Interpol is sounding the alarm in a new report: more and more cybercriminals have been using cutting-edge technologies for global financial fraud recently.
According to the report, the spread of artificial intelligence, large language models (LLMs), cryptocurrencies, ransomware and phishing schemes gives groups the opportunity to conduct professional scams without much technical knowledge and costs. Examples of such malicious AI tools are WormGPT and FraudGPT bots.
Experts are concerned about the increase in human trafficking for the implementation of so-called "pig butchering" schemes — a type of combined fraud. Criminals first gain the trust of victims by engaging in romantic relationships with them or offering supposedly lucrative investment opportunities. When people are fully trusted, they are forced to make illegal financial transactions with cryptocurrencies in the interests of criminals.
"We are extremely concerned about the growing epidemic of financial crime, which is causing a devastating blow to citizens, businesses and states," said INTERPOL Secretary General Juergen Stock. He called on all countries and agencies to urgently unite their efforts to combat this global threat. In his opinion, it is necessary to quickly close the existing gaps, establish a close exchange of intelligence between states and develop a joint strategy to counter fraudsters.
The report identifies the main types of fraud — investment scams, prepaid fraud, fictitious romantic relationships, and attacks on corporate correspondence. Usually, they are backed by criminal groups of various sizes — from novice gangs to powerful syndicates.
To combat the spread of financial crimes, Interpol recommends the formation of multi-stakeholder partnerships aimed at identifying and recovering stolen assets. After the introduction of the I-GRIP mechanism in 2022, it was possible to intercept more than $500 million of illegal income.
There are different trends in different regions. Business phishing attacks and pig butchering are booming in Africa, and West African groups are gaining ground internationally. Identity-spoofing campaigns, dating site scams, and tech support, prepaid, and phone-calling scams are common in America. Increasingly, these schemes involve victims of human trafficking.
Pig butchering and operations in which criminals pose as officials are booming in Asia. Investment pyramids and phishing attacks, including through mobile applications, have become more active in Europe. Criminal networks demonstrate sophisticated multi-pass schemes with a combination of different types of fraud.
"Companies should not ignore the warning from Interpol," commented Oliver Spence of Cybaverse. "Financial cybercrime is on the rise, and AI is compounding the problem by reducing barriers to entry into the criminal business."
Spence recommends that organizations train their staff to recognize AI phishing, check for any suspicious emails, and block malicious attachments on their doorsteps. "You can't let the wave of AI fraud cover you," the expert warned.
• Source: https://www.interpol.int/en/News-an...essment-A-global-threat-boosted-by-technology
According to the report, the spread of artificial intelligence, large language models (LLMs), cryptocurrencies, ransomware and phishing schemes gives groups the opportunity to conduct professional scams without much technical knowledge and costs. Examples of such malicious AI tools are WormGPT and FraudGPT bots.
Experts are concerned about the increase in human trafficking for the implementation of so-called "pig butchering" schemes — a type of combined fraud. Criminals first gain the trust of victims by engaging in romantic relationships with them or offering supposedly lucrative investment opportunities. When people are fully trusted, they are forced to make illegal financial transactions with cryptocurrencies in the interests of criminals.
"We are extremely concerned about the growing epidemic of financial crime, which is causing a devastating blow to citizens, businesses and states," said INTERPOL Secretary General Juergen Stock. He called on all countries and agencies to urgently unite their efforts to combat this global threat. In his opinion, it is necessary to quickly close the existing gaps, establish a close exchange of intelligence between states and develop a joint strategy to counter fraudsters.
The report identifies the main types of fraud — investment scams, prepaid fraud, fictitious romantic relationships, and attacks on corporate correspondence. Usually, they are backed by criminal groups of various sizes — from novice gangs to powerful syndicates.
To combat the spread of financial crimes, Interpol recommends the formation of multi-stakeholder partnerships aimed at identifying and recovering stolen assets. After the introduction of the I-GRIP mechanism in 2022, it was possible to intercept more than $500 million of illegal income.
There are different trends in different regions. Business phishing attacks and pig butchering are booming in Africa, and West African groups are gaining ground internationally. Identity-spoofing campaigns, dating site scams, and tech support, prepaid, and phone-calling scams are common in America. Increasingly, these schemes involve victims of human trafficking.
Pig butchering and operations in which criminals pose as officials are booming in Asia. Investment pyramids and phishing attacks, including through mobile applications, have become more active in Europe. Criminal networks demonstrate sophisticated multi-pass schemes with a combination of different types of fraud.
"Companies should not ignore the warning from Interpol," commented Oliver Spence of Cybaverse. "Financial cybercrime is on the rise, and AI is compounding the problem by reducing barriers to entry into the criminal business."
Spence recommends that organizations train their staff to recognize AI phishing, check for any suspicious emails, and block malicious attachments on their doorsteps. "You can't let the wave of AI fraud cover you," the expert warned.
• Source: https://www.interpol.int/en/News-an...essment-A-global-threat-boosted-by-technology
