Meanwhile, other smaller-scale types of fraud like Authorised Push Payment (APP) scams, projected to cost $6.8 billion annually by 2027, receive more media attention. Over the past year, APP scams were mentioned 17,121 times in the media – nearly twice as often as TBFC, which saw just 8,586 mentions. Given TBFC’s staggering impact on the global economy, this imbalance highlights a critical gap in public and industry awareness.
The complexity of TBFC, spanning intricate trade finance mechanisms and multiple jurisdictions, likely contributes to its lack of visibility, but this limited coverage masks a significant and growing threat to the global economy. However, this is precisely why TBFC deserves more attention. It operates in the shadows, away from the watchful eyes of authorities and media, posing a significant but unseen risk to the global economy.
Diya Innab, Deputy CEO at Eastnets, commented, “Trade-based financial crime may be one of the most complex fraud types, but that doesn’t make it any less damaging. Let’s be clear, lack of debate about this insidious threat is not the fault of the media. The fact is, journalists often follow industry conversations, and right now, it’s up to us in the sector to dig deeper into this critical issue and bring it to light. The more we understand it, the better equipped financial institutions and regulators will be to fight it.”
To learn more about the scale and risks of trade-based financial crime, download the full Eastnets’ report Broken Inside, Broken Outside: The Global Fight Against Trade-Based Financial Crime.
Media contacts
Info@eastnets.com
