Anti-Money Laundering Body Warns of Growing Threat of Cyber Scams

FATF warns that cyber-enabled fraud has surged into one of the most widespread and damaging profit-driven crimes, with 156 countries identifying scams as a major financial crime risk, fueled by digitalization and instant, borderless payment systems. The impact is acute in major hubs—fraud comprises over 40% of reported crime in the UK, Singapore saw a 61% rise in two years, and US losses are in the tens of billions—while UK Finance recorded £1.17B lost in 2024. OCCRP’s “Scam Empire” further exposes industrial-scale call-center operations pushing fake investment schemes against victims worldwide.