90 percent of illegal transactions linked to cybercrime

Wednesday 29 November 2017 09:59 CET | News

EU law enforcement agencies have uncovered USD 36 million in illicit money transfers while revealing that nearly 90 % of 1,719 illegal transactions identified were linked to cybercrime.

Total global money laundering is estimated at up to USD 2 trillion every year, a process that supports illegal activity and helps its perpetrators remain anonymous.

In the UK alone, the number of money mule cases increased by around 50% between 2016 and 2017 to almost 24,800, according to fraud prevention organization Cifas, with the biggest increases seen among the youngest (under 21) and the oldest people (over 60) being used as mules.

Law enforcement agencies from 26 countries spanning the European Union, Eastern Europe and the United States participated in the November 20-24 2017 campaign, along with 257 banks and private-sector partners, Europol, judicial cooperation agency Eurojust and the European Banking Federation.

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Keywords: cybercrime, money mules, web fraud, Europe, security, law enforcement
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions