If Fraud Was a Company…

According to the Federal Trade Commission, theft through fraud may have been as high as $158.3 billion in 2023 alone.

To put this into perspective, if fraud was a US company, it would be in the top 40 by revenue. That’s $434 million every day, or about $300,000 every minute – stolen from Americans by fraud criminals.

All reports on fraud that seek to measure the problem show a meteoric year-after-year increase. And we, at last, are beginning to see signs of hope in addressing the fraud crisis.

We see more policymaker concern at the federal and state levels. The Aspen Institute has taken on a nationwide initiative to create the first US national fraud strategy (AARP is deeply involved), and a new nonprofit, the National Elder Fraud Coordination Center (NEFCC), launched in April to help bring an organized crime lens to fraud investigations. The goal is to build large cases for investigation, arrest and prosecution of fraud criminals to seek justice for victims.

Each of us has a role to play in addressing fraud. When you learn about a new scam, share what you know. You may just help the next fraud target avoid becoming the next fraud victim.

Learn how to spot and avoid scams with AARP Fraud Watch Network. Suspect a scam? Call our free Helpline at 877-908-3360 and talk to one of our fraud specialists about what to do next.