SPOKANE, Wash. — Millions of people have fallen victim to scams, and knowing the red flags in a transaction could save someone from spending more than they bargained for.
According to the Federal Trade Commission (FTC), there were 2.6 million fraud reports in 2023, racking up a total loss of $10 billion. The top frauds reported were tracked to imposter scams, fake online shopping, and negative reviews. According to the FTC, $1.8 billion was lost due to victims transferring money from their bank to the scammer and $1.4 billion was given to scammers through Cryptocurrency.
Technological advances make it easier for scammers to get creative when pretending to be a trustworthy person or business. The FTC reported that in 2023, the highest per-person reported losses through a phone call averaged $1,480. Scams through social media are also becoming more common, with a total loss of $1.4 billion in 2023.
According to the Grant County Sheriff’s Office (GCSO), Nov. 17-23 is International Fraud Awareness Week. As fraud cases rise, GCSO wants to remind businesses of typical suspicious behavior, such as a scammer might have to try and take your money, belongings, or personal identity.
Fraud can also affect businesses where a business might hire someone who abuses company resources or steals money. One red flag is if someone is spending more than what the employee’s salary would let them. This can be an indicator of fraudulent behavior. Financial problems are often cited as a motivation for someone to commit fraud in order to pay bills.
According to GCSO, employees who have an attitude that includes shrewd or unscrupulous behavior can be a red flag. Also, businesses should keep an eye out for employees who have close personal relationships with vendors or customers. While it looks like the employee is being friendly, there could be a conflict of interest or collusion between the two parties.
Another red flag is an employee with control issues or an unwillingness to share duties. According to GCSO, the fraudsters might fear that they will be caught if they share their job duties with another employee. Employers should look out for irritability, suspicion or defensiveness in an employee.
If an employee has one or more red flags, it does not automatically make them a fraudster. However, if you suspect an employee is guilty of fraud, contact local law enforcement.
