From CNBC:

Financial sextortion involving minors is on the rise, according to the FBI. The crime targets teens and tweens and increased 20% from October 2022 to March 2023. The predators may demand money or gift cards to not release sexually explicit photos or videos of the victims, leading to self-harm and isolation.

The crime is growing rapidly in North America and Australia, up 1,000% in the past 18 months, according to the Network Contagion Research Institute. Affluent households are most likely to be victims, according to a consulting firm. Predators target kids on social media, posing as alluring individuals mainly motivated by greed.

Nearly all activity is linked to a West African cybercriminal gang, the Yahoo Boys, primarily targeting English-speaking minors and young adults on platforms like Instagram and Snapchat. Senator Dick Durbin notes significant changes in technology drive this growth, underscoring the need to protect children from digital harm.

Prevention strategies for parents include closely monitoring children’s phone and online use, reviewing internet and social media settings, and having the conversation with children about these crimes. Law enforcement officials, including the FBI, advise that predators can target children on any site, app, messaging platform or game where people meet and communicate. Parents should normalize open communication channels with their children and ensure that children know that they have the freedom to come to them at any time to discuss issues, and invest in identity protection services for the entire family. Call 1-800-CALL-FBI or visit tips.fbi.gov to report incidents of financial sextortion involving minors, and remove sexually explicit images after visiting the National Center for Missing and Exploited Children’s Take it Down tool or Is Your Content Out There?



Read more: ‘Financial sextortion’ of kids is escalating. What parents can do