Fri. May 24th, 2024

Cameroon Losses 12.2 Billion To Cybercrime: Report Shows.

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The National Agency for Information and Communication Technologies (ANTIC) reported that cybercrime caused financial losses of CFA12.2 billion to the Cameroonian economy in 2021, which is double the losses reported in 20192.

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These losses were primarily due to scamming and phishing which is a technique used by fraudsters to obtain personal information to perpetrate identity theft amounted to CFA6 billion. 2

To ensure its customers’ money is protected, WorldRemit has taken a proactive stance toward prevention. For instance, it refuses to work with correspondent partners who lack adequate controls for combating fraud and financial crime. We implement risk-based controls for customers who need to send to destinations with elevated money laundering or terrorism financing risk.

Additional collaboration with other industries and companies to share best practices and information to better watch over the financial transactions it processes.

Also Read: Cameroon and Congo to Adopt TON Blockchain for Building the Country’s National Stablecoin

“The international remittance space is exposed to several key risks, including money laundering, fraud, terrorism financing, and sexual exploitation, so working with other leading bodies to combat this is essential” said Imane Charioui, Director of Francophone Africa, WorldRemit

“Technology helps us understand and detect the known patterns of suspicious behavior signaling the misuse of a customer account when sending money is the priority,” she added.

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