New ransomware CoinVault allows users to decrypt one file for free

Cybercriminals use freebie tactic in attempt to increase ransomware success rate

Cybercriminals behind a new ransomware program called CoinVault are trying out a new psychological tactic to convince users to pay up -- freebies.

The new threat was discovered by security researchers from Webroot and is similar in functionality to more prevalent ransomware programs like CryptoWall. It uses strong 256-bit AES encryption with keys stored on a remote server, it kills the Windows Volume Shadow Copy Service so that users can't use it to recover their files and only supports Bitcoin as a payment method.

Users are asked to pay 0.5 bitcoins -- around $200 at the current exchange rate -- in order to receive the key that decrypts their files, but the cost increases every 24 hours.

One aspect that sets CoinVault apart from other file-encrypting ransomware programs is that it allows users to see a list of encrypted files on their computer and choose one they can decrypt for free.

"This is a really interesting feature and it gives a good insight into what the actual decryption routine is like if you find yourself actually having to pay them," Webroot security researcher Tyler Moffitt said in a blog post. "I suspect that this freebie will increase the number of people who will pay."

Ransomware programs like CryptoLocker and CryptoWall have infected over 1 million computers and earned their creators millions of dollars.

Security researchers generally advise users not to give in to this form of extortion because it only helps further the fraud, but unfortunately paying the ransom is often the only option many users have to recover their files if they haven't backed up regularly and securely.

Another common argument against paying up is that when you deal with cybercriminals there's no guarantee they'll deliver on their promise. CoinVault's one-file-for-free feature is most likely intended to reassure victims that the program's creators have the ability to decrypt the files.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags WebrootsecurityDesktop securityencryptionmalwarefraud

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Lucian Constantin

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?