Financial fraud is on the rise throughout the world. According to International Investment Magazine, financial crime costs the global economy USD2.4 trillion each year. Explore each topic to learn more about fraud.
Of the more than 3.2-million fraud cases reported to the Federal Trade Commission (FTC) in 2019, identity theft accounted for 20.33% of cases and was the most common type of fraud.
There are many forms of fraud, scams and financial theft. Three of the most common forms include:
According to KPMG's Global Banking Fraud Survey in 2019, 61% of banks surveyed reported an increase in financial fraud – in value and volume – over the past three years.
There is plenty of advice online about how to spot a scam or fraud, and what action you should take if you are a victim of fraud.
There are several simple precautions you can take to avoid becoming a victim of a scam or fraud: