On 21st March, Europol published the Cyber-Telecom Crime Report 2019, which gives an overview of how telecom fraud works and serves as a technical guide for stakeholders in the telecoms industry. It highlights that telecom fraud is becoming a low-risk alternative to traditional financial crime. The reduced cost and increased availability of hacking equipment means this type of fraud is on the rise. The cost of telecommunications fraud is estimated to be €29 billion a year. At its heart, this fraud is the abuse of telecommunications products (mainly telephones and mobile phones) or services with the intention of illegally acquiring money from a communication service provider or its customers. The main goal of criminals is to gain access to customers’ or carriers’ accounts, where debt can be incurred in the criminal’s favour.
Europol has also launched a fraud awareness webpage –