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.”

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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

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