10/12/2017
Closely connected to Cybercrime, Financial Crimes are often committed via the Internet and have a major impact on the International Banking and Financial Sectors.
Main initiatives to counter Financial Crime focus on:
- Payment cards
Payment card fraud is a generic term used to describe a range of offences involving the theft and fraudulent use of payment card account data.
- Money laundering
Illegally obtained funds are laundered and moved around the globe using and abusing shell companies, intermediaries and money transmitters. In this way, the illegal funds remain hidden and are integrated into legal business and into the legal economy.
- Counterfeit currency and security documents
Recent developments in photographic, computer and printing technologies, along with the availability of low-cost equipment, have made the production of counterfeit money relatively easy.
- Social engineering fraud
‘Social engineering fraud’ is a broad term that refers to the scams used by criminals to trick, deceive and manipulate their victims into giving out confidential information and funds.
Criminals exploit a person’s trust in order to find out their banking details, passwords or other personal data.
Scams are carried out online – for example, by email or through social networking sites – by telephone, or even in person.