US EditionFraud’s global toll rivals national economies, report finds – Moonstone Information Refinery
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Fraud’s global toll rivals national economies, report finds – Moonstone Information Refinery
Fraud cost the global economy $485.6 billion (R8.7 trillion) in 2023 – putting it on par with the GDP of a mid-sized country. Based on data from the Nasdaq Verafin 2024 Global Financial Crime Report, this would rank fraud, if it were a country, between 30th and 35th in the world – just below Austria and ahead of Nigeria. The report, compiled by Celent Research and Oliver Wyman, estimates that more than $3 trillion (R54 trillion) in illicit funds…
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