Dennis Lormel on Terrorism and Credit Card Fraud

By Ilan


I’d like to point out a new white paper authored by Dennis Lormel on the role credit card fraud plays in terrorist financing, titled Terrorism and Credit Card Information Theft. The article contains a good general overview of terror financing in general, as well. While there are no new revelations in the white paper, it outlines the increasing use of credit card fraud by terrorist groups, as well of several case studies of such use.

The real take-away I get from the white paper is that terrorists are constantly changing their methods of funding and it is up to government and financial institutions to keep up with these changes. As Lormel writes:


One of the true challenges in dealing with terrorist financing is the recognition of the dynamics of change and understanding that terrorist and terrorist financing methodologies will constantly change to avoid detection. Developing mechanisms to identify emerging trends should be incorporated into the risk analysis process.

In addition, an article assessing Lormel’s white paper can be found here.


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