Last year the Federal Trade Commission recorded $10 Billion in reported fraud from U.S. consumers. Because fraud is underreported, we know that actual losses are much higher.
While education empowers older Americans to protect themselves, more is needed to eliminate this large-scale problem. That’s why AARP advocates for bipartisan laws and regulations to strengthen consumer protections against scams on everything from illegal robocalls, to gift card regulations to cryptocurrency scams and more. This work is done in state legislatures across the country, in Congress and even at the White House.
Earlier this year AARP joined White House officials and industry leaders in a meeting aimed at helping the federal government fight back against the use of artificial intelligence-enabled voice cloning to commit fraud. A virtual White House conference followed in June, with AARP again at the table. With fraud already at an epidemic level, the addition of AI powered scams is alarming, which is why AARP is focused on advocating for a strong legislative response to this threat.
