From the White House to the halls of Congress to the Minnesota State Capitol, the number is often the same when it comes to the amount of fraud in Minnesota — $9 billion.
“This hearing is going to focus on $9 billion stolen from the taxpayers,” Sen. Ted Cruz, R-Texas, said at the opening of a U.S. Senate committee hearing a few months ago.
“We have nine billion reasons, probably more, that we need accountability,” Rep. Mike Wiener, R-Long Prairie, said during a Minnesota House floor debate last spring.
“At least $19 billion,” President Donald Trump said in an Oval Office meeting last winter. “You know, you’re hearing nine (billion), now I’m hearing it’s 19 (billion), and it’s probably much more.”
Just this past Sunday, Republican U.S. Senate candidate Michele Tafoya said in an interview on At Issue with Tom Hauser, “We, of course, are going to talk about fraud, fraud and fraud. $9…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.