Financial Crime World

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Italy Grapples with Rise in Cybercrime and Financial Fraud as Identity Theft Cases Surge

Despite a 17.4% decline in serious crimes nationwide, Italy is witnessing a surge in cybercrime and financial fraud, with identity theft cases making up a significant portion of the total.

The Trend: A Shift to Online Platforms

According to data provided by national police forces to Sole 24 Ore for its yearly Criminality Index, out of 949,120 serious reported crimes in 2021, a staggering 15% were cybercrimes, including identity theft, credit card cloning, and fraud. This trend is attributed to the shift in criminal activity towards online platforms due to the first pandemic lockdown.

The Need for Careful Monitoring

Stefano Delfini, head of the criminal analysis service, which reports to the Ministry of the Interior, noted that “many criminal conducts have moved online” and emphasized the need for careful monitoring of these new forms of crime.

Italy’s Cybercrime Ranking

Italy ranked fourth globally in terms of malware attacks in 2021, with a staggering 28,208,577 attacks reported by Trend Micro Research. The country has witnessed several high-profile cybercrime cases in recent months, including:

  • The hacking of the website of Italian copyright collecting agency SIAE
  • The theft of sensitive information from several Italian artists

Cyberattacks on Hospitals and Public Services

A study conducted by the University of Turin revealed that 21% of Italian hospitals had faced cyberattacks since the start of the year. In early August, the entire computer system of the Lazio Region was hit by ransomware, disrupting the regional vaccination campaign.

Call to Action: Strengthening Online Security Measures

As Italy struggles to contain the growing menace of cybercrime and financial fraud, authorities must take swift action to update their databases and strengthen online security measures to prevent further attacks. The recent hacking incident at SIAE serves as a stark reminder of the importance of prioritizing cybersecurity in today’s digital age.