Fraud Has Cost You Your Financial Future

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With the collapse of FTX, the conviction of Elizabeth Holmes and the widespread rejection of everything NFT all happening within the space of a month, financial fraud is once again big news, and it should be because it is costing you your financial future.

This is not your imagination either, incidents of identity theft, wire fraud, investment scams, pump and dumps, Ponzi schemes, phishing attacks, and sophisticated hacks are all at all time highs.

Fraud cost Americans a total of 5.8 BILLION dollars in 2021, and most trackers suggest that number will be even greater this year.

these stories can be easy to ignore because the victims of these crimes often had to, frankly, be pretty stupid and financially illiterate to get caught up in them.

Anybody who has been anywhere near the internet in the last 20 years should know by now you don’t send money to Nigerian princes with yahoo email accounts or corporate executives playing league of legends during an investor meeting.

It’s all pretty common-sense stuff, and you might then incorrectly assume that the rise in fraud is of no concern to you.

When you really think about it that 5.8 Billion dollar figure sounds bad, until you work out that that’s only $17.50 per American for an entire year, not to flex too hard but I have spent more on a Starbucks coffee before.

It’s hard to see how such a small cost could be doing something as severe as costing young Americans their financial futures, but it is.

So it’s time to learn How Money Works, to find out why you really need to start taking stories about fraud personally, even if you never think that you would be dumb enough to fall for these schemes yourself.

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#fraud #finance #business

Edited By: Andrew Gonzales

Music Courtesy of: Epidemic Sound

Select Footage Courtesy of: Getty Images

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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.

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