How cybercriminals could retaliate for sanctions on Russian oligarchs

Retaliatory cyberattacks from Russia?

The U.S. Justice Department is concerned that sanctions against Russia could prompt Russian cybercriminals to retaliate against businesses, infrastructure, governments, and individuals in the United States.

WASHINGTON - The United States is one of many countries imposing strict sanctions on Russia after its invasion of Ukraine.

In a speech on April 6, U.S. Attorney General Merrick Garland said a message for anyone who "enable[s] the Russian regime" through criminal conduct.

"It does not matter how far you sail your yacht. It does not matter how well you conceal your assets. It does not matter how cleverly you write your malware or hide your online activity," Garland said. "The Justice Department will use every available tool to find you, disrupt your plots, and hold you accountable."

Federal officials are warning of an increase in cyberattack threats from Russian criminals and oligarchs trying to evade U.S. sanctions, citing the potential for them to target the finances of American businesses and private citizens or hide their assets and redistribute their wealth.

"We have our eyes on every yacht and jet," U.S. Deputy Attorney General Lisa Monaco said. "We have our eyes on every piece of art and real estate purchased with dirty money."

Get breaking news alerts in the free FOX5NY News app | Sign up for FOX 5 email newsletters

Ukraine-Russia Crisis: Cyberattacks could affect U.S.

Criminal justice professionals say the longer the war drags on, the more financial pain the sanctions could cause. And as their funds dry up, cybercriminals could prepare to launch new attacks on your digital wallet.

"Hackers, whether working on behalf of the state or on their own, could start targeting cryptocurrencies as a means to get money," said Professor Thomas Holt, the director of the School of Criminal Justice at Michigan State University

Besides making sure your username and password are strong, you should watch out for email scams trying to obtain your login credentials, experts say.

"It's imperative that you don't respond," Holt said.

The FBI is also sounding the alarm in a new report warning of business email compromise, a process where cybercriminals hack into email accounts and trick victims into sending money — usually for your bills — to a bank account established by the thief.

Cyber experts also predict hackers will start focusing more attacks on critical infrastructure such as hospitals and power companies to try and inflict greater harm and seek higher amounts of ransomware.

With The Associated Press.