OLYMPIA – Tomorrow, the Washington State Department of Financial Institutions (DFI) launches a statewide advertising campaign – “$10 Billion Reasons” – to encourage people to learn how to identify, prevent and report financial fraud. According to the Federal Trade Commission, consumers reported losing more than $10 billion dollars to fraud in 2023. Consumers reported losing more money to investment scams — more than 4.6 billion — more than any other category of fraud.
In looking at the FTC data, it’s clear that no demographic is immune. This is why DFI’s goal is to reach multiple demographics with the “$10 Billion Reasons” campaign.
“Using a variety of media, including billboards, movie theater screen ads, radio, streaming, social media, print media, online news sites, and more – we are hoping to drive home the message that fraud is expensive and stress the importance of learning how to identify, prevent and report fraud to DFI,” DFI Director Charlie Clark said.
All advertisements will drive viewers/listeners to a landing page on DFI’s website – www.dfi.wa.gov/10B. This landing page will lead viewers to detailed information about the many forms of financial fraud (www.dfi.wa.gov/10B/Identify) – including what scams target which demographics most often, how to identify fraud, how to prevent fraud (www.dfi.wa.gov/10B/prevent) and how to report it (https://www.dfi.wa.gov/10B/Report). The web pages will have details on a variety of emerging fraud forms – including pig butchering, romance scams, crypto scams, investment scams, and more.
As part of this campaign, DFI is providing linked complaint forms on the report page, making it easy for people to file a complaint with DFI and other regulatory agencies. Additionally, if we receive a complaint that is not within DFI’s authority to investigate, we will share the complaint with the appropriate agency/entity.
