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.
In an effort to combat this, The Aspen Institute has taken on a nationwide initiative to create the first US national fraud strategy, 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.
Last Minute Travel Scams
If you’re looking to squeeze in one more summer trip, be cautious—while great travel deals exist online, so do scammers eager to cash in on your vacation plans. Criminals set up look-alike travel websites in hopes you will book with them rather than the intended company. And just because the link showed up when you searched “travel deals” doesn’t mean it can automatically be trusted. Scammers often buy paid promotions for their bogus travel sites, so they appear high up in search rankings.
Before hitting ‘confirm’ on that deal, make sure you really know who you are doing business with. Research a new-to-you travel site before booking by searching the company’s name along with the words “scam,” “complaint,” or “review” to read about other people’s experiences. And pay with a credit card, which offers stronger protections than other forms of payment.
Summer Heat Utility Scams
The summer heat is here, and so are scammers posing as the utility company. You might get a call or email from someone threatening to shut off your electric service due to unpaid bills. With high temperatures making air conditioning essential, these criminals use fear to pressure you into acting fast.
They may demand immediate payment using gift cards, wire transfers, or mobile payment apps. Real utility companies don’t threaten immediate shutoff without notice, and they don’t demand unusual forms of payment. If you receive a threat like this, contact your utility company directly using the number from your bill—not the one the caller gives you.
Grandparent Scams Meet AI
You get a call from a panicked grandchild or other family member. They say they’re in a time-sensitive crisis—hospitalized after a car accident or jailed for example—and beg for immediate financial help.
They may hand the phone over to someone they say is a police officer, lawyer or court official who provides detailed instructions for sending money via gift card, wire transfer, cryptocurrency or cash.
This is the beginning of the grandparent scam, and it’s more sophisticated than ever. Criminals now have generative artificial intelligence tools to make the fake situation seem all-the-more real. But there is no emergency: It’s a setup to steal your money. If you receive a call like this, verify the situation by contacting your loved one directly using a number you know is theirs. Above all, if you receive an unexpected communication that puts you into a state of high emotion and involves urgency, let that be your signal to take an “active pause.” Give yourself time to reflect on what you might know about the situation or to reach out to someone for guidance.
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