The claw-back side reported $16.6 billion in 2024 losses, up 33% in a year, per the FBI’s IC3 annual report. Digitization risks in America: the strategic pictureRisk moved to where the money moved. Firms with mature controls pay a low single-digit rate in fraud losses and insurance; firms without them occasionally pay everything at once. Instant payments concentrate fraud risk because settlement is final. Against that, the expected annual fraud loss for a careful household is small, but the tail is catastrophic and uninsured.