Financial Crimes in Cambodia: Trends and Statistics in the Era of Exponential Risk

Cambodia has been grappling with a surge in financial crimes, including online scams, cyberattacks, and money laundering. The situation is critical, with an estimated 200,000 people potentially held against their will and forced to carry out online scams.

The Rise of Cybercrime

In 2023 alone, the FBI reported that potential monetary losses to cybercrime in the US exceeded $12.5 billion, a 23% increase from the previous year.
Data from Moody’s GRID database for screening and risk monitoring emphasizes the trend, now regularly generating over 30,000 alerts annually related to cybercrime – up from less than 2,000 in 2016.

The Era of Exponential Risk

Cyberattacks have become more targeted yet diverse than ever. Fraudsters use convincing AI-generated images, video, text, and voice calls to recruit victims via social media or chat apps. Methods of extortion have also become more sophisticated, with criminals shifting towards direct and aggressive monetization strategies such as ransomware.

The Money Laundering Landscape

Emerging technologies like shell companies, cryptocurrencies, blockchain technology, mixing services, decentralized finance platforms, and other emergent technologies have made money laundering easier than ever. The threat of financial crime has become a board-level concern for companies and industries not previously seen as targets of high-level fraud.

The Need for Proactive Measures

Companies need real-time monitoring, automated workflows, and extensive data to keep up with 24/7 organized crime threats. Moody’s offers solutions that help customers detect, prevent, and remediate financial crime with a range of controls for various points in their operations.

Moody’s Solutions

Unparalleled data
Powerful analytical tools
Perceptive insights
Flexible workflow platforms
Insightful research and analytics
Extensive data on hundreds of millions of individuals and entities

In an age of increasingly sophisticated financial crime, organizations are in a constant battle to protect their customers, staff, operations, and assets. Moody’s is committed to helping its customers navigate the Era of Exponential Risk and stay ahead of evolving threats.