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Visualizing Global Losses from Financial Scams

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See this visualization first on the Voronoi app.

This tree map shows the scale of global losses from financial scams in 2023.

Visualizing Global Losses from Financial Scams

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Last year, financial scams led to almost half a trillion dollars in losses worldwide, roughly equal to the GDP of Singapore.

As fintech has advanced globally, cyber-criminals have exploited various platforms in complex attacks. Often, they will steal customers’ account information on digital payment systems and online banking sites as a highly lucrative form of attack.

This graphic shows the scale of financial losses from scams and schemes, based on data from Nasdaq’s Global Financial Crime Report for 2024.

The Most Common Types of Financial Scams

In 2023, there were $485.6 billion lost in total from financial scams, and below we break down the specific scams that generated the biggest losses:

Type of Financial Scam/Scheme
Global Losses (USD)
Payments Fraud$386.8B
Credit Card Fraud$28.6B
Check Fraud$26.6B
Advance Fee Scams$19.1B
Cyber-enabled Scams$10.0B
Impersonation Scams$6.8B
Employment Scams$3.9B
Confidence Scams$3.8B
Total$485.6B

Payments Fraud the Top Financial Scam

Payments fraud makes up a staggering 80% of the total. This type of fraud occurs when payment methods are illegally manipulated to deceive or steal from a person or business.

One example of a key risk point for payments fraud are real-time payments. Here, fraudsters exploit payment systems through rerouting fund transfers. Along with this, cyber-criminals will use “banking trojans” as a primary weapon to hack account information. This type of attack lures users to click on a malicious PDF file, website, or app which steals information on a device.

Interestingly, a separate analysis showed that Brazil was the top country in the world for banking trojan scams, with 1.8 million attempted attacks over the course of June 2022 to July 2023.

Going further, business email compromise, a type of payments fraud, was the source of $6.7 billion in losses in 2023. These types of scams involve fraudsters masquerading as legitimate businesses to deceive unsuspecting customers into sending payments into fraudulent accounts.

Credit Card Fraud

Another key source of financial losses was credit card fraud.

In fact, one of the most common forms of this type of fraud is skimming, where an electronic device can be placed in an ATM which steals information in a cards magnetic strip. On average, skimming costs American consumers and financial institutions $1 billion annually.

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Misc

The Top 25 Nationalities of U.S. Immigrants

Mexico is the largest source of immigrants to the U.S., with almost 11 million immigrants.

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Bar chart showing the top 25 nationalities of US Immigrants.

The Top 25 Nationalities of U.S. Immigrants

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The United States is home to more than 46 million immigrants, constituting approximately 14% of its total population.

This graphic displays the top 25 countries of origin for U.S. immigrants, based on 2022 estimates. The data is sourced from the Migration Policy Institute (MPI), which analyzed information from the U.S. Census Bureau’s 2022 American Community Survey.

In this context, “immigrants” refer to individuals residing in the United States who were not U.S. citizens at birth.

Mexico Emerges as a Leading Source of Immigration

Mexico stands out as the largest contributor to U.S. immigration due to its geographical proximity and historical ties.

Various economic factors, including wage disparities and employment opportunities, motivate many Mexicans to seek better prospects north of the border.

CountryRegion# of Immigrants
🇲🇽 MexicoLatin America
& Caribbean
10,678,502
🇮🇳 IndiaAsia2,839,618
🇨🇳 ChinaAsia2,217,894
🇵🇭 PhilippinesAsia1,982,333
🇸🇻 El SalvadorLatin America
& Caribbean
1,407,622
🇻🇳 VietnamAsia1,331,192
🇨🇺 CubaLatin America
& Caribbean
1,312,510
🇩🇴 Dominican RepublicLatin America
& Caribbean
1,279,900
🇬🇹 GuatemalaLatin America
& Caribbean
1,148,543
🇰🇷 KoreaAsia1,045,100
🇨🇴 ColombiaLatin America
& Caribbean
928,053
🇭🇳 HondurasLatin America
& Caribbean
843,774
🇨🇦 CanadaNorthern America821,322
🇯🇲 JamaicaLatin America
& Caribbean
804,775
🇭🇹 HaitiLatin America
& Caribbean
730,780
🇬🇧 United KingdomEurope676,652
🇻🇪 VenezuelaLatin America
& Caribbean
667,664
🇧🇷 BrazilLatin America
& Caribbean
618,525
🇩🇪 GermanyEurope537,484
🇪🇨 EcuadorLatin America
& Caribbean
518,287
🇵🇪 PeruLatin America
& Caribbean
471,988
🇳🇬 NigeriaAfrica448,405
🇺🇦 UkraineEurope427,163
🇮🇷 IranMiddle East407,283
🇵🇰 PakistanAsia399,086
Rest of World11,637,634
Total46,182,089

Mexicans are followed in this ranking by Indians, Chinese, and Filipinos, though most immigrants on this list come from countries in the Latin American and Caribbean region.

On the other hand, only three European countries are among the top sources of U.S. immigrants: the UK, Germany, and Ukraine.

Immigration continues to be a significant factor contributing to the overall growth of the U.S. population. Overall population growth has decelerated over the past decade primarily due to declining birth rates.

Between 2021 and 2022, the increase in the immigrant population accounted for 65% of the total population growth in the U.S., representing 912,000 individuals out of nearly 1.4 million.

If you enjoyed this post, be sure to check out Visualized: Why Do People Immigrate to the U.S.? This visualization shows the different reasons cited by new arrivals to America in 2021.

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