Scams targeting older Americans, most using AI, caused over $1 billion in losses in 2022

Source: Fox News

“Older Americans reportedly lost $1.1 billion to fraud in 2022, according to the annual Senate Committee on Aging report released this month, and most of the scams utilized AI technology to clone the voices of people they knew and other AI-generated ploys. During a Thursday committee hearing on AI scams, committee chairman Sen. Bob Casey, D-Pa., published the group’s annual fraud book highlighting the top scams last year. It found that from January 2020 to June 2021, the FBI found ‘individuals reportedly lost $13 million to grandparent and person-in-need scams.’ Sen. Elizabeth Warren, D-Mass, also a member of the committee, said the $1.1 billion figure in total losses is ‘almost surely an underestimate,’ since it does not factor in the instances of victims who don’t report scams due to embarrassment. Casey said in a statement that ‘federal action’ is needed to put up guardrails to protect consumers from AI-generated scams.” (11/20/23)