This article analyzes the criminological characteristics of cyber fraud in the context of the rapid development of digital technologies, the methods by which it is committed, the specific characteristics of offenders and victims, as well as the legal and organizational mechanisms for preventing such crimes. The criminal-law foundations of cyber fraud in the Republic of Uzbekistan, in particular Article 168 of the Criminal Code and the provisions of the Law “On Cybersecurity,” are examined from a comparative legal perspective. In addition, the European Union’s strong customer authentication mechanism, the United Kingdom’s mechanism for reimbursing victims of fraud, and international cooperation standards under the Budapest Convention are compared with the practice of Uzbekistan. The study substantiates that an approach based solely on punishment is insufficient for combating cyber fraud and emphasizes the need to strengthen mechanisms for rapid information exchange among banks, telecommunications operators, law enforcement agencies, payment organizations, and digital platforms, as well as mechanisms for the immediate blocking and recovery of victims’ funds.