Experts show how to catch cyber criminals

As technology advances, so has the ease and efficiency of commerce improved but it has also created opportunities for criminal organizations to exploit loopholes in the technology for their own personal gain, according to U.S. Embassy Deputy Chief of Mission in Namibia, John Kowalski.
Kowalski was speaking at the opening ceremony of a Financial Crimes Training Seminar presented by the US Secret Service to Namibian law enforcement officers, Bank of Namibia officials and members of the private sector,earlier this week in Windhoek.
Remarks were also provided by the Deputy Inspector General of the Namibian Police Major General Desiderius Shilunga, and the Deputy Director of the Bank of Namibia Mr. Bryan Eiseb.
The three-day seminar focused on identifying counterfeit currency, the use of digital currency by criminal organizations, credit card skimming, ATM hacking, online banking fraud, money laundering and financial fraud.
The expert presenters provided techniques and tools to combat increasingly sophisticated transnational criminal organizations and cybercriminals trying to exploit the financial system in Namibia.
“Protecting the integrity of the world’s financial systems leads to increased peace and stability,” commented Kowalski adding that the actions of cybercriminals and terrorists do not stop at legally defined international borders like they do for law enforcement officers or banking officials.
“That is why nations must work together to combat these criminal alliances and solidify the finance sector from their influence,” he said.
According to the Bank of Namibia, bank fraud cases increased to 251 in 2015, up from 178 recorded in 2014 and these frauds were increasingly being perpetrated electronically via Electronic Fund Transfers, hacking, or malware invasions
Meanwhile, Check Point Software Technologies, the largest global pure-play network security cyber vendor, ranks Namibia as second in the world for the greatest threat of a cyber-attack. The company also revealed that Namibia was the country most targeted by cyber-attacks in December 2015.

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