I want you to rewrite my essay, but using the essay format I will provide you and the instructions that is provided in the image I sending you. I want you to rewrite my essay so it matches the word count etc.
The Essay I want you to rewrite:
Should the Government Be Responsible For the Homeless?
Homelessness is a global crisis that has been affecting millions of individuals around the world according to the United Nations General Assembly (General assembly resolution 217A A/RES/217A(III)undocs.org) which was proclaimed in Paris 10th 1948. In almost every single country homelessness exists. To evaluate whether the government should be responsible for homelessness, I will first define what homelessness is and provide data on the issues related to it. Then I will list and analyse the causes of homelessness in different parts of the world and then analyse it globally. I will then analyse the people who experience homelessness and how society is impacted by it. Finally I will provide my analysis and evaluation as to why the government should or should not be responsible for homelessness.
Definition Of Homelessness
Homelessness can be defined as the lack of stable or adequate housing which rises from many factors such as economic factors, social factors and so on. In this essay I will be evaluating,analysing and answering the question “ Should the Government Be Responsible For Homelessness?”.
Homelessness is a state of an individual not having a home,shelter or any permanent residence. Homelessness normally occurs when the individual has no income or support they need to afford shelter, or the individual gets an abrupt housing loss such as eviction which forces them to live on the streets or in homeless shelters (NHNC 2019 The 2019 introduction of the new National Healthcare …nih.gov). The other factors causing homelessness include Social factors, economic factors, Natural disasters and conflicts which i will discuss later on in the essay.
Data About Homelessness
Homelessness is an issue that is happening globally which causes millions of people to be affected across the world in both developed and developing countries. The statistics that are provided in the next paragraphs will help uncover the scale of the problem of homelessness in different countries.
Globally
Globally the (United Nations 2020 Homeless World Cup+4United Nations+4United Nations+4)has estimated that around 150 million people are victims to homelessness worldwide. while around 1.6 billion people worldwide are lacking safe and adequate housing. The data and statistics shows that there is quite a number of people affected by this issue and there should be a need for global actions to address homelessness.
United States (USA)
In the United States, over 650k individuals experience homelessness and cause them to be out on the streets on a single night according to the U.S Department of Housing and Urban Development(HUD HUD | HUD.gov / U.S. Department of Housing and Urban …U.S. Department of Housing and Urban Development (HUD) (.gov)https://www.hud.gov). The problem that caused this issue to happen is because of the rising house costs, stagnant wages and the systematic inequality which would contribute significantly to this issue.
India
In India the country faces a significant number of people which is estimated to be around 1.77 million people who are homeless which is caused largely due to the country being extremely overpopulated, urban migrations, and lack of affordable housing according to India’s 2011 census. The most individuals that have been affected by this are migrant workers who live in bad and unsafe conditions (Drishti Foundation Trust, 2012 Drishti Foundation TrustDrishti Foundation Trusthttps://drishtifoundation.org).
Cameroon
In Cameroon around 1.3 million people have been displaced and have been left homeless due to internal conflicts such as the Anglophone crisis which refers to an ongoing civil war in Cameroon which started in 2016, this is a violent conflict between the Cameroon government and the separatists group. This conflict has resulted in 6000 deaths and around 765,000 citizens displaced from their homes because they wanted to flee from the violence, or due to their home being destroyed which will cause them to experience long term homelessness. This has been stated by the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA,2024 2024 ECOSOC Humanitarian Affairs Segment and …OCHAhttps://www.unocha.org › ecosoc-2024).
Causes For Homelessness and Why does this happen
Homelessness happens in many various ways and its cause is mainly due to factors such as:
Economic instability, which is when there is an economic collapse, high inflation and high unemployment rate which leads to people experiencing poverty and not be able to afford proper housing, a real life example of this is Venezuela’s hyperinflation and economic collapse which caused many family to be kicked out of their home due to them not being able to afford rent since the price have surged to over 1000000% in 2018. (UNHCR 2018 https://www.unhcr.org/media/unhcr-global-report-2018 )
Discrimination, which is when people of different groups or minorities such as gender, age, race, religion and sexual orientation experience prejudicial or unfair treatment. A real life situation where discrimination influenced homelessness is LGBTQ+ in Brazil where around 20% of homeless youth in cities such as sao paulo and reo de jienro identify as LGBTQ+, a majority of these youth were often rejected by their families and forced out of their home. (Human Rights Watch, 2019 World Report 2019Human Rights Watchhttps://www.hrw.org › world-report › 2019)
Another scenario is in Australia where older women who are referred to as “The missing middle” face discrimination and inequality in the housing market due to their age which led to increased homelessness between the year 2011 and 2021 in which the number grew by 40%. (AIHW, 2023 Australia’s welfareAustralian Institute of Health and Welfarehttps://www.aihw.gov.au › australias-welfare )
Natural disasters, which is when a natural event occurs such as earthquakes, hurricane, volcano eruption, flood etc. These disasters can influence homelessness because they cause long term and destruction on homes, facilities, roads and infrastructures. A real life scenario of when these disasters influenced homelessness is in the Philippines where the country was hit with 20 different typhoons annually which led to homes, roads, facilities and the city’s infrastructure being damaged. One of the worst typhoons that the Philippines has experienced is typhoon Haiyan in 2013 which displaced around 4.1 million people from their homes and caused long term damage with many victims still lacking permanent housing years later on. (UNICEF, 2013 UNICEF, protecting every child in the Philippines now and …Unicefhttps://www.unicef.org › philippines › stories › unicef-…)
Conflicts such as war has influenced homelessness in different parts of the world such as in Ukraine where the war between Ukraine and Russia which started on 24 February 2022 led to a significant number of people being homeless with over 3.5 million people in Ukraine being displaced from their homes due their homes being damaged by ongoing conflict and families fleeing in fear of their safety and well being.(The Guardian, 2024 Ukraine war briefing: Russia suffered record casualties in …The Guardianhttps://www.theguardian.com › world › jan › ukraine-w… )
In many countries the government has failed to address these issues. Some of these issues that they did not address properly which led to homelessness are issues of poverty, housing problems, unemployment etc. An example is the USA where there has been an increase in the cost of living and the wages for individuals has become stagnant which has left many people unable to afford proper or adequate housing.(OECD,2023 OECD Economic Outlook, Volume 2023 Issue 1Better policies for better liveshttps://www.oecd.org › OECD › Publications)
Who is affected by this
Homelessness crisis is an issue that is affecting many different groups of people around the world such as veterans, marginalised communities, women and children. The topic of how these individuals are being affected by this issue will be discussed and analysed.
Veterans are often affected by homelessness as many of them have been through hard times in the military which would lead to them developing mental disorders such as PTSD, physical disabilities and they would also have a hard time adjusting and living a normal civilian life, the statistics to support this is found by National Alliance to End homelessness (VeteransNational Alliance to End Homelessnesshttps://endhomelessness.org › homelessness-in-america 2024) which states that as of january 2024 around 32,882 veterans were experiencing homelessness with around 19,031 that are sheltered (homeless shelters) and the other 13,581 unsheltered which means that they are left to live on the streets . Veterans also have a high rate of unemployment due to mental health problems such as (PTSD) which is studied by PubMed Central (https://pmc.ncbi.nlm.nih.gov/), which puts them into a very high risk of homelessness and their income or salary is also low.
Marginalised communities are often affected by these issues as well and some examples are the LGBTQ+ individuals in Europe which research from (Feantsa,17 May 2024 Homelessness among LGBTIQ+ people in Europe should …Feantsahttps://www.feantsa.org › feantsa-position › 2024/05/17) states that over one third of LGBTQ+ individuals in Europe experience discrimination which has led to them being denied jobs, becoming suicidal and denied out of there homes from family members. These prejudicial actions against them led to them being vulnerable to homelessness.
Women and Children also have a risk of becoming a victim to homelessness due to them being more vulnerable and exposed to domestic and family violence and data from (UNITED NATIONS,2019 The Impact of Personal & Family Circumstances on …Welcome to the United Nationshttps://www.un.org › uploads › sites › 2019/07) shows that on a global perspective approximately 70% of homeless mothers with children have experienced domestic violence . This forces them to not have access to safe and proper housing which would lead them to have nowhere safe to stay and often ending up homeless or in homeless shelters.
These groups of individuals have already been struggling with their own challenges and homelessness problems add on to those who already have issues.
How does homelessness impact people/society
Homelessness has a major impact on individuals who go through it. It has many impacts such as effecting Mental health and physical health because individuals who go through homelessness are effected by mental health issues, for example depression, anxiety, PTSD also known as post traumatic stress disorder, suicidal issues and etc. They also suffer from physical health conditions such as HIV also known as immunodeficiency virus, diabetes, heart disease etc at a higher rate of around 3 to 6 times higher than the regular population with adequate housing and necessities research done by (End Homelessness 2019 https://endhomelessness.org/homelessness-in-america/who-experiences-homelessness/veterans/?utm_source=chatgpt.com) and this is due to lack of proper medical health, sanitary goods, resources and proper housing and so on which has been researched and proven by (NCBI National Center for Biotechnology InformationNational Institutes of Health (NIH) (.gov)https://www.ncbi.nlm.nih.gov and ENd Homelessness https://endhomelessness.org/homelessness-in-america/who-experiences-homelessness/veterans/?utm_source=chatgpt.com ). All of these conditions can occur on homeless people and they also don’t have enough finance or money to be able to afford treatment for it. Evidence to support this is from the (National Health Care for the Homeless Council 2024 National Health Care for the Homeless Council: HomeNational Health Care for the Homeless Councilhttps://nhchc.org) which stated that homeless individuals are three times more likely to experience more health issues than normal individuals with proper housing.
Social Consequences is also a factor that homelessness affects as it could lead to social exclusion and a loss in dignity to those affected by the problem. This could lead to them being more exposed and vulnerable to illegal activities such as human trafficking, exploitation and so on which can also be shown by a case study in Ireland Research from (TheSun 2024 ‘Grim’ record high homelessness in Ireland blasted as ‘ …The Irish Sunhttps://www.thesun.ie › Irish News › News) where their housing crisis which caused people to end up homeless led to these people being sexually exploited by doing practices why they called “sex for rent” which landlords would offer free or reduced rent prices in exchange for sexual acts. A survey which has been conducted for this crisis has revealed that 5% of renters have been offered this. This proves that homelessness could lead to this type of exploitation. Other studies which can be found by (NN4YOUTH 2023 National Network for Youth: HomeNational Network for Youthhttps://nn4youth.org) also indicate that around 1 in 5 teenagers and the youth population who are runaways or end up homeless become victims of trafficking and exploitation particularly in sex trafficking and labour trafficking.
Economic costs are also an impact that should be considered because homelessness can cause a strain on basic public resources which could include homeless shelters, public hospitals and so on. More homeless people can cause more resources to be needed to help them survive. Some evidence shown to support this is from (Salt lake city housing first program 2021 HOUSING FIRST IN SALT LAKE COUNTYEnd Homelessness in Utahhttps://endutahhomelessness.org › 2021/04 › hou…) which has saved over $8k per homelessness annually by reducing the need of emergency healthcare and resources.
Arguments for government responsibly on homelessness
The questions that are being asked about how the government should or shouldn’t be responsible for homelessness has sparked debate amongst people and there are proponents and critics for these arguments.
Arguments in favor of the government being responsible for homelessness are moral obligations where the government should have a duty for the people to protect the basic human rights of their people and citizens which would include the right to have shelter, health care and basic human necessities to survive. Evidence to support this statement is from Article 25 of the universal declaration of human rights which is a fundamental human rights principle and a part of international human rights law (UDHR 2018 Universal Declaration of Human RightsWelcome to the United Nationshttps://www.un.org › about-us › universal-declaration-of…) which includes housing as a fundamental right to the people.
The government also has systematic power in which only they have authority and the resources to make or enact policies that could address large scale issues for example in housing, healthcare education, employment and in discrimination. Them having this type of authority could help the issue of homelessness significantly. By helping homelessness the government could have a more efficient economy as investing in solutions to help homelessness such as by providing housing and programs to help them get back on their feet could help reduce public spending on homelessness.
Some successful case studies to support these claims are from Finland where they had the Housing First Program (FinlandHousing First Europehttps://housingfirsteurope.eu › Countries) which was initiated in 2008 and 2020 where they provided unconditional housing to the homeless individuals, mental health support and employment to the homeless minorities. By doing this Finland has reduced homelessness by approximately 47% with the rate of homelessness reducing from approximately 8260 in 2008 to approximately 4341 in 2020.
Arguments against government responsibly on homelessness
Some issues against the government being responsible for homelessness would include that there would be dependency on welfare before if there is excessive reliance on government programs and government support it can create a high dependency on the support and programs which would discourage individuals from finding employment or having personal responsibility for their own life circumstances which would lead to them be lazy and dependent. Supported by (Ways And Means House Gov Ways and Means – Congressional Website – House.govHouse Ways and Means (.gov)https://waysandmeans.house.gov)
Other factors against government being responsible are from private sectors and other community based solutions in which some would argue that the issue of homelessness would be better addressed by the private organizations and NGOs which could provide a more efficient support and solutions to the issue. Some examples are from organizations such as (Habitat for Humanity 2018 Habitat for HumanityHabitat for Humanityhttps://www.habitat.org) which have successfully built affordable housing for many millions of people who need it without having the government to support them or relying on government intervention.
Case Studies that support government being responsible for homelessness
A case study is Salt lake city in the USA where they have adapted a similar solution to Finland’s housing first solution where the city has achieved 91% reduction in homelessness between 2005 and 2015. This program started in 2005 with approximately 1932 individuals experiencing homelessness and ended in 2015 with approximately 178 individuals experiencing homelessness. This program helped by offering permanent housing, employment and services such as mental health service to the chronically homeless people. (NPR.ORG, 2015 Utah Reduced Chronic Homelessness By 91 PercentNPRhttps://www.npr.org › 2015/12/10 › utah-reduced-chro…)
Case studies that criticize government responsibility for homelessness
In Los Angeles USA there has been a struggle to reduce homelessness despite significant findings due to the poor program management, corruption and insufficient coordination amongst the agencies. The statistic that was uploaded from january 2024 shows us that the Los Angeles State County (COUNTY OF LOS ANGELES,2024 September 2024COUNTY OF LOS ANGELES (.gov)https://lacounty.gov › 2024/09) have reported that approximately 75,312 individuals are still experiencing homelessness even though from 2015 the county received over 1.8 billion dollars in grants annually to combat the number of homeless individuals in the state but instead of the number of homeless people reducing, the number of homeless people has increased instead from approximately 44,359 in 2015 to approximately 75,312 in 2024. (Homeless service LA County,2024 Homeless Initiative – Los Angeles CountyHomeless Initiative (.gov)https://homeless.lacounty.gov)
The United Kingdom made critics argue that they have a failing welfare system which promotes dependency and has failed to address the cause of homelessness such as the issue of unemployment and lack of skills in the employment sectors such as bad education and so on. Research from (Statista.com,2024 Number of statutory homeless households in England1998-2024https://www.statista.com/statistics/283993/statutory-homelessness-in-england/) shows us that homelessness in the UK increased from 2009 and a contributor to this issue comes from the UKs welfare reforms. The numbers of homeless individuals increased from approximately 3975 in 2010 to approximately 11,993 in 2023-2024. Case Studies shows that these welfare reforms attributed to the cause of these numbers rising, in 2010 more people received more welfare benefits from the government than they did in paying taxes, welfare rose up to 53.5% in 2010 which made more than half of the UK household dependant on these benefits rather than getting jobs. And in 2013 the government implemented benefit cap limits which was known as the UC or Universal Credit, this was aimed to encourage employment by limiting the amount of welfare a household who are within working age can receive, this instead led to an increase in housing security, homelessness and poverty by May 2024 with over 123,000 household affected making it a 61% increase in homelessness in the UK. This is because households are so dependent on welfare that they cannot get jobs to sustain their living expenses. (GOV.UK 2024 Statutory homelessness in England: July to September 2024GOV.UKhttp://www.gov.uk › government › statistics › statutory-…)
Analysis of the arguments, and the case studies
By analysing the case studies that are shown we know that Finland and Salt Lake city have shown its success to solve the issue of homelessness and it shows that by the right government intervention we can effectively reduce the rate of homelessness by having well funded programs that are properly managed and supported by comprehensive services. By using these methods and examples we can highlight and address the barriers for homelessness such as lack of affordable housing, healthcare and support in mental health. However in other case studies such as in Los Angeles USA and UK there have been failures to solve this issue. There are criticisms of the UKs welfare promoting dependency and not letting people take action of their own situation and in Los Angeles where there are risks of corruption inefficiency and also promoting dependency.
So overall I think that the evidence suggests that although the government should take the main leading role to solve and address homelessness there should be some collaboration between private sector and private companies such as the NGOs and private organizations or communities. If both of these sectors join together and collaborate to solve this worldwide issue it would ensure a more efficient solution as there would be less efficiency and corruption.
My recommendation and solutions for the approach
My recommendation to address the global issue of homelessness are from solutions such as public and private sector partnership which can provide or improve the availability and affordability of housing. Some different types of solutions could be by strengthening the social safety nets where social welfare programs should focus on getting the homeless off the streets and providing them with skill training for employment or job training and by providing financial assistance to those who are homeless and have no income. They should also provide childcare for the children and minors who are homeless and for parents who are homeless but have kids. The government should also have a role in monitoring the program’s outcomes to prevent corruption or embezzlement and ensure efficient use of the funds.
We can also focus on addressing the root cause of homelessness and raising awareness to make people more educated on how they can avoid it and the harms of homelessness. We should address the causes of homelessness such as a lack in the health care system and wage stagnation. By doing this, the government could help include policies and enforce new laws such as increasing the minimum wage, creating more job spaces and accessible job opportunities in many different fields. They should also invest in more public hospitals and healthcare.
Conclusions
so overall in my conclusion i think that homelessness is an issue that has been affecting people worldwide and the government should take primary responsibility for this issue and address it as they have the most authority, resources and it is also their duty as the government to make sure their citizens do not suffer and live with the normal human rights.However there should also be collaboration from private sectors such as big organizations and private companies. By using the case studies from finland and salt lake city we can find loopholes and solutions to ensure there would be a reduction of homelessness and there would be improvements in the public’s well being. Homelessness should be an issue that is solved because it is a human right and it is morally correct to ensure people a proper housing.
The format essay I want you to write in, exactly like this but just different topics and etc.
Fraud – Is It Preventable?
Name:
School:
Global Perspective
Teacher:
Date:
Table of Contents:
1. Introduction
2. What is the definition of fraud?
2.1 Types of Fraud
3. Why is Fraud a Global Concern?
4. Comparative Case Studies on Fraud Prevention
4.1 Success Story: AI-Driven Fraud Detection in the UK and EU
4.2 Failure Case: Capital One Data Breach (USA, 2019)
4.3 Success Story: Singapore’s Financial Regulations
4.4 Failure Case: Bitfinex Cryptocurrency Heist (2016)
4.5 Mixed Results: Cambodia’s Struggle Against Cyber Fraud
4.6 Phishing Scams of Banks in Cambodia
5. Comparative Analysis of Prevention Strategies
5.1 AI and Blockchain: A Game-Changer?
5.2 Government vs. Private Sector Approaches
5.3 Ethical Dilemmas: AI vs. Privacy
6. Evaluating Fraud Prevention Effectiveness
7. Conclusion: Can Fraud Be Prevented?10
References11
Fraud – Is It Preventable?
1. Introduction
Fraud is a deliberate act of deception for financial or personal gain, affecting businesses, governments, and individuals globally. The Association of Certified Fraud Examiners (ACFE) estimates that organizations lose 5% of their revenue to fraud, amounting to $4.5 trillion annually (ACFE, 2020). In 2022, global cybercrime losses reached $8.4 trillion, projected to hit $10.5 trillion by 2025 (Cybercrime Magazine, 2022). This figure is alarming and goes on to explain the high prevalence of fraud and its significant impact on the economy. This essay explores various fraud types, prevention strategies, and comparative case studies to determine whether fraud can be effectively prevented. Thus, by analyzing the elaborate nature of fraud and the strategies that can be used in the prevention of fraud, the stakeholders will be in a position to mitigate the loss of their resources.
2. What is the definition of fraud?
Fraud encompasses financial crimes such as asset misappropriation, corruption, identity theft, and cyber fraud. The 2020 ACFE worldwide fraud study found that worldwide enterprises lose $5 of every $100 spent to fraud, with a median loss of $150,000. Digital frauds like mass phishing, ransomware, and online identity theft make fraud control difficult (Europol, 2021b). UNODC states that organized criminal organizations have moved their attention to complicated fraud operations and conduct them using technology, making them cross-border (UNODC, 2022).
The 2021 PwC Global Economic Crime and Fraud Survey found that 47% of organizations experienced fraud in the past two years, with losses averaging $42 billion (PwC, 2021). Companies implement preventive measures like internal audits, AI-driven fraud detection, and blockchain technology, but fraudsters continually adapt, necessitating ongoing advancements in prevention strategies.
2.1 Types of Fraud
• Corporate Fraud: Involves deceit by businesses to mislead investors or regulators. For example, Enron’s fraudulent accounting led to $74 billion in losses before its collapse in 2001 (U.S. SEC, 2001). Corporate fraud affects financial markets and investor confidence.
• Cyber Fraud: Cyberattacks, including hacking and phishing, cost global economies over $1 trillion annually (Gann, 2020). Ransomware alone accounted for $20 billion in losses in 2022 (Cybercrime Magazine, 2022).
• Financial Statement Fraud: The manipulation of financial reports to misrepresent a company’s financial health. A notable case is the Wells Fargo scandal, where fake accounts were created to inflate financial performance, resulting in $3 billion in penalties (DOJ, 2020).
• Identity Theft: In 2022, identity theft resulted in over $43 billion in losses globally, with 40 million cases reported in the U.S. alone (Javelin Strategy & Research, 2023).
An optimal solution that would help avoid fraud incorporates strong internal procedures and regulations, structured audits, and a strict ethical environment within companies. Other efforts could also be made to establish better and more sophisticated detection and prevention, such as the use of form analytical tools, and artificial intelligence. Moreover, it is essential to provide employees with a platform where they can report any suspicious act without being victimized in the process (ACFE, 2020). Companies implement preventive measures like internal audits, AI-driven fraud detection, and blockchain technology, but fraudsters continually adapt, necessitating ongoing advancements in prevention strategies.
3. Why is Fraud a Global Concern?
Fraud undermines economic stability and erodes consumer trust in financial institutions. A study found that fraud-related losses impact stock prices, GDP, and business investment (Sviatun et al., 2021). Cyber fraud and identity theft are particularly concerning, as criminals exploit digital platforms anonymously, making enforcement challenging (UNODC, 2022). The Federal Trade Commission (FTC) reported that U.S. consumers lost $8.8 billion to fraud in 2022, a 30% increase from 2021 (FTC, 2024). International cooperation is crucial to mitigating these threats.
This has become a rather significant problem because of the increased use of technology in transactions and the increased risks of fraud that accompany it (Rahman & Islam, 2022). Unfortunately, as the degree of technology application increases, the means of deception utilized by fraudsters intensify as well (PwC, 2022). While electronic payment and online purchases are comprehensively the most comfortable ways to shop, they come with a lot of risks, such as hacking. This is because, with the increasing use of Internet banking and shopping, other avenues for such fraud are created. The effects of fraud are far-reaching to the economic value chain because they can destabilize organizations and cost consumers’ confidence in various products. When consumers feel trusted, they may interact less with financial institutions, which can limit economic growth (Hilal et al., 2021).
Table 1: Global Fraud Statistics
Fraud Type
Estimated Annual Losses (2022)
Notable Case Examples
Corporate Fraud
$74 billion (Enron) (U.S. SEC, 2001)
Enron, Wirecard
Cyber Fraud
$1 trillion (Gann, 2020)
Capital One Breach
Financial Statement Fraud
$3 billion (Wells Fargo) (DOJ, 2020)
Wells Fargo Scandal
Identity Theft
$52 billion (Javelin Strategy & Research, 2023)
Equifax Breach
Cryptocurrency Fraud
$3.8 billion (Chainalysis, 2023)
Bitfinex Heist
Among the grave criminal activities, one may mention cyber fraud and identity theft, which are particular characteristics of the era of information technologies. They employ various methods to hold and use individuals’ information for carrying out unauthorized transactions or selling to other cybercriminals on the dark web (Europol, 2021a). The criminal behaviors are precipitated by the ability offered by the internet to allow anonymity, and this makes it difficult to apprehend such people while preventing the act. Therefore, fraud is not only an economic problem but a security problem as well, requiring the cooperation of all countries of the world.
4. Comparative Case Studies on Fraud Prevention
4.1 Success Story: AI-Driven Fraud Detection in the UK and EU
European banks implementing AI-powered fraud detection have reduced fraud cases by 75% (Olowu et al., 2024). The European Central Bank reported that AI-driven fraud detection prevented €1.6 billion in fraudulent transactions in 2022 (ECB, 2023). AI analyzes transaction patterns in real time, identifying anomalies and potential fraud attempts. This proactive approach has been instrumental in securing financial transactions.
4.2 Failure Case: Capital One Data Breach (USA, 2019)
The 2019 Capital One data breach was one of the largest data breaches impacting the privacy and security of personal information of over a 100 million individuals (Khan et al., 2022). Capital One suffered a cyberattack due to weak cloud security, exposing personal information of over 100 million customers (Vickery, 2019). The breach resulted in $190 million in regulatory fines and settlements (Khan et al., 2022). The case highlighted vulnerabilities in cloud-based systems, emphasizing the need for stronger encryption and security protocols.
4.3 Success Story: Singapore’s Financial Regulations
Singapore enforces stringent anti-fraud measures through its Payment Services Act (2019) and AI-driven fraud detection. Fraud-related losses in Singapore remain among the lowest globally, at just 0.04% of total financial transactions, compared to 0.1% in the U.S. and 0.3% in India (MAS, 2022). Strict regulatory oversight and early adoption of AI have strengthened Singapore’s financial security.
4.4 Failure Case: Bitfinex Cryptocurrency Heist (2016)
A security breach led to the theft of 119,756 Bitcoins, valued at $72 million at the time and over $4 billion at 2024 prices (Higgins, 2016). The lack of strong security measures in digital currency platforms exposed vulnerabilities, leading to regulatory calls for stricter oversight. Cryptocurrency fraud losses reached $3.8 billion globally in 2022 (Chainalysis, 2023).
4.5 Mixed Results: Cambodia’s Struggle Against Cyber Fraud
Despite government efforts, Cambodia remains highly vulnerable to fraud due to weak cyber laws and corruption (U4 Anti-Corruption Resource Centre, 2021). Fraud-related losses in Cambodia exceeded $100 million in 2021, with mobile banking fraud accounting for 45% of reported cases (National Bank of Cambodia, 2022). Financial institutions collaborate with international bodies, but enforcement challenges persist.
4.6 Phishing Scams of Banks in Cambodia
Another the most common cases are phishing scams dedicated to the users of banks in Cambodia. These are schemes that use false messages delivered by email, text messages, or even telephone calls to make people part with their login details or other necessary details such as account numbers and bank details, among others (Foundation Office Cambodia, 2020).
5. Comparative Analysis of Prevention Strategies
5.1 AI and Blockchain: A Game-Changer?
AI detects fraudulent transactions by analyzing behavioralpatterns, significantly reducing fraud rates in the banking sector. Blockchain ensures transaction transparency, making manipulation nearly impossible (Han et al., 2023). In 2022, blockchain technology reduced fraud losses by $2 billion in financial markets (Allaire, 2024). However, AI systems are expensive, and blockchain adoption remains limited due to regulatory concerns.
5.2 Government vs. Private Sector Approaches
Governments enforce regulations like the EU’s PSD2 directive, requiring multi-factor authentication for online transactions. In the U.S., fraud-related compliance costs reached $217 billion in 2022 (LexisNexis, 2023). Private companies invest in cybersecurity and fraud detection technologies. JPMorgan Chase reported a 68% reduction in fraud losses after implementing AI-driven fraud detection (JPMorgan, 2023). The interplay between regulatory frameworks and corporate measures determines fraud prevention effectiveness.
5.3 Ethical Dilemmas: AI vs. Privacy
While AI improves fraud detection, it raises privacy concerns. Surveillance technologies monitoring transactions can lead to ethical conflicts regarding consumer data protection (Ponemon Institute, 2023). A 2023 survey found that 72% of consumers worry about AI tracking their financial activities, highlighting the need for balanced regulation (Deloitte, 2024).
6. Evaluating Fraud Prevention Effectiveness
Artificial intelligence and machine learning, as a type of fraud detection technologies, pose a great opportunity due to the ability to process data and detect suspicious behaviors in real-time (Botacin et al., 2021). Despite advanced fraud prevention strategies, no system is foolproof. False claims and fraud are increasingly becoming a global issue; therefore, it is essential to have a teamwork approach in fighting fraud, as it affects different countries, and information and techniques in fighting fraud have to be shared internationally (Wells, 2018). Countries with stringent regulations and robust AI integration, like the UK and Singapore, report lower fraud rates. In contrast, emerging economies with weak regulatory frameworks struggle to combat fraud effectively. The global fraud detection and prevention market is expected to grow from $28.5 billion in 2023 to $63.3 billion by 2028, reflecting the increasing demand for security measures (MarketsandMarkets, 2023).
7. Conclusion: Can Fraud Be Prevented?
Fraud remains a significant global challenge, threatening economic stability and eroding trust in financial systems. While fraud prevention strategies have significantly reduced risks, fraud cannot be completely eradicated. Continuous adaptation, global cooperation, and investment in technology are necessary to minimize its impact. Countries with weak enforcement mechanisms, such as Cambodia, struggle to curb fraud effectively. As fraudsters adopt sophisticated methods, prevention strategies must evolve accordingly. Strengthening cybersecurity, fostering transparency, and enhancing global collaboration will be crucial in mitigating financial crimes and protecting both businesses and individuals from fraudulent activities.