Financial Fraud Is At An All Time High - Here is Why That's A Good Thing - How Money Works

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Financial fraud is at an all-time high!

American consumers lost a staggering $5.8 billion dollars to a range of schemes in 2021. This represented a 70% increase over losses in 2020.

This is part of a bigger trend which is seeing more people losing money to scams, schemes and hacks at a time where all of us should probably know better.

Consumers were just one group hit hard by scams. Corporations and even the government have seen a serious increase in losses caused by fraudulent behaviour.

There are a few reasons behind this trend which are worth exploring and understanding because they can give some clues about how these scams work, how they can be avoided and why record high fraud figures might actually be a good thing.


#HowMoneyWorks #Scams

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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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