KATHMANDU, NOVEMBER 17
The Nepal Rastra Bank (NRB) has released its Strategic Analysis Report 2024, presenting key financial updates and insights on cyber-enabled fraud reported throughout the year.
The report, submitted to the government today, aligns with the provisions of the Anti-Money Laundering Act, 2064 BS (2008), which mandates an annual report on offenses related to money laundering and financial involvement in terrorist activities.
This year's report focuses on the analysis of cyber-assisted fraud, its characteristics, and methods used to launder illicitly acquired assets. It highlights the misuse of social media platforms and payment systems in perpetrating such crimes.
A detailed examination of suspected transactions reported during the first five months of 2024 reveals that individuals aged 18 to 24 years, primarily students, constitute the largest group involved in these fraudulent activities. Additionally, the report notes that suspicious transactions in most implicated accounts occur within three months of the account's creation.
The report identifies prevalent forms of cyber-enabled fraud, including gift and parcel scams, social media deception, fraudulent online trading platforms, OTP scams, lottery frauds, and other related methods.
Recommendations have been made to reporting institutions, law enforcement agencies, investigative bodies, and regulatory authorities to curb and mitigate these cybercrimes effectively.
Furthermore, the report discusses international initiatives aimed at combating such fraud and emphasizes the importance of global collaboration in addressing the issue.
