FATF urges countries to disrupt scam compounds upstream
Original title: Anti-Money Laundering Watchdog FATF Targets Scam Compounds
FATF says countries are stronger at tracing payments than at stopping ads, recruitment, domains, and phone indicators.
The Financial Action Task Force called for global action against physical and increasingly mobile scam compounds that it says drive a fraud economy estimated at $500bn a year. The report says compounds are often staffed by trafficked people, including 120,000 forced to run online scams in Myanmar, and are supported by crypto, instant payments, mules, social media, messaging, and AI-generated content. FATF president Giles Thomson urged members to dismantle networks, work with technology and telecom firms, and freeze proceeds faster. The report sets out six pillars, from targeting leaders and recruiters to protecting victims.
Unconfirmed: The $500bn annual figure and the Myanmar trafficking count are as stated by FATF, not independently verified here.
- FATF says the first 24–72 hours after a scam are critical for freezing funds.
- Operations are shifting to rented rooms, cafes, apartments, and vehicles.
- BioCatch’s Jonathan Frost said banks must detect grooming, not only the transfer.
- A November 6 CybSafe report said 22% of Brits received a voice or appearance impersonation call.
- 1.Combine payment tracing with disruption of fraudulent ads, recruitment, domains, and phone indicators.
- 2.Freeze and recover victim funds in the first 24–72 hours.
- Organizations
- Financial Action Task ForceBioCatchCybSafe
- Countries
- Myanmar
From the original article
2 min read at infosecurity-magazine.com
AML body the Financial Action Task Force has suggested new ways to disrupt scam compounds
By Phil Muncaster · infosecurity-magazine.com
A short excerpt; the article and its images belong to the publisher. Summary, key facts and assessment above are AI-written from the article and can be wrong.