🚀 Nepal’s Youth Targeted in Rising Cybercrime Wave
posted 18 Nov 2024
Nepal’s Financial Intelligence Unit (FIU), tasked with countering financial crimes, money laundering, and terrorist financing, flagged cryptocurrencies as a key instrument in criminal activities. This warning comes amid the country's ongoing ban on digital asset trading.
Criminals exploit cryptocurrencies for anonymity and to complicate the tracing of illicit funds. One common tactic involves splitting transactions into smaller amounts, evading automated tracking systems and freezing orders, often by navigating legal loopholes.
In addition to money laundering, fraudsters use cryptocurrencies as a foundation for elaborate scams. These often promise high returns, targeting victims via social media platforms or legitimate sites hosting contextual advertisements.
Statistics indicate that over 64% of reported fraud cases by mid-2024 occurred in the digital domain. While not all of these cases involve cryptocurrencies, the figure reflects a broad spectrum of online criminal activities. Additionally, some victims avoid reporting such incidents to law enforcement due to the illegal nature of the assets involved.
Percentage of Cybercrime Cases. Source: FIU Official Report
Notably, young individuals aged 19 to 24 are the most frequent victims, accounting for 49% of cases, whereas only 14% of those affected are over 36 years old. In response to the rising number of cybercrimes, the FIU has called for enhanced digital literacy among the population and stricter compliance requirements for companies operating in Nepal.
This approach bears similarities to the policies of South Korea’s current government, which plans to enforce mandatory business reporting for every cross-border transaction. The goal is to reduce illegal capital outflows and minimize offshore financial schemes.
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