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 This perception is outdated, as modern fraud blends geopolitics with advanced technical tactics, carried out through criminal proxies to target businesses and the public.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
