Bank fraud makes more money than drugs

Stieler van Heerden of Ukuphepha Consulting told delegates at the southern Africa internal audit conference that the Russian mafia is now making more money from its banking fraud than drug cartels were making from their illegal activities.

He says that cyber fraud is now a US$1 trillion racket and a survey of 50 multinational companies in the US found that they are losing an average of about US$6 million each a year.

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• Fin24: Bank fraud more lucrative than drugs