{"id":14424,"date":"2024-01-22T13:59:30","date_gmt":"2024-01-22T13:59:30","guid":{"rendered":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/01\/22\/scams-are-the-policy-problem-no-one-is-talking-about\/"},"modified":"2024-01-22T13:59:30","modified_gmt":"2024-01-22T13:59:30","slug":"scams-are-the-policy-problem-no-one-is-talking-about","status":"publish","type":"post","link":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/01\/22\/scams-are-the-policy-problem-no-one-is-talking-about\/","title":{"rendered":"Scams are the policy problem no one is talking about"},"content":{"rendered":"
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Eight percent of U.S. adults \u2013 or 21 million Americans \u2013 were scammed in\u00a0the\u00a0past year, according to a recent survey by\u00a0Gallup. To put this number in context, 21 million\u00a0is\u00a0roughly equivalent to\u00a0the\u00a0entire population of\u00a0the\u00a0state of Florida. Each year!<\/p>\n

A recent Federal Trade Commission (FTC)\u00a0report\u00a0estimated that fraud losses are between $21 billion to $137 billion annually, and\u00a0the\u00a0report says\u00a0the\u00a0lower figure\u00a0is\u00a0\u2018very conservative.\u2019\u00a0<\/p>\n

If fraud does account for $137 billion annually, that would exceed\u00a0the\u00a0annual revenue of such corporations as Verizon, Comcast, Met or Target. It would also exceed\u00a0the\u00a0total annual budget of\u00a0the\u00a0Department of Homeland Security, which was $134 billion in 2023.<\/p>\n

A recent AARP poll found that two-thirds of Americans believe that\u00a0scams\u00a0have reached a \u2018crisis level.\u2019\u00a0<\/p>\n

Clearly,\u00a0scams\u00a0are a\u00a0problem\u00a0of immense proportion.\u00a0They affect Americans throughout\u00a0the\u00a0socio-economic chain, often disproportionally impacting those without college degrees and whose annual household incomes are below $50,000, according to Gallup.\u00a0<\/p>\n

The\u00a0Gallup poll also found that 57% of Americans worry\u00a0about\u00a0being scammed, which makes it\u00a0the\u00a0second-highest crime concern in America, trailing only identity\u00a0theft.\u00a0<\/p>\n

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And keep in mind that\u00a0scams\u00a0are a public health\u00a0problem\u00a0in addition to a financial crime \u2013 victims often experience significant emotional and health\u00a0issues in\u00a0the\u00a0aftermath of a scam.\u00a0<\/p>\n

Scammers are using more sophisticated technology and\u00a0the\u00a0targets are becoming more diverse. Four types of\u00a0scams\u00a0stand out above\u00a0the\u00a0rest, according to\u00a0FBI data: investment, tech support\/call center, business email compromise, and confidence\/romance fraud.\u00a0Scams\u00a0in each of\u00a0these areas are on\u00a0the\u00a0rise and have different targets.\u00a0<\/p>\n

The\u00a0rise of cryptocurrency has led to a significant increase in investment\u00a0scams, which are\u00a0now\u00a0the\u00a0costliest\u00a0scams\u00a0reported to\u00a0the\u00a0FBI.\u00a0<\/p>\n

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Tech support and \u2018call center\u2019\u00a0scams\u00a0are among\u00a0the\u00a0most effective at targeting\u00a0the\u00a0elderly and are principally perpetrated by organized crime gangs in India, according to\u00a0the\u00a0FBI.\u00a0<\/p>\n

Business email compromise\u00a0is\u00a0rampant in small and medium-size businesses.<\/p>\n

Confidence\/romance\u00a0scams\u00a0are also rising, like\u00a0the\u00a0\u2018grandparent scam\u2019 in which a scammer impersonates a loved\u00a0one\u00a0in trouble.\u00a0<\/p>\n

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The\u00a0FBI reports\u00a0a growing wave of \u2018sextortion,\u2019 where scammers posing as teen girls ask boys for nude photos, and\u00a0then demand\u00a0<\/strong>money and threaten to share\u00a0the\u00a0boy\u2019s photos with his social-media followers if he doesn\u2019t pay. U.S. officials say the\u00a0criminals behind\u00a0these\u00a0scams\u00a0are based in Nigeria. Indeed, most\u00a0scams\u00a0against U.S. citizens are perpetrated by foreign organized crime gangs.\u00a0<\/p>\n

Even as foreign scam attacks on Americans skyrocket, state and federal authorities have\u00a0not yet created a plan to address this significant\u00a0policy\u00a0issue.\u00a0<\/p>\n

Meanwhile,\u00a0the\u00a0British government announced a major\u00a0fraud initiative\u00a0in May 2023. And the\u00a0U.K. recently signed\u00a0the\u00a0world\u2019s first \u2018Online Fraud Charter\u2019 with\u00a012 of\u00a0the\u00a0world\u2019s largest technology companies, who agreed to voluntarily undertake 39 actions to combat fraud, including blocking, reporting, increased enforcement, and other measures to combat internet-based fraud.<\/p>\n

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The\u00a0British approach involves public-private cooperation, and also an all-of-government coordinated effort to address\u00a0the\u00a0issue.\u00a0The\u00a0United States should adopt a similar model and establish an interagency working group \u2013 directed by\u00a0the\u00a0White House \u2013 that focuses on combating fraud.\u00a0The\u00a0government should establish clear authorities and metrics.\u00a0<\/p>\n

Additionally, Congress should authorize a federal advisory commission to work with industry partners to build a U.S. version of\u00a0the\u00a0British strategy.\u00a0<\/p>\n

The\u00a0U.S. government\u2019s response to\u00a0scams\u00a0needs to be a top\u00a0issue in 2024. If\u00a0scams\u00a0continue to go unaddressed, it\u00a0is\u00a0likely that\u00a0the\u00a0wave of fraud \u2013 turbocharged by artificial intelligence \u2013 will continue to grow out of control. If we don\u2019t act soon, more and more lives will be ruined.<\/p>\n

David Mansdoerfer\u00a0is\u00a0the\u00a0former deputy assistant secretary for health, and board member at\u00a0Stop\u00a0Scams\u00a0Alliance.\u00a0<\/p>\n

Ken Westbrook\u00a0is\u00a0the\u00a0former director for information sharing at\u00a0the\u00a0Office of\u00a0the\u00a0Director of National Intelligence, and co-CEO at Stop\u00a0Scams\u00a0Alliance.<\/p>\n<\/div>\n

This post appeared first on FOX NEWS<\/div>","protected":false},"excerpt":{"rendered":"

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