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Advice, Loss Prevention

CCI updates on the piracy situation in West Africa

Active information sharing between clusters of countries and regions in West Africa is a positive way forward in tackling piracy in the Gulf of Guinea, according to the Commercial Crime International (CCI) August newsletter.

The latest CCI newsletter regarding commercial crime also includes the following topics:

Fraudsters are creatively finding new ways to steal from banks. A boiler room scam has caused victims to lose £6m.

How AI can combine with human expertise to detect financial crimes.

Information and intelligence relating to money laundering in the United Kingdom should be gathered, structure and disseminated along with activity rather than sectoral lines.

Financial institutions can play an important role in identifying, preventing and reporting BEC fraud schemes. More than two million cyber incidents occurred last year which resulted in losses of over US$45 billion.

The Swedish Club members can access the CCI August newsletter through the SCOL website »  (The Swedish Club Online member area).

Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.