
Fraud’s global toll rivals national economies, report finds
Financial fraud drained $485.6 billion from the global economy in 2023 – an amount so large, it would place fraud among the world’s top 35 economies if it were a country.

Financial fraud drained $485.6 billion from the global economy in 2023 – an amount so large, it would place fraud among the world’s top 35 economies if it were a country.

The Banking Ombud urges consumers to be proactive in protecting their funds, especially as complaints rise about unauthorised tap-and-go activity with lost or stolen cards.