Findings

Congress finds the following: (1) Data from the Federal Trade Commission shows that consumers reported losing— (A) more than $10,000,000,000 to fraud in 2023, marking— (i) the first time that fraud losses have exceeded that amount; and (ii) a 14 percent increase over those reported losses in 2022; and (B) more money to investment scams (specifically, more than $4,600,000,000) than any other category in 2023, which represents a 21 percent increase over those reported losses in 2022. (2) Data from AARP, published in 2023, shows that 9 out of 10 adults in the United States encountered a fraud attempt in the past year. (3) In 2021, AARP found that servicemembers are nearly 40 percent more likely to lose money to scams and fraud than civilians. (4) For decades, State securities and insurance regulators have been leaders in the effort to protect older and sometimes vulnerable adults, including veterans, from financial exploitation.