More than $1 trillion was lost worldwide as a consequence of financial scams in 2024, according to a Senate Joint Economic Committee – Minority report.
The scams are a larger illicit industry than the global drug trade, and Americans lost more to scams annually than to burglary and car theft.
“Scams are more than just a nuisance for Americans, they are costing people their life savings and hurting our economy,” U.S. Sen. Maggie Hassan (D-NH), of the Joint Economic Committee ranking member, said. “The Joint Economic Committee – Minority will be launching investigations and driving action that will protect Americans and finally take on scams in a comprehensive manner.”
The brief report outlines the impact scams have on the economy and previews the committee’s upcoming investigations into financial scams and efforts to prevent them. Among other things, the project will examine ways to prevent the proliferation of fraud on payment platforms and through spam calls and texts.
In 2024, Americans 60 and older lost an average of $80,000, more than four times greater than younger groups.
Hassan also launched a survey to collect information from the public on the most frequent scams they encounter as well as their size and scope. The results will help the committee focus its efforts.