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I don't think there is a massive problem with financial fraud. What would be an example?
by H8crilA 4y ago
I don't think there is a massive problem with financial fraud. What would be an example?
- criticas 4y agoWage Theft? A 2017 report claimed that US wage theft (by companies against employees) was 100 times the size of reported robberies ($50 B vs $438M). https://www.workingnowandthen.com/blog/wage-theft-the-50-billion-crime-against-workers/ https://www.workingnowandthen.com/blog/wage-theft-the-50-bil...
- H8crilA 4y agoUS GDP is about $21T, so about 420 times bigger. Or to put it differently, about 0.2% of the GDP. Also, wage theft isn't fraud exactly.
- Nextgrid 4y agoUK has a massive problem with phone scams pretending to be tech support or our tax office for example. They get victims to wire money to the account of a money mule who then cashes it out. This all happens over the normal banking system - enforcement is so bad that they're not even trying to cover their tracks by using gift cards or crypto.
- H8crilA 4y agoHow does that compare to UK's GDP, for the problem to be massive?