Financial Crime World

ERITREA SEES SURGE IN FINANCIAL FRAUD STATISTICS, SAYS NEW REPORT

A recent report released by a leading financial institution in Eritrea has revealed a sharp increase in financial fraud statistics in the country during the first quarter of 2024. The report highlights the need for individuals and businesses to stay vigilant against financial fraud threats.

Most Common Type of Financial Fraud: Third-Party Loans

The report reveals that Third-party Loans fraud has emerged as the most common type of financial fraud, accounting for a staggering 75% of all Loans fraud cases. This highlights the importance of carefully reviewing loan agreements and monitoring transactions to prevent such frauds.

Uptick in Savings Account and Current Account Fraud

The report also shows an uptick in Savings Account fraud, with a rate of 0.37% recorded - the highest level since July 2022. Furthermore, the Current Account fraud rate remained high at 1.34%, although it showed a slight decline from late 2023.

Experts Warn of Evolving Nature of Financial Fraud

Experts say that these statistics are a stark reminder of the ever-evolving nature of financial fraud and the need for individuals and businesses to stay vigilant in order to protect themselves against such threats. “Fraud is a constant challenge, and it’s essential that we stay ahead of the game by monitoring trends and adapting our strategies accordingly,” said a leading anti-fraud expert.

Accessing Previous Quarters’ Fraud Statistics

The report also provided insights into previous quarters’ fraud statistics, with the archive available for public viewing. The latest data adds to the growing body of evidence highlighting the importance of financial fraud prevention and detection in Eritrea.

Key Takeaways

  • Third-party Loans fraud accounted for 75% of all Loans fraud cases
  • Savings Account fraud rate reached 0.37%, the highest level since July 2022
  • Current Account fraud rate remained high at 1.34%
  • Experts warn of the need to stay vigilant against financial fraud threats
  • Previous quarters’ fraud statistics are available for public viewing