Unprecedented Coalition Launches to Counter Rising Fraud in Utah

 

SALT LAKE CITY, Utah – Amid a surge in scams and fraudulent activities costing Utah residents millions, a powerful new coalition is taking action. The Utah Fraud Prevention Coalition brings together banks, credit unions, law enforcement, business associations, and local governments, to protect the financial security of the state’s residents and businesses. By pooling resources, expertise, and technology, the coalition aims to detect, prevent, and educate the public about fraudulent activities.

Fraudulent schemes, including identity theft, phishing scams, and financial fraud, have seen a significant uptick in recent years, costing Utahns over $55.2 million in the first two quarters of 2024, according to newly released Federal Trade Commission (FTC) data—compared to $32.6M for the same time period in 2022, and $36.4M in 2023. As Utah climbs the ranks among the top 20 states for reported cases of fraud, the coalition aims to unite efforts and resources to reverse this alarming trend.

“Every day, Utahns are facing new and more sophisticated threats to their financial security,” said Howard Headlee, president of the Utah Bankers Association. “The Utah Fraud Prevention Coalition represents a vital partnership between the public and private sectors to enhance consumer protection and preserve trust in our financial systems.”

“Fraud is our common enemy, and the coalition leverages our collective strength to eliminate this threat,” said Scott Simpson, President of the Utah Credit Union Association. “It’s going to take education, relentless communication, and the eyes and ears of all Utahns to better safeguard our communities against these threats.”

The coalition’s board members represent a cross-section of financial institutions and law enforcement:

“Utahns are facing significant pressures from increasingly sophisticated fraudsters,” says Sharlene Wells, Chair of the Utah Fraud Prevention Coalition. “Our coalition is committed to developing unified communications, ensuring that all partners deliver consistent messaging to cities, towns, businesses, customers, and members across Utah.”

The coalition is pleased to partner with organizations throughout the state who will commit to assist with distributing critical fraud prevention communication.  First stage partners include:

Throughout the coming months, the coalition will be conducting financial institution, business, and government forums to solicit input from fraud expertise throughout the state in the process of developing uniform strategy and messaging to combat common fraudulent activities.

 

The Utah Bankers Association is the professional and trade association for Utah’s commercial banks, savings banks and industrial loan corporations. Established in 1908, the UBA serves, represents and advocates the interests of its members, enhancing their ability to be preeminent providers of financial services.  Through UBA, hundreds of Utah Bankers volunteer each year to serve on UBA boards, committees, task forces, AIB committees and take part in combating fiscal illiteracy by educating Utah’s consumers.

The Utah Credit Union Association serves Utah’s consumers through their credit unions. Utah credit unions, with more than 3 million memberships in the state, are not-for-profit cooperatives, with their members’ best interests at heart. The Utah Credit Union Association supports those credit unions through advocacy, education and training, compliance, and other forms of support, with the goal of ensuring that Utah’s credit unions can continuously benefit Utah’s consumers.