Kathmandu, Nov 17: The Nepal Rastra Bank (NRB) has unveiled its Strategic Analysis Report 2024.
The report aiming to provide financial updates is based on Cyber-Enabled Fraud reported this year. It was presented to the government today.
The Anti-Money Laundering Act, 2064 BS (2008) warrants the presentation of a comprehensive annual report including information on the methods, procedures, and trends related to the commission of offenses concerning money laundering and financial investments in terrorist activities to the Government of Nepal through the central bank (Nepal Rastra Bank).
The report for the year 2024 is focused on analyzing cyber-assisted frauds, their characters, and the methods for laundering property achieved through such frauds. It also analyses the misuse of social sites and payment system features in committing such frauds.
The report has made a detailed analysis of suspected transactions related to cyber-enabled fraud that were reported in the first five months of 2024. The analysis shows that the highest number of people between 18 years and 24 years and who have stated ‘student’ as their profession are found involved in such type of suspected transactions.
Similarly, in most of such suspected accounts the suspect transaction is found to have been committed within three months of the operation of such account.
Among the cyber-enabled fraud includes mainly fraud related to gifts and parcel, cheating through social sites, fake platform related to online trade, OTP fraud, lottery fraud and other means.
The report has also made the required recommendations to the informant institutions, law enforcement bodies, the investigation agencies and the regulatory and supervisory bodies to check and minimize the cyber-enabled fraud, based on the conclusions.
The report has also discussed on the initiatives made in the international community to minimize such fraud.
