform? The primary reason is that all payment done in Bitcoin does not reveal the details of sender and receivers. Let’s here take a close look.
Bitcoin exchanges contain information about the input and output addresses, sums being exchanged, and an advanced digital signature to demonstrate the sender had control of the info addresses. Bitcoin enabled transaction do not contain any information about the personal identity.
Unlike bank accounts, Bitcoin transaction does not require a third party to set up. A cryptographic key pair is used to derive a private decryption key. So all you have to do is to create an arbitrary number and apply the algorithm calculation. The private key is later used to sign exchanges.
Such transactions are public and easily gets added to the blockchain, however, who made the address and the private key behind it isn’t open.
Tracing the details about the sender and receiver is almost impossible which makes it the most favored platform for cybercriminals.
Few lifesaver tips
To wrap-up, tracing ransom payments is an impossible task.
Being proactive with the cyber defense techniques is the best method of ransomware protection. Using computing hygiene along with multi-layer protection is essential to fight against this threat.
- Data Backup: Regular backup of critical data is the best way to combat harmful effects of ransom attack as it drastically lessens the degree of data loss.
- Use Security Software’s: New ransomware variants keeps evolving on a regular basis. Having a robust system security programs is imperative for the system and data security. Always choose a program that is designed to update itself automatically against all zero-day threats.
- Email Protocol: Spam emails is one of the most prominent infection methods. Make sure that you do not any email coming from an unknown source especially if it contains web links or attachments.
- Updated OS: Cybersecurity experts keeps coming up with software updates to patch all security voids. Updating system software is a meaningful way to prevent ransomware.
Tip: You can always keep your computer/laptop safe from virus and other infections by using best antivirus for windows 10.