VIENNA, Austria - The Global Fraud Summit has closed with calls for stronger global cooperation to tackle what is one of the fastest-growing types of crime, affecting millions of individuals and businesses around the world.
Driven by rapid technological advances, fraud has evolved into an increasingly sophisticated and highly organized global enterprise.
Technology was a central focus of discussions during the two-day (16 and 17 March) event, with tools such as generative AI, including deepfake videos, images, audio and chatbots, making it easier for criminals to impersonate trusted people and defraud victims.
Fraud - a global security crisis
INTERPOL’s Executive Director of Partnerships and Planning Darrin Jones said:
“As we’ve heard over the past two days, fraud has evolved into one of the fastest-growing and most pervasive forms of transnational organized crime, affecting millions of victims and generating enormous illicit profits for organized criminal networks.
“Thousands of individuals and businesses have become victims whilst we have gathered over these two days. However, our discussions and engagements have provided a clearer picture of the role each of us can play, and how we can collectively do more.”
According to the Global Anti-Scam Alliance, global losses from organized fraud and scams are estimated at USD 442 billion, underlining the scale and urgency of the problem.
Concrete commitments
More than 1,300 participants from government, law enforcement, technology companies, financial institutions and civil society attended the summit co-hosted by INTERPOL and the United Nations Office on Drugs and Crime (UNODC), with support from Canada, Singapore and the United Kingdom.
The summit – which also saw the publication of the second edition of INTERPOL’s Global Financial Fraud Threat Assessment – concluded with concrete commitments from participants to strengthen cooperation and disrupt the systems that enable fraud.
Representatives from 47 countries and organizations pledged to take specific actions and report on progress as initiatives move forward.