The Expert Podcast

No secret here, no news here. We've been talking about it for the last couple of years. We've seen an explosion in the amount of fraud and a huge increase in the types of fraud that our clients are bringing us. We're getting calls and messages every day, and hundreds of clients and victims are losing money through these scams. And now even CNBC is in on the action. Fraud is at a crisis level in 2024. It's expected to go up even more.

The ways that scammers can use technology to defraud you out of money—fake investments, stealing money from your bank, maybe hiding assets—are off the charts. And it doesn't have to even be a stranger; a lot of times it's done in your own family. Probate fraud is a good example; divorce fraud is a good example; and corporate embezzlement is a good example. It's partially because new technology enables people to do the fraud, but also partially because the morals, values, and ethics of people have deteriorated rapidly. People feel like they're entitled to just take whatever they want.

The fraud triangle has expanded to include almost everybody who now feels like it's okay to steal. Shoplifting is at the low end, but high-end online scams and fraud are at the higher end. It's costing people tens of thousands, hundreds of thousands, and, in some cases, millions of dollars. According to the article, more than $7 billion in the first three quarters of 2023 increased from the same period last year.

If you're aware of a specific scam, research shows you're 80% likely to engage with it. That's why the scammers keep coming out with new frauds, because they know you've heard of the old ones and you're not going to fall for them. So they come out with new ones all the time. Artificial intelligence is leading the way with these scammers. You have no chance of beating artificial intelligence. So if you are a victim of fraud or you're suspicious that you may be, contact us at our website. We'll be glad to be of assistance.