It's not causal, it's symptomatic. People tend take bigger risks, even criminal ones, when they have less to lose or less to gain. It's an interesting proxy for economic desperation.
That's an interesting perspective that I hadn't considered. I'm not sure if it's right though. You think it's symptomatic of desperation? I don't think of the lead-up to the 2007 financial crisis as a particularly desperate time for most people.
One interpretation is that for many who took on debt they couldn't support, it was a desperate attempt to continue a lifestyle that wasn't possible for them any more due to changes in both the global and local economies, aided by technology, which resulted in the reduced value of their labor.
Is it possible there is greater scrutiny during times of economic downturn leading to greatest discovery of fraud?