International telecommunications fraud — a broad category that includes everything from consumer scams to corporate ripoffs — costs over €29 billion (roughly $33 billion) per year, according to a report published Thursday by Europol and Trend Micro. The fraud isn’t just costly, it’s also endlessly frustrating for the companies and for law enforcement, the report’s authors say. The illicit activities range from tricking individuals into divulging their personal information to perpetrating international revenue share fraud — a complex scheme inspired in part by traditional money laundering techniques.

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