U.S. Scam Losses Hit Record High as Victims Face Little Help
Record scam losses and weak restitution leave victims facing tax bills, frozen accounts and rare recoveries, investigators found.
- Americans reported a record $15.9 billion in scam losses last year to the Federal Trade Commission, a 25% increase from 2024. The FTC estimates real losses reached $200 billion, driven by artificial intelligence and cryptocurrency advances.
- At least 13 federal agencies address different aspects of cybercrime without a coordinated national strategy, according to a Government Accountability Office report. The piecemeal approach 'falls short,' said Seto Bagdoyan, who runs the office's Forensic Audits and Investigative Service.
- Retired nurse Susan Bivins lost more than $200,000 to a scammer and now owes the Internal Revenue Service $80,000 in taxes. AARP fraud prevention lead Kathy Stokes said such victims are 'revictimized by the U.S. government.'
- Congress is considering over a dozen bills to prevent scams, including the Tax Relief for Fraud Victims Act. The United Kingdom requires financial firms to reimburse clients tricked into sending money, a model the U.S. has not adopted.
- Eight in 10 Americans believe the government fails to protect them from scams, according to Gallup data. Most citizens argue social media and technology companies should share responsibility, new AP-NORC polling shows.
48 Articles
48 Articles
NBC Chicago
Scams in the U.S. are at a record high. Yet most victims get no help and some end up losing even more
Americans reported a record $15.9 billion in losses last year to the Federal Trade Commission, a 25% increase from 2024.
A false call, message or alert can be enough for crooks to earn a victim's trust and convince them to move their money on their own. "Ghost hackers" frauds use panic, remote access, and false identities to get to savings in accounts.
A false call, message or alert may be the beginning of an elaborate fraud in which crooks convince their victims that their money or devices have been compromised. Under the pretext of protecting their savings, they then cause them to transfer their money to apparently "safe" accounts, effectively controlled even by criminals.
Losses reported by scams in the United States reached a record $15.9 billion, but authorities and specialists believe that real damage could multiply that figure. Victims describe a second tragedy marked by taxes, debts, lack of institutional support, and virtually unrecoverable crypto funds.
Coverage Details
Bias Distribution
- 53% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
