Fraud

The Federal Trade Commission (FTC) recently published its latest report to Congress on protecting older adults, which highlights key trends based on fraud reports by older adults, and the FTC’s multi-pronged efforts to combat the problem through law enforcement actions, rulemaking, and outreach and education programs. The FTC found that older adults reported losing more than $1.6 billion to fraud in 2022. Because the vast majority of frauds are not reported, this figure represents only a fraction of the overall cost of fraud to older consumers, which the FTC estimates to be as high as $48 billion. The report also calls on Congress to update the FTC Act in response to the Supreme Court’s 2021 ruling in the AMG Capital Management case...