Americans Lose Billions to Scammers Annually, Most Go Unpunished
Internet and telephone scams are on the rise, costing Americans tens of billions of dollars annually, as noted by Kathy Stokes, director of fraud prevention at AARP's Fraud Watch Network. These scams predominantly target older individuals, who often fail to recover their lost money. Law enforcement agencies and adult protective services are struggling to keep pace with the increasing number of online and telephone fraud cases, especially those originating overseas. According to the Federal Trade Commission, the vast majority of fraud cases go unreported.
A recent case in Ohio highlighted the severity of the issue when an 81-year-old man, believing he was being scammed out of $12,000 in bond money, allegedly shot an Uber driver he thought was involved in the scheme. Such incidents underline the difficulties law enforcement faces in addressing financial scams. While federal prosecutors handle hundreds of elder fraud cases annually, many scams remain unresolved. Victims, including those who fall prey to romance scams, grandparent scams, and technical support fraud, rarely see their money returned. The U.S. Justice Department allows individual U.S. attorneys' offices to set their own monetary thresholds for elder financial abuse cases, leading to inconsistent prosecution levels across different regions.
