Cross-border payments fuel international cybercriminals

Cybercrime, particularly payments fraud, is highly attractive to criminals because it’s low risk and has the potential to be highly lucrative. (See “Cybercrime,” Australian Government’s Department of Foreign Affairs and Trade.) And cybercrime knows no boundaries. Cybercriminals can exploit individuals, businesses and governments from anywhere in the world.

While some intra-country payment fraud does occur, the real risk is in cross-border payments. Customers, financial institutions and law enforcement agencies find it difficult to pursue fraud across international jurisdictions. As far back as 2017, this has been a persistent and deep-rooted issue for stakeholders that use technology to engage in cross-border trade, as explored in an inquiry initiated in Australia by the Parliamentary Joint Committee on Law Enforcement. (See Chapter 5, “Operational challenges and vulnerabilities,” from “Impact of new and emerging information and communications technology,” April 4, 2019.)