Financial Crime World

Financial Crime Risks in Antigua and Barbuda on the Rise Amid Pandemic

Threats to Financial Sector Intensify as COVID-19 Pandemic Continues

The Director of the Office of National Drug and Money Laundering Control Policy (ONDCP) has warned financial institutions and the public about emerging threats to Antigua and Barbuda’s financial sector, citing the ongoing COVID-19 pandemic as a catalyst for increased cybercrime and fiscal fraud.

Types of Fraud on the Rise

  • Fiscal fraud: Criminals are attempting to profit from the pandemic through fraudulent fundraising for fake charities, medical and pyramid scheme scams, online sales of counterfeit medicines and medical supplies, and impersonating law enforcement officers and health officials to steal financial information.
  • Non-fiscal fraud: Phishing attacks will continue to enable malicious access to critical systems for criminals and other advanced actors.

Shift to Home-Based Working Creates New Cybercrime Risks

  • With people taking greater risks online at home, corporate IT systems are inadvertently exposed to cybercriminals.
  • Individuals are advised to be cautious when accessing online services to avoid falling victim to phishing attacks.

Organized Crime Groups and Terrorist Financiers Exploit Pandemic Opportunities

  • Criminals may seek alternative methods to launder their proceeds, including cryptocurrencies or wire transfers, due to border closures and reduced State/Private Sector capabilities.
  • Financial institutions are urged to remain vigilant in conducting financial transactions.

Cybercrime Evolves and Grows in Response to Pandemic

  • Online fraud targets individuals and ransomware compromises systems within institutions.
  • Cybercriminals may exploit operational gaps in corporate systems, making Government systems more vulnerable to malware.

Risks of Increased Spread of Misinformation and Disinformation

  • There is a risk of increased spread of misinformation and disinformation aimed at confusing the public and undermining the scientific response.

Advice for Residents

  • Be cautious when conducting financial transactions.
  • Report any suspicious activity to the ONDCP or Police.
  • Implement proper hygiene practices, social distancing, and avoid non-essential travel during this time.

Quote from Lt. Col. Edward Croft, Director of the ONDCP

“Be careful and adhere to proper hygiene practices, implement social distancing, and avoid non-essential travel during this time.”