2024 Global Financial Crime Report
Financial crime threatens the integrity and security of our global financial system. Nasdaq and Verafin provide a unique view into the scope and impact of financial crime — and the scale of coordination needed to address it.
In 2023, an estimated
$3.1 trillion
in illicit funds flowed through the global financial system.
Fueled by a range of destructive crimes including:
$
0
B
in drug trafficking activity
$
0
B
in human trafficking
$
0
B
in terrorist financing
$
0
B
in drug trafficking activity
$
0
B
in human trafficking
$
0
B
in terrorist financing
There were
$485.6 billion
in losses globally to fraud scams and bank fraud schemes.
$6.7B
was lost to Business Email Compromise globally.
$3.8B
was lost to romance scams and other confidence schemes.
$77.7B
in fraud was linked to
elderly victims.
Human Trafficking generated billions of dollars around the world.
Human Trafficking generated billions of dollars around the world.
Human Trafficking by Region:
[1] All values are in U.S. currency and are projections for 2023 unless specified otherwise. The report is based on data collection, research and analysis performed by Celent Research and Oliver Wyman, as outlined in the full report.
[1] All values are in U.S. currency and are projections for 2023 unless specified otherwise. The report is based on data collection, research and analysis performed by Celent Research and Oliver Wyman, as outlined in the full report.
The lived experiences of survivors provide a glimpse into the deep human impact of the global financial crime epidemic.
Lilah Jones
Sales Professional & Victim of Business Email Compromise
“Don’t assume it can’t be you. No matter what you do for a living, or where you are in your life or how efficient you think you are — nobody is above being scammed.”
Debby Montgomery Johnson
Fraud Awareness Advocate & Victim of Romance Scam
“You’re so invested — heart, mind, and soul in this person, and you really believe that they are who they are. Until you find out that they’re not.”
Steve
Semi-Retired Scientist & Victim of Elder Fraud
“If sharing my story keeps this from happening to someone else, it’s worth it.”
Timea Nagy
Activist & Survivor of Human Trafficking
“Human trafficking traded my freedom for thousands in criminal profits and years of trauma — all in plain sight. Your action can save lives.”
Industry Trends, Challenges & Opportunities
The Nasdaq Global Financial Crime Report brings forward industry insights from:
Over 200 industry professionals surveyed across North America.
Interviews with senior anti-financial crime executives.
Over 200 industry professionals surveyed across North America.
Three interviews with senior anti-financial crime executives.
Financial Crime Threats of Greatest Concern:
Financial Crime Threats of Greatest Concern:
Looking to the future, financial institutions see several significant challenges in the next 5-10 years.
Challenges of Greatest Concern: 5-10 Year Outlook
Looking to the future, financial institutions see several significant challenges in the next 5-10 years.
Challenges of Greatest Concern:
5-10 Year Outlook
The financial industry believes there are significant opportunities for improvement and increased effectiveness.
Improved Regulation
The industry is seeking improved regulatory clarity and guidance around certain priority topics, including artificial intelligence.
Embracing Collaboration
Both private-to-private and public-to-private collaboration models are seen as key areas that could drive greater effectiveness in crime fighting efforts.
Innovating with Technology
As financial crime evolves, capitalizing on technology opportunities, such as artificial intelligence, is crucial.
Pressing Need for Action
The world’s multi-trillion-dollar financial crime epidemic is more than a money problem.
Innovate Ahead of Evolving Crime
by adopting new technologies and seizing opportunities for innovation.
Consider the Human Costs
by rethinking financial crime as a human problem.
Collaborate to Break Down Siloes
that hinder prevention by working together.
