Why Tech Adoption
and Crime Are Keeping
Regulators on High Alert
The U.S. Federal Trade Commission
received more than 1.1 million reports
of identity theft in 2024.
Financial app installs are
increasing as more consumers
embrace digital options.
1.1M
Regulatory Spotlight:
DAC7
The European Union’s 7th Directive on
Administrative Cooperation includes a
requirement that digital platforms report
information to tax authorities about the
sellers using their platforms
The rule affects all digital platforms, whether
based in the EU or elsewhere, that facilitate
economic activity in the region, unless the
platform is outside the EU and has reporting
obligations equivalent to DAC7
But the rise in adoption correlates with increased
fraud attempts to exploit new vulnerabilities
in infrastructure and take advantage of less
experienced digital financial services users.
Fraud incidences and costs have grown significantly.
The U.S. Federal Trade Commission (FTC) reported
a 25% increase in fraud losses from 2023 to 2024.
The FTC also received more than 1.1 million reports of
identity theft in 2024.
As financial criminals become more sophisticated
and introduce new attack vectors, governments will
likely strengthen regulations and oversight wherever
people move money.
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