Financial Crime World

Georgia Ranks Fifth in Financial Fraud Incidents with Over $33 Million Lost in Q1 2023

In the first quarter of 2023, Georgia placed fifth on the list of states with the highest number of financial fraud cases in the US. With over 437 incidents per 100,000 residents, the state saw a collective loss of nearly $33.4 million and reported nearly 14,000 fraud incidents.

Georgia in the Top 10 Most Financially Scammed States

According to a study by Forbes Advisor, which assessed Federal Trade Commission (FTC) data from all 50 states, Georgia made it to the “Top 10 Most Financially Scammed States in the U.S. in 2023.” The ranking considered factors such as:

  1. Prevalence and number of fraud reports
  2. Median fraud loss
  3. Total fraud loss

Advanced Forms of Financial Fraud on the Rise

The study addressed the growing innovativeness among cybercriminals, with techniques such as:

  • AI deepfakes
  • Sophisticated phishing attacks

The perpetrators use these methods to swindle innocent individuals out of their hard-earned money and sensitive information.

2022: A Record Year for Financial Losses in the US

In 2022, Americans collectively lost $8.8 billion to fraud, marking a 30% increase from the previous year. Imposter scams were the most common reported tactic.

Age Groups and Financial Losses

The following age groups suffered significant losses due to fraud:

  1. Individuals in their 60s: $234 million
  2. People in their 20s: $97 million
  3. Those in their 30s: $197 million

Notable Scams in Georgia and Warnings for Consumers

AI Voice Scam

A Cherokee County family experienced a harrowing AI voice scam where the scammer impersonated a frightened young daughter, demanding a $50,000 ransom. The family fortunately identified the scam and contacted their daughter directly, who was safe.

QR Code Scams

Better Business Bureau issued a warning against QR code scams in Midtown parking garages. Scammers placed counterfeit QR code stickers over valid codes for contactless payments, leading unsuspecting victims to fraudulent websites and resulting in financial losses.

Job Scams

A recent Georgia State University graduate fell prey to a job scam, losing her funds when she agreed to sign up for direct deposits. The scammers posed as representatives from a reputable company.

Prevention Strategies

The graduate advised individuals to double-check all information and trust their instincts when faced with potential scams.

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[#] References:

  • Forbes Advisor. (2023). Georgia Ranks Fifth in the Nation for Financial Fraud Incidents with Over $33 Million Lost in Q1 2023. Retrieved from [insert link]