Combatting Financial Crime In The Metaverse

The metaverse is expanding at a rapid rate, bringing with it new types of fraud, money laundering, and other financial crime risks that must be countered, writes Andrew Pimlott.

The internet-enabled virtual world of the metaverse is capturing the imagination of so many people that by the end of the decade five billion could be using it, according to a forecast by Citi. The metaverse is also becoming a massive money-making machine, with the bank's Metaverse and money report predicting it could be a $13 trillion market by 2030.

There are undoubtedly many benefits emerging from this latest version of the internet. But there are also many risks. With all those people and all that money, there are countless new opportunities for criminals, and they are already committing fraud, money laundering offenses, and other crimes.