Members of Congress hear testimony about growing problem of seniors impacted by fraud

Billions of dollars are lost every year to scammers targeting older Americans. Sometimes, fraudsters can even cost seniors their life savings.

Channel 2 Washington Correspondent Samantha Manning was in Washington, where lawmakers heard from experts about the impact these scams are having on vulnerable seniors in the United States.

From devastating romance scams to fraudsters using artificial intelligence to sound like a family member in need of help, scammers are costing seniors billions every year.

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Now, there’s a push in U.S. Congress to act.

“I have sat with victims for hours on the phone while they cried and told me how a criminal stole their life’s savings,” Amy Nofziger, AARP Fraud Watch Network, told members of U.S. Congress.

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In 2023, the Federal Bureau of Investigation said victims lost more than $3 billion.

The AARP Fraud Watch Network says it gets more than 100,000 calls every year from seniors impacted by fraud. Nofziger shared heartbreaking examples with lawmakers this week.

“A woman who had been married for 30 years who called because she had no one to talk to about her husband who was a victim of a sextortion cryptocurrency scam and lost over one million dollars,” she told Congress.

Advocates warn that the criminals keep evolving, getting more sophisticated and convincing in their tactics.

That’s why they told lawmakers that education and public outreach are the keys to fighting back.

Experts also said federal efforts to combat spoofing and robocalls with caller identification authentication help, since many of the scams are happening over the phone.

“It will happen to you or someone you care for, it may already have and you just don’t know it,” Nofziger said.

Right now, there’s a bipartisan bill in Congress to strengthen protections for mutual funds in an effort to try and stop financial crimes targeting seniors.

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