Students predominantly responsible for cyber enabled frauds: NRB report

KATHMANDU: Nepal Rastra Bank (NRB) has unveiled its Strategic Analysis Report 2024, aimed at providing financial updates based on cyber enabled frauds reported this year. The report was presented to the government today.

The Anti-Money Laundering Act, 2064 BS (2008), mandates the presentation of a comprehensive annual report to the Government of Nepal through the central bank (NRB). This report includes information on the methods, procedures, and trends related to offences concerning money laundering and financial investments in terrorist activities.

The 2024 report focuses on analysing cyber-assisted fraud, its characteristics, and the methods for laundering property obtained through such fraud. It also examines the misuse of social media and payment system features in committing these frauds.

A detailed analysis of suspected transactions related to cyber-enabled fraud, reported in the first five months of 2024, is included in the report. The analysis reveals that the highest number of suspected transactions involve individuals aged between 18 and 24, who have stated 'student' as their profession.

Furthermore, most of these suspected transactions were committed within three months of the account's operation. The types of cyber-enabled fraud include gift and parcel fraud, cheating through social media, fake online trading platforms, OTP fraud, lottery fraud, and other methods.

The report also provides recommendations to informant institutions, law enforcement bodies, investigation agencies, and regulatory and supervisory bodies to mitigate and prevent cyber-enabled fraud. Additionally, it discusses international initiatives aimed at reducing such fraud.