The Scammers Are Winning: How Sophisticated Criminals Are Stealing Billions from Americans

Scammers are winning the battle against law enforcement and victims, with sophisticated overseas criminals stealing billions of dollars from Americans every year. The rise of internet and telephone scams has overwhelmed police and prosecutors, who struggle to catch and convict the perpetrators. Victims, especially older individuals, rarely get their money back after falling prey to romance scams, grandparent scams, and technical support fraud.

The impact of these scams can be devastating, with older people being targeted due to their accumulated wealth. The FBI reported a 14% increase in elder fraud complaints last year, with losses totaling $3.4 billion. However, other estimates suggest the annual loss could be much higher, with Americans over 60 losing $28.3 billion each year to fraud.

One victim, 80-year-old William Bortz, lost almost $700,000 in an elaborate scheme involving a fake Amazon order and a fraudulent refund processing center in Hong Kong. Despite being a victim of a crime, Bortz struggles with self-blame, a common sentiment among fraud victims.

To combat this growing issue, industry officials are investing in new technologies to prevent fraud, but they acknowledge that a national strategy is needed to effectively combat scammers. Collaboration between law enforcement agencies and major corporations is essential to fight fraud more efficiently and protect vulnerable individuals from falling victim to these schemes.