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financial scamsABC News
•76% Informative
Internet and telephone scams have grown “exponentially,’ overwhelming police and prosecutors who catch and convict relatively few of the perpetrators.
Victims rarely get their money back, including older people who have lost life savings to romance scams, grandparent scams, technical support fraud and other common grifts.
“We are at a crisis level in fraud in society,” AARP ’s Fraud Watch Network says.
AARP study says Americans over 60 lose $28.3 billion each year to fraud.
The FTC estimates fraudsters stole $137 billion in 2022 , including $48 billion from older adults.
Industry officials say banks cannot singlehandedly prevent fraud.
Justice Department says industry needs to do more, saying the U.S. can't prosecute its way out the problem.
VR Score
79
Informative language
78
Neutral language
32
Article tone
informal
Language
English
Language complexity
52
Offensive language
offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
8
Source diversity
5
Affiliate links
no affiliate links