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Nevada has the highest financial fraud rates in the country, report reveals
A new study has revealed the states with the highest rates of financial fraud, with Nevada taking the top spot.
In recent years, there has been a significant increase in fraud, with total losses from incidents up to $10.2 billion. This comes as a result of today’s cyber landscape providing a vast online platform for criminals and fraudsters to attack various networks in the US.
New research, conducted by Tipalti
, has compared financial fraud rates across the country to uncover the top 10 worst states for financial fraud.
The states with the highest rates of financial fraud:
Number of victims per 100,000 population
Nevada has the highest financial fraud rate of 286 per 100,000 population. Despite having the highest financial fraud rates across all 50 states, Nevada’s law makes fraud a criminal offence with penalties of up to one to four years in prison and up to $5,000 in fines, depending on the severity. According to the state’s law, fraud is when individuals deliberately misinterpret themselves to receive benefits they are not entitled to legally, including housing, insurance proceeds, and money.
Delaware also has one of the highest rates of financial fraud, averaging 228 per 100,000 population. Although the small Mid-Atlantic state has a relatively high financial fraud rate, it has measures to minimize fraudulent activity. The state’s Fraud and Consumer Protection Division was set up as part of the Attorney General’s Office to protect the public from fraud, including misleading or deceptive business practices and issues involving manufactured homes.
Situated in the northwest of the United States, Alaska has the third-highest rate of financial fraud, with around 210 victims per 100,000 population. Some of the most common types of financial fraud in the state include advance fee fraud, phishing, and investment scams.
Mississippi tops the list with the lowest financial fraud rate of 69 victims per 100,000 population. To protect Mississippians from the financial harm fraud can cause, both the federal and state courts have harsh penalties for criminals.
Phishing is the most common type of financial fraud, with the number of cases five times higher than data breaches – which take the second spot. It occurs when attackers trick users into revealing sensitive information or installing malware.
In a comparison of the top 20 countries with the highest number of victims, the United States tops the list by a landslide, with almost half a million victims in total.
You can view the full research here
, and you can access a Dropbox folder to download any relevant images here.