Avoiding financial and identity threats
How to avoid the most common financial threats
Financial fraud continues to grow worldwide, and both global estimates and U.S. consumer reports show a clear upward trend. While earlier figures placed global financial crime at about USD 2.4 trillion annually, recent analyses indicate the true cost is even higher, though consistent, verifiable 2024-2025 global totals are not published in a single authoritative source. What is clear across reputable reports is that fraud, cyber-enabled scams, and identity-related crimes have expanded significantly in both scale and sophistication.
In the United States, the Federal Trade Commission (FTC) continues to report rising fraud activity each year. The FTC's most recent annual data shows millions of consumer fraud reports and billions in losses, with identity theft remaining one of the most common and fastest-growing categories. These trends highlight the importance of consumer education, early detection, and strong personal security habits.
How it happens
There are many forms of fraud, scams and financial theft and according to KPMG's Global Banking Fraud Survey in 2019, 61% of banks surveyed reported an increase in financial fraud, in value and volume, over the past three years.
Online and mobile banking, where criminals access someone's bank account via the internet or mobile banking.
Common online threats, such as computer viruses, malware, or phishing, where a hacker attempts to take control of a computer or mobile to access login details, passwords and other personal data.
Banking security, including telephone fraud, thefts from ATMs and other scams.
How to avoid it
There is plenty of advice online about how to spot a scam or fraud, and what action you should take if you are a victim of fraud.
Luckily, there are several simple precautions you can take to avoid becoming a victim of a scam or fraud.
Never give your password, PIN number or memorable information to anyone else.
Change your passwords every few months. A strong password needn't be difficult to remember.
If you receive an email that claims to be from your bank, check it carefully. Unless you are certain it is genuine, don't click on any link it contains.
You will be better protected online if you keep your computer updated and install a firewall, anti-virus and anti-spyware software.