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Bank fraud makes more money than drugs
Banking fraud has become more lucrative than drug dealing for criminals according to a report published by Fin24 and viruses, worms and Trojans are the "weapons of choice" being used by cyber criminals.
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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