While financial scams have always been around, the variety of schemes that scammers employ to steal money are easily proliferated these days with the internet, social media, AI and crypto.

Frauds and scams ranked No. 6 on the list of top consumer complaints last year, according to a recent report from the Consumer Federation of America.

And the FBI’s Internet Crime Complaint Center found that financial losses from cybercrime alone last year reached $16.6 billion – a 33% increase over 2023, with the vast majority of those losses coming from fraud. The average reported loss was $19,372.

Earlier this month, the Federal Trade Commission noted that there was a more-than-four-fold increase between 2020 and 2024 in the number of reports of older Americans (age 60 and up) who said they’d

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