Students most involved in cyber-enabled fraud: NRB
The report, which was presented to the government on Sunday, aims to provide insights into the issue.
KATHMANDU: The Nepal Rastra Bank (NRB) has released its Strategic Analysis Report for 2024, focusing on financial updates, specifically addressing cyber-enabled frauds reported this year.
The report, which was presented to the government on Sunday, aims to provide insights into the issue.
Under the Anti-Money Laundering Act of 2064 BS (2008), NRB is required to submit an annual report to the Government of Nepal, outlining methods, procedures, and trends related to money laundering and financial activities tied to terrorism.
The 2024 report primarily analyzes cyber-assisted frauds, the tactics used, and the laundering of assets gained through such fraudulent activities. It also examines the role of social media and payment systems in facilitating these crimes.
The report highlights a detailed analysis of suspicious transactions linked to cyber-enabled frauds in the first five months of 2024.
Findings indicate that individuals aged 18 to 24, predominantly students, are most involved in such suspicious activities.
Additionally, many of these transactions occur within three months of account activation.
The report identifies several types of cyber-enabled fraud, including scams related to gifts and parcels, social media fraud, fake online trade platforms, OTP fraud, lottery fraud, and other methods.
Based on its findings, the report provides recommendations to informant institutions, law enforcement, investigative agencies, and regulatory bodies to curb and reduce cyber-enabled fraud.
It also discusses international initiatives aimed at minimizing these crimes.
