Crime goes cashless as Covid crisis drives underworld online
Charlie Parker, 27 April 2021
Fraudsters, drug dealers and money mules have revealed how crime has gone cashless during the pandemic.
Coronavirus lockdowns have prompted criminals to abandon face-to-face cash transactions and to accept payments via bank transfers and sometimes bitcoin, PayPal or premium-rate telephone numbers.
Underworld figures “engaged in everyday criminal commerce” have explained how in interviews with financial crime experts from We Fight Fraud, the fraud prevention group.
In the past, hard cash has been seen as safest way to avoid authorities because it is more difficult to trace. However, the slump in physical social interaction over the past year has accelerated the digitalisation of crime.
In a report, experts from We Fight Fraud warn that illicit trading is entering the legitimate financial services sector through small denomination.
