$ 56 billion in fraud losses in 2020! – Criminal law
United States: $ 56 billion in fraud losses in 2020!
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HelpNetSecurity.com reported comments from John Buzzard (Senior Analyst, Fraud & Security, with Javelin Strategy & Research) âThe pandemic has inspired a major shift in the way criminals approach fraud,â¦ Identity fraud has evolved and now reflects the efforts criminals will take to directly target consumers in order to steal their personally identifiable information. The March 24, 2021 article titled “Combined Total Fraud Losses Rise to $ 56 Billion in 2020” included these comments:
The global pandemic has had a dramatic impact on the financial behavior of consumers. Consumers spent more time at home in 2020, made fewer transactions than in previous years, and relied heavily on streaming services, digital commerce, and payments. They also corresponded more via email and text, for both work and personal life.
The reduction in transactional activity, combined with more robust anti-fraud measures by financial institutions, has made it more difficult for criminals to succeed in their regular fraud activities. Instead, they chose to interact directly with their victims of fraud through identity scams.
Scams can sometimes be avoided when consumers are more susceptible to misspelled email addresses, suspicious requests for money, or random social media posts from criminals claiming to represent a financial institution.
$ 56 billion is incredible, but not surprising!
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