$123,405,404. That was the number reported to the Internet Crime Complaint Center (IC3) for total dollar losses to fraud in the state of Missouri in 2023. According to the FBI, they believe only 1 in 44 incidents are reported. If we multiply the reported number by 44, the actual losses exceed $5 billion. That is an astronomical figure to consider!

As bankers, what can we do to help combat this? There are several steps we can take, such as educating our staff and customers on the dangers of fraud. Additionally, we can communicate and work together to share information about the fraud we encounter. When it comes to fraud, we’re all in this together, regardless of size, location or assets.

I recently met with a member of the MIBA team and proposed creating a Fraud Task Force across the state. The principles of the task force would be to meet quarterly (virtually), discuss current fraud-related events and bring in guest speakers to educate us so we can better combat fraud. This task force would also provide a valuable networking opportunity for bankers. For example, if you join this task force and encounter a fraudulent incident, you will have direct contact with another banker across the state who works with fraud at their bank.

I hope you all consider joining this team because there is no end in sight when it comes to fraud. It truly will take a team effort!