Fraud is an escalating crisis, with losses far exceeding what is reported. While $9 billion in fraud losses were reported in 2022, The Federal Trade Commission (FTC) estimates the true financial impact at $137 billion due to underreporting. The AARP Fraud Watch Network testified before Capitol Hill lawmakers in September to this effect, urging stronger consumer protections and support for victims of these crimes.
Kathy Stokes, director of Fraud Prevention for AARP, emphasized the rapid rise in fraud, calling it “meteoric”, and urged a coordinated effort from government, industry, and advocates to tackle the growing threat. Amy Nofziger, director of Victim Support for AARP, warned lawmakers that technology is making it easier for criminals to prey on older adults. “[Scams] operate 24/7 in our homes and through these devices that we carry in our pockets,” she explained.
The AARP Fraud Watch Network is dedicated to protecting consumers through support, education, and advocacy, and will continue to fight for stronger laws and protections at the local, state, and federal levels.
Be a fraud fighter! If you can spot a scam, you can stop a scam. Report scams to local law enforcement. For help from AARP, call 877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.
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