KNX Radio in California recently reported that Americans lost $12.5 billion to scams in 2024, though experts believe the true figure is likely much higher. Caroline Melear from the R Street Institute spoke on this issue, describing it as an international problem and offering recommendations for government action.
Melear addressed the scope of financial scams and emphasized that official numbers do not reflect the full extent of losses experienced by individuals across the country. She suggested a stronger federal response to address the origins of these scams.
According to Melear, “the federal government should step in and place sanctions on countries where these scams are originating.”
The KNX series titled Financial Scams 1 and Financial Scams 2 provides further details about scam operations and expert insights.
