Torbey said the total cost of cybercrimes and embezzlement around the world has reached $455 billion.(The Daily Star/HO)
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Lebanon needs to pass new laws and upgrade existing legislations to check the rise of cybercrime phenomenon, a senior finance ministry official said Friday.Cybercrime has risen considerably in the past few years in Lebanon although the financial losses from this practice are not very substantial.The head of the Special Investigation Commission said in October that Lebanese banks were already taking extraordinary measures to check the rise of cybercrime in Lebanon.The President of the Association of Banks in Lebanon Joseph Torbey said the number of internet users around the world has exceeded 3 billion and this has raised the pattern of electronic crimes and financial embezzlement that have affected most of the financial institutions and individuals.
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