0
(0)

Global Financial Crime Report: Criminals took US$3.1 Trillion from Victims in 2023 Per NASDAQ

Tracking the Impact of Financial Crimes on Victims

Author:
•  SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.

About This Article

The 2024 Global Financial Crime Report by Nasdaq reveals that transnational illicit activities, like romance scams and human trafficking, amassed over US$3 trillion, devastating victims’ sense of security and, at times, their lives. Nasdaq Chair and CEO Adena Friedman emphasizes, “The world’s multi-trillion-dollar financial crime epidemic is more than a money problem.”

Table of contents

Victims, like former U.S. Air Force intelligence officer & SCARS Chair Debby Montgomery Johnson, echo the sentiment, emphasizing the profound human costs. The report exposes the staggering impact on individuals, including romance scam losses totaling $3.8 billion in 2023 alone.

Elder fraud, targeting lonely seniors, and human trafficking further exemplify the dire consequences. Victims often suffer in silence, leaving criminals unpunished, highlighting the urgent need for robust anti-financial crime measures.

The Human Toll of Transnational Financial Crime: Unveiling the Devastating Impact on Victims per NASDAQ Report

In a chilling revelation, the 2024 Global Financial Crime Report by Nasdaq sheds light on the staggering toll of transnational illicit activities, ranging from romance scams to human trafficking, which collectively generated over US$3 trillion in 2023. Behind this astronomical figure lies a harrowing reality: the destruction of victims’ sense of security and, in some cases, their very lives.

According to Nasdaq Chair and CEO Adena Friedman, the repercussions of this epidemic extend far beyond monetary losses.

“The world’s multi-trillion-dollar financial crime epidemic is more than a money problem,” Friedman asserts. “It has profound human costs from despicable crimes that have a deep and lasting impact on the communities we serve.”

The Nasdaq Financial Crime report unveils the pervasive nature of financial crime, with illicit cash flows feeding into a web of other criminal enterprises. From drug trafficking to human exploitation, the reach of these activities knows no bounds and affects victims everywhere. In 2023 alone, an estimated $782.9 billion was generated by transnational drug trafficking, $346.7 billion from human trafficking, and $485.6 billion from various forms of fraud from fraud & scam victims, Nasdaq reveals.

However, quantifying the total cost of financial crime proves challenging, as many instances go unreported due to victims’ feelings of shame or helplessness. The reported $3.1 trillion figure merely scratches the surface, hinting at a much higher reality lurking beneath.

But it’s not just the victims who bear the burden; society as a whole pays the price according to the Nasdaq report. The average person becomes unwittingly entangled in this web of deceit, either as direct victims or through indirect costs like increased business fees and government taxes.

To humanize the stark statistics, Nasdaq’s report includes real-world stories of victims, ranging from military officers to Google sales representatives. These narratives serve as a poignant reminder that anyone can fall prey to financial crime, regardless of their background or profession.

“People always think it could never happen to them—I know I did, and I’m a former [U.S. Air Force] intelligence officer and SCARS Chairwoman,” says Debby Montgomery Johnson, reflecting on her own experience as a victim. “If it can happen to me, it can happen to anyone.”

One of the most prevalent forms of fraud or scams highlighted in the report is romance scams, which saw scam victims suffer an estimated $3.8 billion in losses in 2023 alone. Exploiting emotional vulnerabilities, fraudsters manipulate victims until they have nothing left to give, leaving behind a trail of heartbreak and financial ruin.

But romance scams are just the tip of the iceberg per Nasdaq. Elder fraud, targeting vulnerable seniors, and human trafficking are also rampant, with devastating consequences. In 2023, one in ten elderly Americans fell victim to fraud, resulting in a combined loss of $77.7 billion. Meanwhile, traffickers generated a staggering $346.7 billion worldwide through modern slavery practices.

To combat these nefarious activities, financial institutions are ramping up their efforts to detect and prevent money laundering. With reported losses of $442 billion to payment fraud in 2023, banks have a personal stake in safeguarding their institutions from criminal activity.

As the battle against financial crime intensifies, it’s crucial to remember the human faces behind the statistics. Each victim represents a life shattered and a future stolen—a stark reminder of the urgent need for collective action to protect the vulnerable and hold perpetrators accountable.

Global Financial Crime Report 2024

Insights at the Intersection of Financial Crime Data & Real Survivor Stories

victims-and-the-economy-in-2023-per-nasdaq-on-scars-scamsnow-com" data-title="global-financial-crime-report-criminals-took-us3-1-trillion-from-victims-and-the-economy-in-2023-per-nasdaq-on-scars-scamsnow-com" wpoptions="true" thumb="https://scamsnow.com/wp-content/uploads/2024/02/nasdaq-report-image-e1707177270785.png" thumbtype="">Global Financial Crime Report: Criminals Took US$3.1 Trillion from Victims and the Economy in 2023 Per NASDAQ – on SCARS ScamsNOW.com

Please Rate This Article

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Since you found this post useful...

Follow us on social media!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Please Leave Us Your Comment
Also, tell us of any topics we might have missed.

Leave a Reply

Your comments help the SCARS Institute better understand all scam victim/survivor experiences and improve our services and processes. Thank you

Your email address will not be published. Required fields are marked *

Thank you for your comment. You may receive an email to follow up. We never share your data with marketers.

Recent Reader Comments

Did you find this article useful?

If you did, please help the SCARS Institute to continue helping Scam Victims to become Survivors.

Your gift helps us continue our work and help more scam victims to find the path to recovery!

You can give at donate.AgainstScams.org

Important Information for New Scam Victims

If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org

If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines

A Question of Trust

At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.

SCARS Resources:

-/ 30 /-

What do you think about this?
Please share your thoughts in a comment below!

More ScamsNOW.com Articles

SCARS LINKS:   AgainstScams.org    RomanceScamsNOW.com    ContraEstafas.org    ScammerPhotos.com    Anyscam.com    ScamsNOW.com

reporting.AgainstScams.org    support.AgainstScams.org    membership.AgainstScams.org    donate.AgainstScams.org    shop.AgainstScams.org

youtube.AgainstScams.org    linkedin.AgainstScams.org    facebook.AgainstScams.org

PLEASE NOTE: Psychology Clarification

The following specific modalities within the practice of psychology are restricted to psychologists appropriately trained in the use of such modalities:

  • Diagnosis: The diagnosis of mental, emotional, or brain disorders and related behaviors.
  • Psychoanalysis: Psychoanalysis is a type of therapy that focuses on helping individuals to understand and resolve unconscious conflicts.
  • Hypnosis: Hypnosis is a state of trance in which individuals are more susceptible to suggestion. It can be used to treat a variety of conditions, including anxiety, depression, and pain.
  • Biofeedback: Biofeedback is a type of therapy that teaches individuals to control their bodily functions, such as heart rate and blood pressure. It can be used to treat a variety of conditions, including stress, anxiety, and pain.
  • Behavioral analysis: Behavioral analysis is a type of therapy that focuses on changing individuals’ behaviors. It is often used to treat conditions such as autism and ADHD.
    Neuropsychology: Neuropsychology is a type of psychology that focuses on the relationship between the brain and behavior. It is often used to assess and treat cognitive impairments caused by brain injuries or diseases.

SCARS and the members of the SCARS Team do not engage in any of the above modalities in relationship to scam victims. SCARS is not a mental healthcare provider and recognizes the importance of professionalism and separation between its work and that of the licensed practice of psychology.

SCARS is an educational provider of generalized self-help information that individuals can use for their own benefit to achieve their own goals related to emotional trauma. SCARS recommends that all scam victims see professional counselors or therapists to help them determine the suitability of any specific information or practices that may help them.

SCARS cannot diagnose or treat any individuals, nor can it state the effectiveness of any educational information that it may provide, regardless of its experience in interacting with traumatized scam victims over time. All information that SCARS provides is purely for general educational purposes to help scam victims become aware of and better understand the topics and to be able to dialog with their counselors or therapists.

It is important that all readers understand these distinctions and that they apply the information that SCARS may publish at their own risk, and should do so only after consulting a licensed psychologist or mental healthcare provider.

Opinions

The opinions of the author are not necessarily those of the Society of Citizens Against Relationship Scams Inc. The author is solely responsible for the content of their work. SCARS is protected under the Communications Decency Act (CDA) section 230 from liability.

Disclaimer:

SCARS IS A DIGITAL PUBLISHER AND DOES NOT OFFER HEALTH OR MEDICAL ADVICE, LEGAL ADVICE, FINANCIAL ADVICE, OR SERVICES THAT SCARS IS NOT LICENSED OR REGISTERED TO PERFORM.

IF YOU’RE FACING A MEDICAL EMERGENCY, CALL YOUR LOCAL EMERGENCY SERVICES IMMEDIATELY, OR VISIT THE NEAREST EMERGENCY ROOM OR URGENT CARE CENTER. YOU SHOULD CONSULT YOUR HEALTHCARE PROVIDER BEFORE FOLLOWING ANY MEDICALLY RELATED INFORMATION PRESENTED ON OUR PAGES.

ALWAYS CONSULT A LICENSED ATTORNEY FOR ANY ADVICE REGARDING LEGAL MATTERS.

A LICENSED FINANCIAL OR TAX PROFESSIONAL SHOULD BE CONSULTED BEFORE ACTING ON ANY INFORMATION RELATING TO YOUR PERSONAL FINANCES OR TAX-RELATED ISSUES AND INFORMATION.

SCARS IS NOT A PRIVATE INVESTIGATOR – WE DO NOT PROVIDE INVESTIGATIVE SERVICES FOR INDIVIDUALS OR BUSINESSES. ANY INVESTIGATIONS THAT SCARS MAY PERFORM IS NOT A SERVICE PROVIDED TO THIRD-PARTIES. INFORMATION REPORTED TO SCARS MAY BE FORWARDED TO LAW ENFORCEMENT AS SCARS SEE FIT AND APPROPRIATE.

This content and other material contained on the website, apps, newsletter, and products (“Content”), is general in nature and for informational purposes only and does not constitute medical, legal, or financial advice; the Content is not intended to be a substitute for licensed or regulated professional advice. Always consult your doctor or other qualified healthcare provider, lawyer, financial, or tax professional with any questions you may have regarding the educational information contained herein. SCARS makes no guarantees about the efficacy of information described on or in SCARS’ Content. The information contained is subject to change and is not intended to cover all possible situations or effects. SCARS does not recommend or endorse any specific professional or care provider, product, service, or other information that may be mentioned in SCARS’ websites, apps, and Content unless explicitly identified as such.

The disclaimers herein are provided on this page for ease of reference. These disclaimers supplement and are a part of SCARS’ website’s Terms of Use. 

Legal Notices: 

All original content is Copyright © 1991 – 2023 Society of Citizens Against Relationship Scams Inc. (Registered D.B.A SCARS) All Rights Reserved Worldwide & Webwide. Third-party copyrights acknowledge.

U.S. State of Florida Registration Nonprofit (Not for Profit) #N20000011978 [SCARS DBA Registered #G20000137918] – Learn more at www.AgainstScams.org

SCARS, SCARS|INTERNATIONAL, SCARS, SCARS|SUPPORT, SCARS, RSN, Romance Scams Now, SCARS|INTERNATION, SCARS|WORLDWIDE, SCARS|GLOBAL, SCARS, Society of Citizens Against Relationship Scams, Society of Citizens Against Romance Scams, SCARS|ANYSCAM, Project Anyscam, Anyscam, SCARS|GOFCH, GOFCH, SCARS|CHINA, SCARS|CDN, SCARS|UK, SCARS|LATINOAMERICA, SCARS|MEMBER, SCARS|VOLUNTEER, SCARS Cybercriminal Data Network, Cobalt Alert, Scam Victims Support Group, SCARS ANGELS, SCARS RANGERS, SCARS MARSHALLS, SCARS PARTNERS, are all trademarks of Society of Citizens Against Relationship Scams Inc., All Rights Reserved Worldwide

Contact the legal department for the Society of Citizens Against Relationship Scams Incorporated by email at legal@AgainstScams.org