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Experts urge senators to act in the fight against financial fraud

AFR News

Americans are reporting fewer frauds since a peak in 2021. However, experts at a Jan. 31 Senate hearing said scammers are only getting better at extracting more money from their victims. 

Witnesses and senators agreed that action is needed to fight this issue – but they differed on what are the best strategies to protect the millions of Americans suffering from the effects of financial fraud.  

Total fraud losses reported to the Federal Trade Commission increased from $3.3 billion in 2020 to $8.8 billion in 2022, according to testimony from John Breyault, vice president of public policy, telecommunications, and fraud for the National Consumers League.  


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