Cybercrime: A global cost of $10 Trillion by 2025

Table of Contents

Peter Taylor Reports for Phronesis Technologies

The Fraud Epidemic

Fraud is now the most common crime in England and Wales. In 2018, there were 3,979,000 reported cases, worth an estimated £193 billion. Since the COVID-19 outbreak, it is estimated that cases of fraud have increased exponentially, by around 400%. Whilst the exact impact will not be measurable for some time, it is presumed that this increase will cost (globally) around $5 Trillion / annum.

Utilizing immersive research, I have written numerous articles on the different aspects, and types, of fraud. However, as a precursor, it is important to know, or to be reminded of, how the web operates.

Into the Spider’s Lair

The web is often broken down into three areas: The bright web/surface web, the deep web, and the dark web. The bright web is that which most of us use when accessing the internet, often via search engines. This part of the web is visible to all and is subject to regulation. The deep web refers to all web areas not accessible to the public, for example, government sites and archives. Only accessed via the TOR (The Onion Router) browser or other specific platforms, the dark web is not visible to all, does not have search engines and is not regulated. Subsequently, it is rife with criminal activities, including the hosting of marketplaces in which criminals can buy and sell crime as a service. In these marketplaces various personal information, e.g., bank account details, credit card details, passport details, driving licenses, social security numbers and SIM ID can be bought and sold. This is in addition to the more commonly thought of black-market goods, such as guns, drugs, and even people.

As part of my investigation, I intercepted an example of a conversation regarding SIM swap fraud. SIM swap fraud is on the rise (but more on that to come soon) – are you adequately protecting your organisation against it? Contact Phronesis Technologies today to discuss their specific SIM swap fraud detection services – they can ensure that, in real-time, the SIM and device ID is as expected and that no porting or call-forwarding settings have been activated.

Dread snapshot of a conversation between cybercriminals or fraudsters relating to purchasing SIM details to commit SIM swap fraud

Peter Taylor is an accomplished and distinguished fraud expert and investigator. He begun his career with Greater Manchester Police, before obtaining the position of Head of Fraud for Major Loss Adjusters. Since founding a consultancy firm, Peter has expanded his areas of expertise and is a cross-industry specialist in and cybercrime and counter-fraud measures.

As Phronesis continues to expand, now offering our Mobile Identity and Fraud Prevention services directly to enterprise, we wanted to commission research into cybercrime, and the many facets within, to both add to our understanding, and to share with our growing network of partners, clients, followers, and of course to those who generally operate in the sector.

Sponsored by Phronesis Technologies Limited.

Edits and afterword by Toni Pickering


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