Financial Fraud, the Global “Epidemia” Costing $1 Trillion a Year: Fatf

La Jornada

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Financial fraud has become an “epidemia and its scale is surprising,” warned Elisa de Anda, president of the Financial Action Task Force (FATF). She stated that, according to estimates, in one year, a billion dollars were lost due to scams around the world and is one of the main threats to nine out of ten countries.

El Independiente

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The scams and frauds, especially those committed through digital media, have already reached a dimension comparable to an epidemic at a global level and their impact is beginning to feel stronger also in Paraguay, as warned by the Financial Action Task Force (FATF). The agency warned that this type of crime is growing rapidly in size, scope and sophistication, driven by the digitization of financial services. The warning was given after a recent…

Bloomberg Linea

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The International Financial Action Task Force warned last Friday that fraud is already a pandemic that is growing in size, scale and scope and that combating scams is its key priority. At a press conference and after concluding the work of the agency’s fifth plenary, de Anda said Friday that one of the priorities will be to use the group’s toolkit to address what he considers “the fraud epidemic.” “The scale is impressive.