Beyond the Click: Cross-Border Russian-Speaking Financial Crime Networks in Poland

• In Event: Digital Crime and Decentralized Finance: Artificial Intelligence, Cryptocurrency, and Large Language Models

Abstract

This paper examines the sophisticated tactics employed by cybercriminals, primarily organized crime groups operating from Ukraine and Russia outside the EU's jurisdiction, to defraud unsophisticated investors. These actors leverage deceptively realistic websites and mobile applications promising exceptionally high returns with minimal risk. These schemes are often promoted through targeted social media campaigns utilizing advanced algorithmic analysis to identify vulnerable individuals based on their online behavior and financial profiles. The study reveals intricate layers of deception and obfuscation, including the exploitation of EU residents as unwitting "money mules" or active participants in money laundering schemes vital to the perpetrators' success. The disturbing prevalence of fraudulent "recovery services" offered by these same criminal groups further complicates the issue, targeting already victimized investors. The research also highlights significant linkages between these sophisticated criminal organizations and seemingly legitimate financial institutions, underscoring the critical need for enhanced regulatory oversight and strengthened cross-border cooperation to effectively counter this widespread form of financial crime. This research was supported by the National Science Centre (Poland) through the Preludium-21 program (grant no. 2022/45/N/HS5/04118).

Author

• Szymon Michał Buczyński, University of Warmia and Mazury in Olsztyn/Poland