Financial fraud cases in Iowa increased 6% between 2022 and 2024, according to the state’s Department of Public Safety. Iowans’ financial loss from fraud totaled $52 million in 2024, up 204% from 2020, the Federal Trade Commission reports. And since 2020, Iowans experienced $72 million in losses from cyber-enabled crimes, according to the FBI.

Those are just a few of the statistics in the newly released “The Impact of Financial Fraud in Iowa” from Common Sense Institute Iowa, a nonpartisan research group whose goal is to protect and promote Iowa’s economy.

The report’s goal is to determine the extent of financial fraud in Iowa, and its impact on Iowans and the state’s economy, the institute wrote in the report.

Iowa “has a better handle on fraud than most states,” the report said. Iowa has fewer total losses from cyber-enabled and cryptocurrency crimes than a majority of U.S. states, according to FBI data. Also, Iowa has the third lowest rate of fraud in the nation and sixth lowest rate of identity fraud, according to the Federal Trade Commission.

Nationwide, fraudulent financial activity is becoming increasingly sophisticated, the report said, and Iowans are not immune to becoming victims of financial fraud.

Data from the Federal Trade Commission, estimates that in 2024 Iowans experienced $52 million in losses from 13,975 reported fraud cases. Among the cases were 4,415 involving imposter scams; 2,877 involving identity fraud; 2,524 involving ATM fraud; 2,272 involving e-commerce fraud; and 1,320 involving credit card fraud.

The institute estimates more financial fraud will occur in 2025. Specifically, Common Sense Institute projects losses from financial fraud in Iowa for 2025 to include:

• An estimated $93 million in direct, reported losses.
• Between $93 million and $573 million in direct, unreported losses.

In addition, the institute estimates that in 2025 reported fraud will reduce Iowa’s gross domestic product by $225 million and statewide personal income by $200 million. The institute also estimates that 1,500 jobs will be lost because of financial fraud.

To read the report, click here.

Related article: Iowa bankers group launches anti-fraud awareness campaign