Data Points: Cons, Schemes, & Fraud

Something Was Wrong

Broken Cycle Media | Wondery

True Crime, Education, Society & Culture

4.1 • 24.6K Ratings

🗓️ 17 December 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sources:

As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up Efforts to Protect the Public. (2024, February 9). Federal Trade Commission. https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public

BBB Tip: 10 steps to avoid scams. (2024, June 21). Better Business Bureau. https://www.bbb.org/article/tips/8767-bbb-tips-10-steps-to-avoid-scams

The Latest Scams You Need to Be Aware of in 2024, By DeNicola, L. (2023, December 30). https://www.experian.com/blogs/ask-experian/the-latest-scams-you-need-to-aware-of/

Empowering Fraud Fighters. (n.d.). Financial Industry Regulatory Authority Foundation. https://www.finrafoundation.org/networks-we-strengthen/fighting-fraud

Internet Crime Report 2023 by The Federal Bureau of Investigations. (2024). In Internet Crime Complaint Center. https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf

National Center for Victims of Crime, Financial Crime Resource Center: https://victimsofcrime.org/financial-crime-resource-center/

Financial Crimes Enforcement Network, FinCEN Resource Center: https://www.fincen.gov/fincen-resource-center

Fletcher, E. (2023, October 6). Social Media. Federal Trade Commission. https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2023/10/social-media-golden-goose-scammers

Identity Fraud Cost Americans $43 Billion in 2023. (2024, April 10). American Association of Retired People. https://www.aarp.org/money/scams-fraud/info-2024/identity-fraud-report.html

Is Fraud Always a Federal Crime? (2024, March 20). Stechschulte Nell. https://www.tpatrialattorneys.com/fraud-always-federal-crime/

Criminal Consumer Fraud, Must the Goals of Deterrence and Compensation Be Mutually Exclusive? By The American Journal of Criminal Law, Kirschner, N. M. (1979). https://www.ojp.gov/ncjrs/virtual-library/abstracts/criminal-consumer-fraud-must-goals-deterrence-and-compensation-be

Recovering From Online Fraud. National Crime Victim Law Institute: https://ncvli.org/recovering-from-financial-fraud-and-identity-theft-services-for-victims/#:~:text=%E2%80%93Identity%20Theft%20Resource%20Center%20

What Are Some Common Types of Scams? (2024, March 13). Consumer Financial Protection Bureau. https://www.consumerfinance.gov/ask-cfpb/what-are-some-common-types-of-scams-en-2092/

Resources:

FBI Internet Complaint Center: https://www.ic3.gov/

FBI Tip Center: http://tips.fbi.gov

BBB Scam Risk Calculator: https://www.bbb.org/all/scam-prevention/risk-calculator

Cybercrime Support Network: https://fightcybercrime.org/

Identity Theft Resource Center: https://www.idtheftcenter.org/

Financial Industry Regulatory Authority: https://www.finra.org/

Report Fraud to the Federal Trade Commission: https://reportfraud.ftc.gov/

For additional resources and a list of related non-profit organizations, please visit http://www.somethingwaswrong.com/resources

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Transcript

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0:00.0	Wonderly Plus subscribers can listen to Something Was Wrong early and ad-free right now.
0:06.2	Join Wonderly Plus in the Wondry app or on Apple Podcasts.
0:14.1	Although cons, schemes, and fraud can make for intriguing storylines, the true impact of fraud has pervasive detrimental effects
0:23.5	on its victims that are not often highlighted in society or media. Relatedly, the FBI website
0:31.5	enlists 18 different common types of fraud and scams on their website, including but not limited to identity theft,
0:40.5	business and investment fraud, charity and disaster fraud, property scams, mortgage fraud,
0:47.5	extortion, sextortion, adoption fraud, cryptocurrency investment fraud, elder fraud, election crimes, health care fraud,
0:57.9	mail fraud, holiday and romance scams.
1:01.9	In 2023, the Federal Trade Commission data showed adult consumers reported losing more than
1:08.1	$10 billion to fraud, which was the first time that reported fraud-related
1:13.2	losses had reached an amount that high. This number is a 14% increase over reported losses in
1:21.1	2022. Considering these alarming statistics and the increasing use of artificial intelligence to victimize many people at once,
1:29.8	the broken cycle media team believes it's essential to highlight the most common cons, schemes, and fraud.
1:36.9	It's important to note that the FTC highlights that anyone can become a victim of fraud,
1:42.3	although victims in different age ranges do largely fall victim
1:46.2	to different types of fraud. The FTC points out that in 2021, people ages 18 to 59 were 34% more
1:55.9	likely than older adults ages 60 and over to report losing money to fraud, with some types of fraud
2:02.2	being more common than others. Younger adults were more likely to fall prey to online shopping
2:08.6	scams, which often started with an ad on social media, far more often than any other fraud
2:15.1	type. Younger adults also reported losing money on job scams at
2:20.1	more than five times the rate of older adults. And with the invention of the internet, the accessibility
2:26.5	and ease of committing fraud has increased immensely. The Federal Trade Commission reports that of
	...

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