EUROPOL: The agency’s chief Catherine De Bolle today released the worrying report which found a massive money laundering corruption problem in Europe. Gangs were also using new methods such as BNPL. The report said: “Buy now pay later (BNPL) financing, also known as point-of-sale instalment loans, has also grown recently and criminals have been exploiting current weaknesses in the BNPL application process for theft. Since BNPL services do not conduct formal credit checks, offenders can often pass the algorithmic checks and use legitimate users’ accounts to illicitly order items. Machine learning, artificial intelligence (AI) and deepfake technology can be used for virtually all types of financial and economic crime. Chat-bots based on AI, such as ChatGPT, could be easily used in online fraud schemes. Deepfake technology can help circumventing remote on-boarding measures. CEO fraud is a particular risk, as information on high-profile figures at financial institutions is publicly available.”