Financial Crime World

Financial Crime Soars in Honduras as Digital Age Takes Hold

A New Era of Convenience and Chaos

A surge in digital banking has brought about a new era of convenience for Hondurans, but it has also created opportunities for cybercriminals to wreak havoc on the country’s financial system. According to experts, seven out of every 10 banking services in Honduras are now made possible through digital banking.

The Rise of Cybercrime

However, this shift towards digital transactions has also led to an alarming increase in fraud and malicious activities. “Banks have innovated with technology to make it easier for clients,” said Lieutenant Colonel Ubaldo Rodríguez, regional chief of the Central East Zone of the Honduran National Anti-Gang Force (FNAMP). “But amid these well-intended offers and creation of friendly platforms, members of maras and gangs take advantage of vulnerabilities to commit extortion.”

FNAMP’s Response

The FNAMP has responded to this growing threat by providing basic training to its personnel on combating computer-related crimes. The force’s Intelligence Analysis Unit receives specialized training to become cybercrime specialists. “We found ourselves with the need to train all our personnel to integrate this new concept of computer-related crimes,” Lt. Col. Rodríguez said.

Capabilities and Initiatives

The FNAMP’s capabilities include:

  • Identity theft tracking
  • Deep web tracking
  • Forensic extraction
  • Advanced software and hardware search, among others

The force is determined to prevent cybercriminals from committing more advanced crimes such as phishing, identity theft, or personal information theft. “These members of maras and gangs are using social media networks to take advantage of anonymity and other fronts to perpetrate other crimes,” Lt. Col. Rodríguez said.

Growing Concern

According to data from the Honduran National Police Investigations Directorate, cybercrime in Honduras increased by 500 percent from 2018 to 2020. Criminals have used their cyber knowledge to break into government computer platforms and erase criminal offenses.

Awareness Campaign and Captures

The FNAMP has launched an awareness campaign on ways to stay safe on the internet and report complaints, aimed at encouraging people to alert the authorities when they think fraudulent activities have taken place. In August 2021, the FNAMP captured a criminal gang of 11 people that was engaged in threatening and collecting extortion money.

Results

So far this year, the FNAMP has captured 1,250 people for extortion-related crimes. According to data from the Honduran Secretariat of Defense, the institution also prevented extortion payments of some $400,000 in the first six months of 2021.

Conclusion

“The FNAMP’s greatest achievement is that we have not lagged behind in technology; we anticipate criminal actions and counteract and prevent threats from becoming greater,” Lt. Col. Rodríguez concluded. As Honduras continues to navigate the challenges of digital banking, it remains clear that the country must remain vigilant against the growing threat of financial crime in the digital age.