Scams Costing Americans Billions
Americans are losing up to $119 billion annually to scams, with the FBI warning official figures likely underestimate the true scale [https://nbcnews.com/tech/security/scam-cost-price-money-crypto-what-to-do-help-rcna262722].
The elderly are particularly vulnerable, often targeted in scams involving romance, lottery winnings, or tech support. Cryptocurrency scams are a significant and growing problem, with losses in 2021 hitting $7.7 billion, an 81% increase from the previous year. The Federal Trade Commission (FTC) received 5.7 million fraud reports in 2021, highlighting the widespread nature of the issue. Many victims don't report scams due to embarrassment or a belief that authorities can't recover their money, contributing to underreporting.
