Financial Crime World

Financial Crime Trends and Predictions in Georgia: State Ranks Fifth Nationally for Scams

According to a recent study by Forbes Advisor, Georgia has ranked fifth nationally for scams, with a staggering 437 incidents per 100,000 people. The study analyzed Federal Trade Commission data from all 50 states and found that Georgians have lost a total of $33.4 million in nearly 14,000 incidents so far this year, with a median loss of $600.

Nationwide, Americans lost a staggering $8.8 billion to fraud in 2022, a 30% increase from the previous year. The study found that imposter scams are the most common scheme, where scammers pretend to be someone else to obtain money or personal information.

The study also revealed that people aged 60 and older have lost the most money from scams, with a total loss of $234 million. However, younger generations were not immune, with those in their 20s losing $97 million and those in their 30s losing $197 million.

New Scam Tactics

In recent months, scammers have become increasingly creative, using AI deepfakes to make fake phone calls and sending phishing emails and text messages to trick victims into revealing sensitive information. For example, a Cherokee County family was targeted by an AI voice scam phone call that sounded like their daughter crying for help.

Other Common Scams

Other scams making headlines include:

  • QR Code Scams: Fake stickers are placed over valid payment codes to trick victims into making unauthorized transactions.
  • Job Scams: Scammers pretend to offer employment opportunities only to empty victims’ bank accounts.

Expert Advice

Experts warn that the best defense against financial fraud is to remain vigilant and “triple-check everything.” If a deal or opportunity seems too good to be true, it probably is. Following your gut instincts can also help you avoid falling prey to scammers.

Conclusion

As the financial crime landscape continues to evolve, Georgians must be aware of these trends and take steps to protect themselves from becoming victims. With more than $33 million lost in scams so far this year, it’s clear that education and awareness are key to preventing financial fraud in the state. By staying informed and taking proactive measures, you can help prevent yourself from falling prey to scammers and keep your finances safe.