Fraud and Scams Cost Americans $16.6+ Billion Every Year
AP News
now
Crypto scam compounds drain billions
Alert
AP News reports on massive Cambodia-based "pig butchering" cryptocurrency operations
NY Post
2m ago
North Korea-linked gang stole billions
Americans targeted through romance scams and online schemes
Washington Post
15m ago
FBI imposter scam targets elderly
Critical
Interactive investigation reveals widespread elder fraud epidemic
Washington Post
1h ago
China scam operations prompt Congress action
"Pig butchering" fraud schemes under Congressional scrutiny
Reuters
2h ago
Meta earning fortune on fraudulent ads
Investigation reveals platform profits from deluge of scam advertisements
1 in 5 Americans have lost money to an online scam or attack
M&T Bank, Connecticut
"[M&T] Bank employees told police that they began to suspect fraud when they asked Otero security questions and 'she would immediately look at her phone as if she was looking for the answer,' the affidavit said. When the employees told Otero the transfer would take 30 minutes, she immediately fled the bank and left the fake ID behind, police said."
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Bank of America, Texas
"Marletta said she was grateful because she was able to get her money back. When Marletta reported the fraud, Bank of America told us it was able to recover the money from the account the caller directed Marletta to transfer funds to. A spokesperson said it always tries to recover funds. However, scammers typically vanish with the money as soon as a victim sends it."
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Synchrony Bank, Florida
"When Synchrony Bank noticed the $250,000 transfer into a suspicious new account in Florida, and how quickly it was moved into other accounts, their fraud team acted fast, sparking a 15-month investigation that spanned multiple states." (Yahoo News)
Bank of America keeps Tampa man from losing $15,000 in check fraud scheme
"Bank of America luckily saved this family from losing their retirement."
Zions Bank, Utah
"Attorney Michael Deamer says he was nearly duped by a check-cashing scheme, but the scammer's plan was foiled by Zions Bank." (KSL)
Laura Lopez, Chase Bank
"These scammers are going to come to you fast, and they're going to put pressure on you to act quick. So, it's important to take a break, take a deep breath and investigate if this is a trustworthy source."
Bank of America, New York
"But on Wednesday, the U.S. Secret Service called the Erie County Clerk's Office with good news: Bank of America, which held the out-of-state account, thought something was fishy and flagged the account before anyone in Erie County even realized the money was missing." (Buffalo News)
PNC Bank, Pennsylvania
Stover was notified of possible fraud when alert staff at the Central Pennsylvania branch created a formal report out of concern for the elderly customer. The teller recognized the woman’s request for an unusually large cash withdrawal was out of character and proceeded to convince the customer the withdrawal wasn’t prudent. A $14,000 withdrawal was averted at that moment.
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Ben Hoffman, Chief Strategy Officer at Fifth Third
"Fraudsters, whether it's email or text or even phone calls, can simulate almost any institution, any party at a very high fidelity, which places more and more of a burden on financial institutions like Fifth Third as well as customers."
Jennifer Roberts, CEO of Chase Consumer Banking
"Protecting our customers from fraud and scams requires a united front—banks, technology companies, social media platforms, and law enforcement all have a role to play... At JPMorganChase, we're leading by example by continuously investing in new solutions, but we call on the entire industry to join us in making it harder for criminals to exploit our communities." (Chase)
Fifth Third Bank, Kentucky
"When I came in…(and was) asked questions about who I was giving the money to, I started to realize that something not right... I think the bank was great; people were terrific with me. I got the clarification I needed." – "Janice Wilson" visiting Fifth Third (LaneReport)
Fraud Loss Statistics
(FBI's 2024 Internet Crime Report)
Total Losses
Low
High
Total Losses:
Complaints:
Policy Solutions for Combatting Fraud and Scams
1
The U.S. government should establish a National Anti-Scam Strategy to prioritize prevention strategies and align accountability.
2
Banks should be given a safe harbor to intervene when necessary to protect customers.
3
Social media platforms should verify advertisers to stop scams before they originate and quickly take them down once fraud is reported.
4
Congress and regulators should create a safe harbor that lets telecom providers, social media platforms, messaging services and financial institutions share fraud-related data without liability or antitrust concerns.
5
The FCC and FTC should require telecom, social media and messaging app companies to monitor their networks and proactively notify victims.
