INTERPOL Financial Fraud Report: The Global Threat Expands Boosted By Technology

Organized Crime Groups using more Human Trafficking Victims to carry out Crypto-Investment (‘pig-butchering’) and other Scams

Authors:
•  SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
•  INTERPOL

About This Article

The recent INTERPOL assessment on global financial fraud underscores the growing threat posed by technology-enabled organized crime groups targeting victims worldwide.

Utilizing tools like Artificial Intelligence (AI), large language models, and cryptocurrencies, these groups orchestrate sophisticated fraud campaigns with minimal technical skills and at low costs. Secretary General Jürgen Stock warns of the epidemic scale of financial fraud, emphasizing the need for urgent action and enhanced information sharing.

The report reveals prevalent fraud trends such as investment fraud and romance fraud, necessitating multi-stakeholder partnerships to develop effective counter strategies. With financial fraud increasingly perpetrated by transnational networks, law enforcement faces the challenge of strengthening data collection and analysis to combat this escalating crime.

Regional trends highlight the pervasive nature of financial fraud, from Africa to the Americas, Asia, and Europe, necessitating a coordinated global response to safeguard individuals, businesses, and governments against this evolving threat.

A new INTERPOL assessment on global financial fraud highlights how the increased use of technology is enabling organized crime groups to better target victims around the world

The Interpol report and assessment show that the use of Artificial Intelligence (AI), large language models, and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost.

SCARS Introduction

With the rapid advancement of technology, according to INTERPOL, financial fraud has evolved into a global epidemic, as highlighted by the recent INTERPOL assessment below.

Organized crime groups are leveraging sophisticated techniques, including Artificial Intelligence (AI), large language models, and cryptocurrencies, to orchestrate increasingly professional and widespread fraud campaigns. The emergence of AI and cryptocurrencies has lowered the barrier to entry for criminals, enabling them to conduct fraudulent activities with minimal technical expertise and at a relatively low cost.

The INTERPOL Secretary General, Jürgen Stock, warns of the urgent need for action to combat this growing threat, emphasizing the importance of closing existing gaps and promoting information sharing between sectors and across borders. The report, introduced at the Financial Fraud Summit in London, unveils key findings, including prevalent fraud trends such as investment fraud, romance fraud, and business email compromise.

To address these challenges effectively, the report calls for the establishment of multi-stakeholder Public-Private Partnerships and emphasizes the critical role of enhanced data collection and analysis in developing informed counter strategies. Regional trends reveal the pervasive nature of financial fraud across continents, from Africa to the Americas, Asia, and Europe, underscoring the need for a coordinated and collaborative approach to combat this global menace.

INTERPOL 2024 Assessment

Analysis behind the INTERPOL Global Financial Fraud Assessment also points to the global expansion of human trafficking for the purpose of forced criminality in call centres, particularly to carry out ‘pig-butchering’ scams – Read More …