Financial crime, including identity theft, affects millions of people across the globe every year, but is often assumed to be “victimless”. A wide range of illicit activities cost companies, individuals and entire societies billions of dollars every year, but it is the true cost – the story behind the numbers – that causes the greatest harm.
Financial crime, which includes bribery and corruption; money laundering; fraud; identity theft; cybercrime; human trafficking; and more, is a pervasive and growing challenge that carries a substantial global economic cost.
The real cost of these crimes, however, runs far beyond the numbers, impacting individual lives in myriad ways.
While global efforts to uncover and eradicate all forms of financial crime are growing in strength and efficacy, the reality is that identifying perpetrators is not always straightforward. Increasingly sophisticated criminal networks are adept at targeting vulnerable victims – and remaining one step ahead of the law.
Identity theft
One particularly pervasive form of financial crime is identity theft, which can happen to anyone, at any time.
The crime’s economic impact is staggering – resulting in losses of US$52 billion in 2021 alone, but it is the far-reaching effects that this crime has on its victims that causes the greatest harm.
Identity theft is not only rampant, but is often directed at the most vulnerable members of society, including the elderly and even children. Moreover, the crime is most often committed by family members or persons known to the victim. In fact, it affects more than 1.25 million children in the US every year[1], and 67% of the affected families in 2021 knew the perpetrators.[2]
Family members or close associates often have access to personal information and are in a position of trust that is relatively easy to exploit. Without their knowledge, a victim’s stolen identity can shape their future – without their consent.
It is emotionally devastating for a person when they grow up and find that the perpetrator was someone close to them.
Renata Galvao, Partner Manager, LSEG Risk Intelligence
Fighting back
To raise awareness of the devastating effects of identity theft, LSEG Risk Intelligence has launched a short video, Face Value, which tracks one woman’s story.
Renata Galvao's identity was stolen at the age of six, with far-reaching consequences – financial, social and psychological – for her future.
Our video shines a spotlight on the fact that identifying and mitigating financial crime is often a highly complex and challenging task. It is, however, important to remember that through global collaboration – between organisations, regulators, law enforcement officials and other stakeholders – it is possible to join the dots and find the criminals behind the crimes.
And that’s crucial, because, as Renata says, “When it comes to financial crime, there is always a name and face behind each number you see.”
Watch our trailer video for #FaceValue a mini documentary presented by LSEG Risk Intelligence –here.
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