Scammers get away with billions from elderly Americans every year

Today's Video Headlines: 7/6/24

Sophisticated overseas criminals are stealing tens of billions of dollars from Americans every year, a crime wave projected to get worse as the U.S. population ages and technology like AI makes it easier than ever to perpetrate fraud and get away with it.

21-year-old convicted felon kills 4, injures 3 at birthday party before fatally shooting himself in police chase Grifts also can be difficult to investigate, particularly ones that originate overseas, with stolen funds quickly converted into hard-to-track cryptocurrency or siphoned into foreign bank accounts.Some police departments don’t take financial scams as seriously as other crime and victims wind up discouraged and demoralized, according to Paul Greenwood, who spent 22 years prosecuting elder financial abuse cases in San Diego.

Bortz’s scammer was relentless and persuasive, harassing him with dozens of phone calls and, at one point, taking control of his computer.“I understand now why so much elder abuse fraud is never reported. Because when you look back at it, you think, ‘How could I have been so stupid?’” said Bortz, who retired after a career in banking, financial services and real estate.

But industry officials said the banks cannot singlehandedly prevent fraud. They said the U.S. needs an overarching national strategy to combat scammers, calling the federal government’s current efforts disjointed and uncoordinated.

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