Cyber-enabled fraud, a significant transnational organized crime, has surged in recent years, leading to global financial losses and undermining trust in digital systems. The transnational nature of this crime poses a global concern as proceeds move swiftly across jurisdictions. With ongoing digital innovation, the scale and sophistication of cyber-enabled fraud are poised to grow if unchecked. The FATF, in collaboration with the Egmont Group and INTERPOL, examined the evolving landscape of cyber-enabled fraud, its connections to other crimes, and strategies for countering it.
The report emphasizes the importance of breaking down silos and fostering collaboration across sectors, both domestically and internationally. To address the escalating threat, the report outlines three priority areas for jurisdictions: enhancing domestic coordination, supporting international collaboration, and strengthening detection and prevention through increased awareness and reporting.
In combating cyber-enabled fraud, the report identifies risk indicators, anti-fraud requirements, and controls for public and private sectors to detect and prevent such crimes and related money laundering. Collaborative action and heightened vigilance are essential to curb this growing menace.
By FCCT Editorial Team
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