Fraud Management & Cybercrime , Video
Geopolitical Tensions Fuel Growth in Cross-Border Fraud
ACAMS' Shilpa Arora on Global Financial Vulnerabilities and Regulatory Challenges
Geopolitical tensions are reshaping the fraud landscape. Cybercriminals and fraudsters are taking advantage of technological advances and regulatory gaps between countries to steal identities, commit scams and launder money. In fact, the European Banking Authority in 2022 found that the rate of cross-border fraud was nine times higher than domestic fraud.
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Major players in these fraud schemes are state-sponsored cybercriminals with political agendas, said Shilpa Arora, head of anti-financial crime products and solutions at the Association of Certified Anti-Money Laundering Specialists.
"You see this everywhere. You do see state-enabled actors," Arora said. "The Lazarus Group, linked to North Korea, is known for writing and deploying custom malware and social engineering tactics to steal cryptocurrency or access sensitive systems."
In this video interview with Information Security Media Group, Arora also discussed:
- How geopolitical tensions are accelerating new fraud tactics across borders;
- How authorized push payment scams are exploiting regulatory gaps across regions;
- The pivotal role of advanced technology in fraud prevention.
Arora is responsible for the strategy, content, performance and implementation of anti-financial crime training solutions for all client segments at ACAMS. She represents ACAMS by speaking at select major industry events and conferences and engaging proactively with industry leaders worldwide.
