Americans being hit by 'Tsunami of Fraud'

In the digital age, the U.S. faces an alarming surge in fraud, potentially costing $137 billion annually. The Federal Trade Commission (FTC) reported 2.6 million fraud victims in 2022, with losses soaring to $9 billion in just three years, though many cases go unreported. Kathy Stokes from AARP highlights the lack of centralized oversight compared to other countries like the UK. Meanwhile, the UK government has launched a robust anti-fraud strategy, contrasting with fragmented U.S. efforts. The rise of cryptocurrency has further complicated matters, with scams like the "Pig Butchering" scheme seeing a 2,000% increase in losses. Despite some local successes in prosecution and banking sector defenses, there's a call for a unified national strategy to combat this escalating problem.

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