Cybersecurity firm Symantec reports that Bitcoin payments for sextortion scams hit $1.2 million in the last 12 months.

There are a lot of ways that online scammers try to pry money out of people. One popular method is to steal passwords from having an unsuspecting individual open up a malicious email that releases a virus. Ransomware has been growing in popularity as people, not to mention companies and cities, find themselves locked out of crucial files unless a ransom payable in cryptocurrency, usually Bitcoin, is made. However, one of the most unusual scamming methods is sextortion, and a new report from Symantec shows that this criminal enterprise is pretty profitable.

Sextortion on the Rise

Symantec has issued a new report that focuses on email extortion scams. One of the primary scams is that of sextortion, wherein the scammer tells the email recipient that they have video or other proof of the victim watching pornographic websites.

The scammer will inform the victim that unless a Bitcoin payment is made within a short time period, this information will be released to the victim’s family and place of work. The scam could even include threatening details like the scammer supposedly having images of the victim masturbating to porn, saying the images were taken using the victim’s webcam.

Symantec reports that such scams are on the rise this year, with a noticeable spike in February. The company also notes that they stopped 289 million such emails in the first five months of the year.

Overall, the scam is proving profitable as Symantec notes that in one month, a total of $106,240 was paid in Bitcoin to 63 wallets. The cybersecurity experts used that amount as an average, which means scammers have gained $1.2 million over the last year. The bitcoins are not held in the wallets long as the scammers quickly move them.

Circumventing Security

Symantec reports that scammers are using a variety of means to get around normal email security protocols. The scammers use attachments or obfuscated characters to sneak past filters.

The email threat normally has a password or partial phone number that is associated with the victim’s email. While some people may panic and think the scammers actually have access to their private information, Symantec says that such is not the case and that any information used in the email probably comes from one of the many password dumps that have occurred in the last few years.

The basic sextortion attempt is the most common type of this email scam, but there are a few variations. An associated scam is one where the scammers pretend they are law enforcement and that they have found child pornography on the victim’s computer.

The bomb email scam is quite frightening. In this instance, the victim is told that there is a bomb in their house or place of business. The email goes on to say that the bomb will be exploded if a cryptocurrency payment is not paid or if law enforcement shows up.

Symantec says there are ways to protect oneself. One method is to use their services (naturally). They also note that you should use two-factor authentication when you can and to use strong, unique passwords. They also note that you should never open emails or attachments, as well as click on links, from sources you do not recognize.

If you get a sextortion threat, Symantec says do not panic. Just do not respond, do not click on any links or open any attachment, and mark the email as spam. You could alert law enforcement about the email, although chances are that there’s nothing that they can do.

Images courtesy of Symantec and Pixabay.