BALTIMORE–(BUSINESS WIRE)–Researchers at the premier dark web data intelligence company, Terbium Labs, have released the findings of new research that examines the deeply intertwined nature of payment fraud and transnational crime. Results from the report titled, “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational Crime,” illustrate the far-reaching effect of payment fraud – where and how stolen payment data is used to either fund or launder the proceeds from large-scale, pernicious criminal activity across the world. The research features geographical breakdowns and real-world case studies of how payment-card fraud is used to launder money by organized crime syndicates; subsidize the costs of trafficking in drugs, guns and humans; and provide material support for terrorist groups at levels in the billions of dollars.
Researchers analyzed thousands of cases during the decade-long period of 2008-2018 in the United States, United Kingdom, Australia, Canada, Germany and Russia. Data was sourced from publicly available documentation from an international set of crime and law databases. Findings indicate widespread gaps and inconsistencies in crime documentation as victims are more likely to turn to their financial institution for quick remediation than to report the crime to law enforcement. Similarly, financial institutions and payments companies often treat payment fraud as an expected cost of doing business and don’t always report compromised accounts or fraudulent charges experienced by customers.
These gaps in reporting mask the true scale and spread of fraud funding transnati