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Kentucky financial fraud rates fifth lowest in U.S.

November 3, 2023
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TORONTO, Ontario, Canada — A new study has revealed the states with the lowest rates of financial fraud, with Kentucky taking the fifth best spot. Mississippi ranked best and Nevada worst.
In recent years, there has been a significant increase in fraud, with total losses from incidents up to $10.2 billion. This comes as a result of today’s cyber landscape providing a vast online platform for criminals and fraudsters to attack various networks in the U.S. 
New research, conducted by Tipalti, has compared financial fraud rates across the country to uncover the top 10 states with the lowest rates of financial fraud. 
You can view the full research here: https://tipalti.com/financial-fraud-report/
The states with the lowest rates of financial fraud:

Rank

State

Number of victims per 100,000 population

1

.Mississippi

69

2

.Kansas

82

3

.North Dakota

90

4

.Iowa

92

5

.Kentucky

94

6

.Louisiana

94

7

.Arkansas

95

8

.Alabama

96

9

.North Carolina

99

10

.Nebraska

99
Mississippi tops the list with the lowest financial fraud rate of 69 victims per 100,000 population. To protect Mississippians from the financial harm fraud can cause, both the federal and state courts have harsh penalties for criminals. 
For example, the sentence for credit card fraud in Mississippi can be up to three years in jail and a fine of $1,000, depending on the amount fraudulently obtained.
Kansas has the second lowest rate of financial fraud, with an average of 82 victims per 100,000 population. This is unsurprising as the Sunflower State classifies financial fraud, such as credit and card fraud, as a punishable offence by up to 9 months in prison.
Thode convicted also face up to $100,000 in fines for the theft of values between $1,000-$25,000. Financial fraud above $25,000 is deemed a felony punishable with up to 17 months in prison.
North Dakota had less than 1,000 victims of financial crime in 2022, with a rate of 90 victims per 100,000 population. Under North Dakota law, fraud is charged under the umbrella of theft, though it is taken more seriously than ​​other physical acts of theft. 
The state’s charges and penalties for these crimes are based on the value of the money or property, ranging from $3,000 to $20,000 in fines and up to 20 years in prison for the most complex schemes.
FURTHER FINDINGS: 

  • Nevada has the highest financial fraud rate of 286 per 100,000 population. Despite having the highest financial fraud rates across all 50 states, Nevada’s law makes fraud a criminal offence with penalties of up to one to four years in prison and up to $5,000 in fines, 

  • Phishing is the most common type of financial crime, with the number of cases five times higher than data breaches – which take the second spot. It occurs when attackers trick users into revealing sensitive information or installing malware.

  • In a comparison of the top 20 countries with the highest number of victims, the United States tops the list by a landslide, with almost half a million victims in total.

FURTHER FINDINGS: 
  • Nevada has the highest financial fraud rate of 286 per 100,000 population. Despite having the highest financial fraud rates across all 50 states, Nevada’s law makes fraud a criminal offence with penalties of up to one to four years in prison and up to $5,000 in fines, 
  • Phishing is the most common form, with the number of cases five times higher than data breaches — which take the second spot. It occurs when attackers trick users into revealing sensitive information or installing malware.
  • In a comparison of the top 20 countries with the highest number of victims, the United States tops the list by a landslide, with almost half a million victims in total.

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