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.”
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
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Important Information for New Scam Victims
Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
SCARS Institute now offers a free recovery program at www.SCARSeducation.org
Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
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.
More Related Information:
- 2024-Global-Financial-Crime-Report-Nasdaq-Verafin-20240119.pdf
- New York State Goes After Citibank For Failing To Protect & Refund To Scam Victims – January 2024 (scamsnow.com)
- UNODC Report on Casinos and Cryptocurrency Scams and Money Laundering 2024 (scamsnow.com)
- Chinese Money Laundering Organizations (CMLOs) – Use of Counterfeit Chinese Passports – 2024 (scamsnow.com)
- Fraud & Scams Are So Big We Need To Teach It In Schools – 2024 (scamsnow.com)
- INTERPOL Operation HAECHI IV – Over 3,500 Successful Arrests – Expanded Details – 2023 (scamsnow.com)
SCARS Resources:
Getting Started: ScamVictimsSupport.org
FREE enrollment in the SCARS Institute training programs for scam victims SCARSeducation.org
For New Victims of Relationship Scams newvictim.AgainstScams.org
Subscribe to SCARS Newsletter newsletter.againstscams.org
Sign up for SCARS professional support & recovery groups, visit support.AgainstScams.org
Find competent trauma counselors or therapists, visit counseling.AgainstScams.org
Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
Report each and every crime, learn how to at reporting.AgainstScams.org
Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
Learn more about the Psychology of Scams and Scam Victims: ScamPsychology.org
Self-Help Books for Scam Victims are at shop.AgainstScams.org
Worldwide Crisis Hotlines: International Suicide Hotlines – OpenCounseling : OpenCounseling
Campaign To End Scam Victim Blaming – 2024 (scamsnow.com)
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