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.

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50-plus and their families in the Commonwealth. To learn more about how AARP Virginia is working in your community, like us on Facebook at www.facebook.com/aarpvirginia and follow @AARPVa on X at www.X.com/aarpva.

 AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.