Global Losses from Scams and Schemes in 2023

What We’re Showing

The scale of monetary losses resulting from financial scams worldwide in 2023, based on Nasdaq's 2024 Global Financial Crime Report.

Key Takeaway

In 2023 $485.6 billion were lost due to financial scams around the world, with payments fraud making up a staggering 80% of this total. Real-time payments are a key risk point as fraudsters exploit payment systems through rerouting fund transfers.

Business Email Fraud on the Rise

Business email compromise was the source of $6.7 billion in losses in 2023 as fraudsters become increasingly sophisticated.

These types of scams involve fraudsters masquerading as legitimate businesses or organizations as they deceive unsuspecting customers into sending payments into fraudulent accounts. For instance, a fraudster may impersonate a title company, providing false instructions on wiring a down payment for a home.