Category: Press Releases

The Idaho Department of Finance’s (IDOF) Financial Innovation Lab (FIL) and Boise State’s Institute for Pervasive Cybersecurity (IPC) will host a joint event on ransomware and cybercrime threats on Wednesday, April 24th, at 1:30 p.m. MT at Boise State University’s Alumni and Friends Center at 1173 West University Drive, 123A Ballroom A in Boise.

The agenda includes remarks from prominent experts and officials on ransomware, including Idaho U.S. Attorney Josh Hurwit and Chainalysis Chief Technology Officer (CTO) Gurvais Grigg. This event will provide an overview of ransomware trends, methodologies, prevention strategies, and incident response recommendations in service of protecting government agencies, industry, and the general public. It will also highlight other cybercrime issues and potential career paths for students.

IDOF Securities Bureau Chief John Yaros says, “The IDOF FIL seeks to bring together the finest minds in the financial technology (fintech) space to collaborate on the most pressing issues facing the public and financial industry. Ransomware is an issue that causes tremendous damage to businesses and the public, and we are thankful for our partners at Boise State University, the U.S. Attorney’s Office, and Chainalysis, who are working with us to educate the public and identify solutions to this destructive form of cybercrime.”

View the full Press Release

Buying a house is a significant life decision, and the process can feel overwhelming. This week the Idaho Department of Finance is providing resources to help first-time homebuyers in Idaho navigate the journey with confidence.

The homebuying landscape presents various challenges and barriers. The most apparent being changing mortgage rates, down payments, housing inventory, affordability, credit score, qualification for a mortgage, debt, job uncertainty, and the list goes on. Understanding these hurdles is crucial. It is also important to do research about the types of mortgages available to consumers; those being Conventional, FHA (Federal Housing Authority), USDA (US Department of Agriculture), and VA (Veterans Affairs). Along with the specific loan types, mortgage loans come with a 15-year or 30-year fixed term and many states or lenders offer down payment assistance programs which help first-time homebuyers successfully purchase a home.

View the full press release.

Imposter scams are a growing threat to consumers nationwide, and Idahoans are being targeted at an alarming rate, along with consumers throughout the country. Imposter scams can be defined as a bad character who lies and tricks you into sending them money and often pretends to be from the IRS, social security, a business, a charity, a grandchild, or the government, and wears many other disguises. This week, the Idaho Department of Finance will be focusing on imposter scams and how consumers can protect themselves from these deceptive tactics.

In recent years, imposter scams have increased as online actors become more sophisticated and creative in their deceptive ways. According to the FTC, Imposter Scams were the number one type of fraud in 2023, with 853,935 reports totaling $2,668 Million in total losses across the country. The same report shows Idaho ranked 38th out of 50 states with imposter scams sitting at number one in top reports fraud at 20% with $40.6 million in fraud losses. 14,424 Idahoans reported fraud and other reports in 2023.

View the full Press Release

Idaho Department of Finance Director, Patti Perkins and Idaho Superintendent of Public Instruction, Debbie Critchfield have declared April Financial Literacy Month in Idaho. Financial Literacy Month serves as a platform to highlight the significance of understanding the primary pillars of personal finance, such as budgeting and saving, homebuying, managing debt, making informed investment decisions, and protecting hard-earned assets through scam awareness.

The Idaho Department of Finance (IDOF) is committed to fostering consumer financial empowerment. “Empowering individuals with financial literacy is not just an investment in knowledge; it’s an investment in economic resilience and a path to financial well-being,” said Director Patti Perkins.

IDOF, the Idaho Financial Literacy Coalition (IFLC) (www.idahoflc.org), and Idaho Public Libraries have partnered to sponsor Financial Literacy Month in April. At the Idaho State Capitol, a proclamation ceremony with Patti Perkins, Debbie Critchfield, and Idaho Financial Literacy Coalition members is planned for April 22, 2024. The ceremony includes a presentation of awards to students who have won in selected categories of the Piggy Bank Beauty Contest, a contest for Idaho students in 3rd through 6th grades to design a piggy bank using virtually any materials and their imagination. Each winner will receive a $ 150 scholarship to start their very own college savings account, provided jointly by IFLC and member IDeal – Idaho’s College Savings Program. As the state-sponsored college savings program, IDeal’s mission is to help Idaho families save for future education goals in a tax-advantaged way.

View the full Press Release

The Idaho Department of Finance (IDOF) is warning consumers against “Pig Butchering” scams that have recently targeted Idahoans. Pig butchering scams are unique because they are long-term schemes that combine elements of investment scams, romance/friendship scams, and cryptocurrency transactions to steal all the money an individual possesses or can access (i.e., persuading individuals to take out loans in addition to sending money from their bank accounts).

The term Pig Butchering originated in Asia and describes the “fattening up” of a victim by building a trusted relationship with them over time that ends with the victim being “butchered” for much, if not all of their life savings. A recent study highlights that over $75 billion has been lost to Pig Butchering schemes globally over the last four years.[1] Idahoans are encouraged to be vigilant and to look for the following red flags pertaining to these scams

View the full Press Release

[1] Griffin, John M. and Mei, Kevin, How Do Crypto Flows Finance Slavery? The Economics of Pig Butchering (February 29, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4742235

Boise, Idaho… Alternative Investments are investments such as art, collectibles , real estate , private equity , venture capital , and commodities that do not fall into traditional categories such as stocks, bonds, or cash. These types of investment opportunities are more prevalent today and are increasingly being introduced to a growing number of retail consumers. Recent research suggests that alternative investment assets under management may grow to over $23 trillion by the year 2027. As more investment professionals recommend these products that can possess complex features, it is important for consumers to understand both the potential benefits and risks of alternative investments.

View the full Press Release

The Idaho Department of Finance (the “Department”) joined twenty-four other state financial regulatory agencies in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing.

A multistate investigation found that Abra operated a mobile application for buying, selling, trading, and investing in cryptocurrency without obtaining the required licenses. Under the settlement, Abra agreed to cease accepting virtual asset allocations from U.S. Abra Trade Account customers into their products and services and cease making, buying, selling, or trading cryptocurrencies available to U.S. Abra Trade customers as of June 15, 2023. The settlement terms require Abra to refund any remaining virtual assets on its platform for U.S. Abra Trade customers in the settling states.

Read the Full Press Release

WaFd Bank in partnership with the Idaho Department of Finance’s (IDOF) Financial Innovation Lab (FIL) will be hosting a cybercrime event focusing on the threat “Business Email Compromise” (BEC) presents to Idaho’s small businesses. The event will take place at 2 pm on Thursday August 22nd at the Riverside Hotel.

BEC is one of the most financially damaging forms of cybercrime and occurs when criminals trick victims into sending funds or information to them by using emails that appear to come from known or legitimate sources. It remains a top threat to U.S. small businesses resulting in over $2.9 billion in verified losses in 2023 alone with many Idaho small businesses falling victim. This event will focus on BEC prevention strategies, incident response, and potential policy solutions and include cybercrime experts from WaFd Bank, IDOF, the U.S. Attorney’s Office for the District of Idaho, Boise Police Department, S3ntryCorp., and Justin Feffer and Associates.

View full press release

The Idaho Department of Finance (IDOF) and Idaho Commission on Aging (ICOA) are announcing the creation of a joint Senior Fraud and Financial Exploitation Prevention Working Group (SFFEP) comprised of financial and senior protection experts to provide recommendations for potential policies, frameworks, and solutions that can help better protect Idaho’s senior community from financial crime.

View full press release

The Idaho Department of Finance (IDOF) is warning the public against scams that involve the physical purchase and delivery of gold and other precious metals. Illicit actors trick victims into believing that either their identity, computer, or financial account(s) have been compromised. Once an illicit actor convinces the victim that they are involved in a criminal situation, the victims are then directed to purchase physical gold or precious metals to protect their assets. The victims are then told to deliver the gold/precious metals to couriers posing as either government officials, financial professionals, or tech support staff. The couriers take possession of the gold/precious metals on behalf of the illicit actors and transport them to complete the scam.

View the full Press Release