Scams are the policy problem no one is talking about

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Eight percent of U.S. adults – or 21 million Americans – were scammed in the past year, according to a recent survey by Gallup. To put this number in context, 21 million is roughly equivalent to the entire population of the state of Florida. Each year!

A recent Federal Trade Commission (FTC) report estimated that fraud losses are between $21 billion to $137 billion annually, and the report says the lower figure is "very conservative."

If fraud does account for $137 billion annually, that would exceed the annual revenue of such corporations as Verizon, Comcast, Met or Target. It would also exceed the total annual budget of the Department of Homeland Security, which was $134 billion in 2023.

A recent AARP poll found that two-thirds of Americans believe that scams have reached a "crisis level."

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Clearly, scams are a problem of immense proportion. They affect Americans throughout the socio-economic chain, often disproportionally impacting those without college degrees and whose annual household incomes are below $50,000, according to Gallup.

The Gallup poll also found that 57% of Americans worry about being scammed, which makes it the second-highest crime concern in America, trailing only identity theft.

And keep in mind