Global AFC Threats Report 2025

Fueled by the fusion of fraud, technology, and organized crime, authorized fraud is now our most severe global threat. Tools like social media, messaging apps, generative AI, and cryptoassets enable criminals to scale their operations and profits, while governments, law enforcement, and industry are struggling to keep up.

Sanctions and export control evasion intersect with key threats like geopolitical polarization, underground banking, and data risk. While fraud ranked as the top focus globally, sanctions evasion was the top concern for respondents in Europe and the Middle East. Managing these risks means understanding expanding risk exposure and changing expectations.

Geopolitical tensions, conflict, and political violence surged in 2024, creating a more polarized and complex AFC landscape. Diverging views on how to frame AFC responses, including balancing risk exposure and de-risking, dominate discussions, leaving many bracing for a more unpredictable threat environment.

Generative AI is reshaping the threat landscape, enabling quick-moving, sophisticated crimes like malware, social engineering, and deepfakes. AFC professionals face growing concerns over keeping pace with technology adoption as criminals exploit these tools at scale.

Underground banking remains a dominant force in the global movement of illicit proceeds. From hawala networks and bulk cash smuggling to modern mirror transactions and cryptoassets, these methods sever the financial trail, making it harder for law enforcement to follow the money.