Counterfeiting, fraud and related crimes pose significant challenges to virtually every industry. Listed below are facts and figures that highlight specific challenges that face the financial sector.
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Insurance fraud alone costs the American public over $96 billion annually in increased premiums.
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During the past few years, the number of fictitious instrument fraud (FIF) schemes has increased significantly, costing defrauded investors nearly $10 billion.
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Through FY 2006, 473 cases investigated by the FBI resulted in 161 indictments and 95 convictions of Money Laundering Fraud criminals.
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As of FY 2006, the FBI is investigating 1655 cases of Securities and Commodities Fraud and has 157 agents dedicated to the problem. The importance of this issue is further evidenced by the fact that these 157 agents represent a 25 percent increase in staffing for this type of fraud over the last two years.
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Securities regulators and other prominent groups have estimated that civil securities fraud totals approximately $40 billion per year.
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In 2006, identity theft claimed 8.4 million people as victims, while costing U.S. businesses $49.3 billion.