One big thing
Utah is facing a silent epidemic of financial fraud orchestrated by sophisticated global crime networks. The banking industry is pushing for a state-level Financial Crimes Intelligence Center to coordinate rapid response efforts against these attacks.
Why it matters
These aren’t just random scams. Many fraud schemes are organized by hostile foreign entities like North Korea and Iran, attacking American economic freedom and funding terrorist activities.
Victims often lose their entire life savings in the blink of an eye.
By the numbers
- Texas established a similar center three years ago
- It has already prevented hundreds of millions in fraud losses
- The banking industry has invested billions in security measures
The big picture
Utah has built the nation’s strongest ecosystem for economic success with well-educated, hardworking citizens. But this achievement is increasingly threatened by financial criminals operating at the speed of a keystroke.
Once fraud occurs, time is of the essence. Knowing who to call and how to act immediately can be the difference between recovery and catastrophe.
What’s next
In the upcoming legislative session, the Utah Bankers Association will work to establish:
- A 24/7 “one call” process for financial fraud in Utah
- Resources to track criminal trends and deliver real-time warnings to Utahns
- A Utah-based Financial Crimes Intelligence Center modeled after Texas’ successful program
The bottom line
Protecting Utah’s economic prosperity requires a coordinated effort between banks, credit unions, technology companies, telecoms, and all levels of government. Utahns deserve a fighting chance against the world’s most sophisticated scammers.