Raising Awareness of Cyber Crime and Links to Terrorism
Small Crimes Can Lead to Big Consequences
Cybercrime has been ranked as a top tier threat and combating Cybercrime has become a priority for governments and corporations worldwide. In the UK, both Action Fraud and the National Crime Agency (NCA) have recorded an increase in cybercrime and it has become a preferred avenue for both large and small scale organised crime groups, including terrorists and groups looking to finance terrorist activities.
Anyone can purchase tools on the black market to carry out cybercrime which includes activities such as credit card theft, online scams or identity theft. Criminals and terrorists have a great advantage through information and communication technologies to carry out crimes with minimal effort quickly generating funds from multiple small value transactions, which could ultimately lead to the financing of terrorist organisations, individual terrorists and ultimately lead to a terrorist attack.
The financial sector’s shift into a more digital environment has made it more susceptible to cyber threats and has led to greater awareness of the emerging sophistication of the cyber-criminal and terrorist. According to the FATF report, ‘Emerging Terrorist Financing Risks’, methods of terrorist financing continue to evolve in response to changes in technology. Electronic, online and new payment methods pose increasing vulnerability as these systems grow. These electronic and online systems can be assessed globally in jurisdictions with weaker AML/CTF controls and used to rapidly transfer funds.