Don’t Be a Victim
Fraud has plagued the human race since Creation. The serpent defrauded Adam and Eve and their descendants out of our promised paradise. And that was just, well . . . the beginning. The Book of Genesis alone contains multiple instances of fraud or deceit, often tied to themes of survival, blessing, or divine promise. While the text does not use the modern legal term “fraud,” many actions qualify as deception or dishonesty for personal gain.
As reported on a Trulioo blog, fraud was a common issue faced by the Egyptian government in the 5th century BC, with tax collectors sometimes being punished quite severely for using inaccurate measures to weigh out the quantities of grain to be taxed, fooling householders into overpaying their taxes, which could then be “skimmed.”
By 6 AD, money was in common use in many parts of the world, and fraud continued to be an issue in many different walks of life. Cicero’s Verrine Orations attest to the multiple thefts and fraudulent collection of tax proceeds by Verres, the governor of Sicily.
Fast-Forward
Most modern fraudsters are working to invent new ways of committing this age-old crime. Technology has also served to speed up the rate at which we see new types of fraud occur. As a result, it is no longer only the out-of-touch or uninformed among us who stand to be victimized.
Data has also become a form of currency. Personally identifiable information, account numbers, mobile phone numbers, and passwords unlock the door for new account fraud. Large-scale data breaches continue to occur, and millions of records are stolen each year. That data can be used to open new credit cards, hijack bank accounts, take out loans and intercept digital payments. And it can take hundreds of hours of effort and months or years of time to fully recover from identity theft.
According to a recent AARP article, older Americans reported nearly $4.9 billion stolen through fraud last year, with an average loss of $83,000, per the most recent annual FBI report. That’s a stunning 43 percent more than the year before! Adults 60 and older also submitted the most complaints of any age group (more than 147,000). Americans of all ages reported a record $16.6 billion stolen through scams and fraud in 2024, up 33 percent over 2023’s losses, with an average loss of just over $19,000.
Today’s Most Prevalent Scams
The category that took the biggest financial toll on victims 60 and older last year was investment scams, with more than $1.8 billion in total reported losses. That was followed by:
Tech support scams: $982 million.
Confidence/romance scams : $389 million.
Cryptocurrency investment fraud, in particular, is a growing concern. Last year the FBI received more than 41,000 complaints with $5.8 billion reported stolen.
Business email compromise (where criminals impersonate leaders of an organization to get employees to send money or data): $385 million.
Fraud is Preventable!
According to the FBI, there is plenty that you can do to keep yourself safe from fraud, including:
Pause and think – and talk to someone. The agency has a Take a Beat campaign, advising people to stop and think before responding to unsolicited communications, and certainly before sending money to a stranger. The common m.o. of these scammers is to put a lot of pressure on victims to make a hasty decision. The most important thing is to get a second opinion from someone you trust. Say, “Hey, does this make sense that someone would offer me a guaranteed 20 percent return on this investment?”
Practice good digital hygiene. Among other safe practices, don’t click on unsolicited links or respond to unsolicited calls or messages. For more details, see AARP’s article, 15 Ways to Protect Yourself from Fraud.
Report fraud. Report these crimes to local law enforcement and the FBI through IC3.gov. “Reporting is one of the first and most important steps in fighting crime so law enforcement can use this information to combat a variety of frauds and scams,” said FBI Director, Kash Patel, in a statement with the report. “The IC3…is only as successful as the reports it receives.”
Through its Operation Level Up, started early last year, the FBI has aggregated and analyzed crypto investment fraud complaints, then traced the money flowing into criminals' cypto wallets — enabling the agency to notify some 5,500 victims who were in the middle of a crypto scam and possibly prevent further losses.
Reports also help the FBI educate the public. When it receives multiple complaints about a particular scam (recently, it’s seen a surge in reports of road toll scam texts, for example), it can send out public service announcements with a warning and explanation. (You can sign up here.)
Faith & Finance Perspective
As citizens in an era of soaring inflation, we have plenty of “legitimate” expenses to balance. And as Kingdom stewards, we have no shortage of worthwhile ministries and charitable causes needing our support. So why wouldn’t we do everything in our power to safeguard ourselves against the thievery that seeks to steal, kill, and destroy God’s provision?
Just as we are to be vigilant in protecting our souls from our prowling, devouring adversary, we must be equally vigilant in protecting what God has entrusted to us to care for everyone and everything we (and He) hold dear.
I am sending you out like sheep among wolves. Therefore be as shrewd as snakes and as innocent as doves.
- Matthew 10:16