Utah sees major spike in financial crimes, is ranked 10th state with greatest loss
SALT LAKE CITY ( ABC4 ) — Financial crimes spiked in Utah during the first half of the year, costing residents nearly $20 million more than in years prior, according to the U.S. Attorney's Office for the District of Utah.
The U.S. Attorney's Office and Financial Fraud Task Force held a conference Wednesday to discuss the state of fraud and other financial crimes within Utah, stating that "fraud is on the rise in Utah."
Utah ranked 10th among the states that lost the most money from financial crimes during the first half of the year, according to the Federal Trade Commission (FTC)
During the first two quarters of 2024, Utah saw $55.2 million in financial crimes, a high number compared to the same quarters in previous years. In the first two quarters of 2023, financial crimes cost Utahns $36.4 million, and in 2022, that number was $32.6 million.
Utahns lost $20.4 million in the first two quarters of 2021 and only $10.8 million during the same period in 2020, according to FTC data.
While authorities noted that fraud is increasing, U.S. Attorney Trina Higgins said Utah authorities have "significantly increased the number of financial crime prosecutions in this state," meaning more people are being prosecuted for financial crimes.
"By prosecuting these cases and advocating for appropriate federal prison sentences, we are sending a clear message that Utah is not the place to conduct fraud schemes and victimize our citizens," Higgins said.
The annual financial crimes conference gathers officials from federal and state agencies and financial institutions to tackle the issue through presentations and collaboration, the press release said.
The conference is meant to help curb a range of financial crimes, including scams, identity theft, and fraud. The FTC lists imposter scams and identity theft as the two most common forms of financial crime in Utah.
If you are contacted by a possible scammer or are a financial crime victim, the U.S. Attorney's Office says to report the incident to the Internet Crime Complaint Center . The FTC also has an online reporting method on its website and a resource page for victims of scamming and fraud.
