Getting to the Root of Scams
Why Stopping Criminals Matters Most
Scams are not new, but they are more dangerous than ever. Criminals today use technology and even artificial intelligence to make their lies look real. As Darius Kingsley of JPMorgan Chase explains, scammers trick people in many ways: From selling counterfeit or nonexistent products on social media marketplaces, to spoofing legitimate businesses and trusted institutions’ phone numbers on caller IDs, these criminals are evolving and becoming more organized.
California Tops Nation in Scam Losses
The numbers are staggering. In 2024, California had more cybercrime complaints than any other state, with victims losing more than $2.5 billion. Older adults suffered the hardest hit — people over 60 lost more than $832 million. These figures don’t even count the many scams that go unreported, meaning the true cost is likely much higher.
No one is immune. Roughly three out of four Americans have already been targeted by at least one scam or cyberattack, with minority communities often facing multiple attacks.
Why Focusing Only on Consumers Isn’t Enough
For years, the main advice has been to “stay alert” and learn how to recognize scams. While education helps, it cannot stop criminals who are always one step ahead. As Kingsley points out, this is “not just a consumer issue, it is also a national security threat, damaging the trust and safety of the U.S. economy and financial system”.
In other words, scams don’t just hurt individuals — they threaten public confidence in banks, online businesses, and government systems. That’s why solutions must go beyond education and directly target the criminals.
Banks and Law Enforcement Working Together
Banks like JPMorgan Chase are already fighting back. They use biometric logins, 24/7 fraud monitoring, and encryption to protect accounts. In fact, Chase alone stops more than $12 billion in fraud attempts every year.
But banks cannot solve this problem alone. Criminals often operate across state or even national borders. That’s why a team effort is essential.
Agencies like the FBI, the Department of Homeland Security, and the Financial Crimes Enforcement Network are now working with banks and nonprofits through the Aspen Institute’s National Task Force for Fraud and Scam Prevention.
A National Security Crisis Costing Americans $158 Billion a Year
Every year, criminals scam American households out of more than $158 billion — a growing threat that experts now call a national security crisis. Scams don’t just harm individuals; they weaken trust in banks, businesses, and the U.S. financial system.
The Aspen Institute is tackling this problem by focusing on three key areas:
- Information Sharing Across Sectors – improving coordination between banks, telecoms, agencies, and nonprofits to detect scams earlier.
- Law Enforcement Alignment – boosting cooperation among local, state, and federal authorities to dismantle criminal networks.
- Consumer Awareness and Intervention – giving consumers real-time warnings and tools to reduce victimization.
Together, these efforts are building the framework for a national scam prevention strategy aimed at stopping criminals at the source.
Protecting the Most Vulnerable
Older Americans remain among the prime targets for scammers, and the financial toll is devastating. In 2024 alone, seniors in California lost more than $832 million to scams. Criminals deliberately prey on trust, isolation, and fear — making older adults more likely to be manipulated into giving up sensitive information or money.
At Finn Law Group, we have written extensively about the advance of scams and how they continue to evolve. Time and again, we’ve seen how criminals shift tactics to exploit those who may be less familiar with new technologies or more trusting of unsolicited calls, emails, or offers. These crimes are not simply financial losses — they can erode dignity, independence, and peace of mind for victims and their families.
As Darius Kingsley of JPMorgan Chase put it: “No one is immune to these crimes, but we must be more vigilant to protect our vulnerable and elderly populations”.
Protecting seniors requires more than public service announcements. It demands stronger safeguards from banks, telecom companies, and online platforms, as well as coordinated law enforcement efforts. It also requires educating caregivers and families so they can help intervene before money is lost.
At its core, stopping scams that target older Americans means shifting responsibility away from victims and placing it squarely where it belongs — on the criminals who design and profit from these schemes.
Blueprint Toward a National Scam Prevention Plan
Later this year, the Aspen Institute’s task force will release a national scam prevention strategy, offering a blueprint to fight fraud at the highest level. The goal is to move beyond piecemeal efforts and create lasting solutions that work across industries and government. building an effective strategy depends on accurate data — and that’s where reporting scams becomes critical. Many scams go unreported because victims feel embarrassed, hopeless, or unsure of who to turn to. This underreporting hides the full scope of the problem and makes it harder for authorities to track, shut down, and prosecute criminal networks.
When you report a scam, you are not only protecting yourself — you’re helping others avoid the same trap and giving law enforcement the tools they need to act. Reports help identify patterns, expose organized crime rings, and pressure companies and regulators to close loopholes scammers exploit.
If you encounter a scam, here are the key agencies to contact:
- Federal Trade Commission (FTC) – Handles fraud and deceptive practices affecting consumers nationwide.
- Federal Bureau of Investigation (FBI) / Internet Crime Complaint Center (IC3) – Tracks cybercrime and scams that cross state or international borders.
- Department of Homeland Security (DHS) – Investigates scams tied to foreign actors or national security risks.
- Financial Crimes Enforcement Network (FinCEN) – Works with banks to identify and stop financial fraud.
- State Attorneys General – Pursue consumer protection cases and hold scammers accountable at the state level.
- Better Business Bureau (BBB) Scam Tracker – A public database that helps others spot scams happening in real time.
By reporting, you’re not just filing a complaint — you’re contributing to a larger national effort to build defenses against fraud. The more victims speak up, the stronger the case becomes for law enforcement and policymakers to act.
Final Thoughts: Going After the Root Cause
Scams are growing in cost, complexity, and reach. They affect nearly every American and drain billions of dollars each year. While consumer awareness is important, the real solution is to go after the source — the criminals.
As Kingsley warns, “The immense complexity and scale of the challenges posed by these scams requires decisive action by companies alongside coordinated government and law enforcement to stop these criminals”. Pay attention….More to come!
Disclosure: This article is intended for informational purposes only and should not be considered legal advice. Images included are used for illustrative and artistic purposes only and do not depict actual individuals, events, or specific locations.
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Led by timeshare attorneys J. Andrew Meyer and Michael D. Finn with over 75 years of combined legal experience. The Finn Law Group is a national consumer protection firm that specializes in Timeshare Law. If you feel you need the services of a timeshare attorney, contact our law firm today at 855-FINN-LAW. Want to learn more on timeshare related issues? Follow us on X formally Twitter.
