The US, Japan, Canada, Australia and New Zealand have the best chances of keeping criminals out of their money, according to a new study.
PayPal fraud report: US, Canada best in the worldThe US and Canada were found to be the two countries that had the most successful prevention programs, according the report, which looked at data from US authorities and law enforcement agencies around the world.
“The US has the best financial institutions to protect against fraud, as well as the strongest data-driven, evidence-based anti-fraud initiatives,” the report said.
“But it’s also one of the most crime-ridden countries in the developed world, with an average annual crime rate of more than 1,000 per 100,000 people.”
The report said criminals would likely steal as much as $100,000 from a person who pays their credit card bill every month.
“These funds are then used to buy goods and services from the criminal network,” the paper said.
Australia, New Zealand and the UK were also identified as having the best systems to track money-laundering.
Australia’s financial crimes prevention program was the most effective, while New Zealand’s financial crime prevention program, Operation Blackmail, was “the most successful”, the report found.
Australia had the highest percentage of people reporting at least one fraud, with a staggering 73.9 per cent.
“We’re very concerned about what’s happening in Australia and around the country,” Assistant Commissioner Matthew Carle said.
The US had the lowest percentage of fraud victims at 3.6 per cent, and the United Kingdom had the least at 1.7 per cent per capita.
The report noted that some countries are less than successful, such as Kenya and Nigeria.
“While we can’t control every country in the Middle East, we can do a good job of trying to reduce the prevalence of fraud in some countries,” Assistant Director of the Federal Bureau of Investigation, Steve Rabe, said.
He said the report would be published on Thursday.
“Our financial crime team continues to work hard to combat fraud and to find solutions to our nation’s most pressing challenges,” he said.
Topics:business-economics-and-finance,crime,crime-prevention,government-and/or-politics,economics,business-and_finance-and-“business-news”,law-crime-and.financial-crime,fraud-and,criminals-and%E2%80%99-empire,nsw,australiaFirst posted March 30, 2020 21:58:48Contact Anna TamblynMore stories from New South Wales