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Key Findings Russian intelligence services are systematically hacking internet-connected IP cameras across NATO member states, EU countries, and Ukraine Camera feeds are used to monitor military transport routes, weapons shipments to Ukraine, and locations of Ukrainian troops In Ukraine, hacked camera access has been directly used to target and neutralize Ukrainian military personnel and equipment The operation relies on basic tactics: default passwords, outdated firmware, an

Background Fraud has long been perceived as a cost of doing business, a nuisance to be absorbed by banks and consumers. This perception is outdated, as modern fraud blends geopolitics with advanced technical tactics, carried out through criminal proxies to target businesses and the public. Key Findings The global response to fraud has remained piecemeal, reactive, and inadequate, despite it being a global security threat. Industrialized fraud integrates aspects of asymmetric