Stop Scams Alliance
Protecting Consumers by Stopping Scams at the Source
Why do we exist?
Financial scams are among the most common crimes affecting Americans. US consumers are under attack by foreign crime gangs that use ever-sophisticated cyber-enabled methods to steal hundreds of billions of dollars annually. We need to unite and fight against this threat, which has grown dramatically in recent years.
How to fight back? Public-private partnership and cross-sector cooperation can make a difference. Stop Scams Alliance works to create a comprehensive, systemic approach that brings together technology, telecom, financial institutions, consumer advocacy groups, and government.
We focus on finding solutions to stop scams at the source, before they hit the consumer or the banks.
Washington Post Opinion: Scams are on the rise, and they’re ruining lives. We can stop it. (Written by Stop Scams Alliance)
Listen to our origin story on the Scam Rangers podcast.
According to data from Gallup, FTC, and the FBI:
21 million
Annual fraud victims in the US*
—That’s more than 57,000 per day
$158 billion
Annual losses in the US**
--Total cost to society is higher yet
$14,000+
Average loss per victim***
—Average loss for seniors: $34,000. Some lose millions
—The emotional toll: incalculable
Losses are skyrocketing:
1,462% (15-fold) increase in losses reported to the FBI since 2014; reported losses ballooned 22 percent between 2022 and 2023
2023 AARP Poll: Two-thirds of Americans say that scams are at a crisis level
2024 AARP Poll: 42% of Americans (an estimated 141.5 million adults) say they have lost money to scams or had sensitive information obtained and used fraudulently
Gallup poll: Scams are Americans’ second-highest crime victimization concern, with 57% saying they frequently or occasionally worry about it happening to them
The threat is increasing:
Criminals are increasingly targeting US citizens and financial institutions because our defenses are weaker than other countries —Congressional testimony from US Secret Service
Artificial Intelligence is about to make things much worse
—FTC Chair: AI could “turbocharge” fraud
Stop Scams Alliance Inc. is a nonprofit, tax-exempt charitable organization (tax ID number 93-3456513) under Section 501(c)(3) of the Internal Revenue Code. Donations are tax-deductible as allowed by law.
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*According to a Gallup poll that was conducted between 2-23 October 2023. The number of victims who reported to the US government is far fewer, about 3 to 4 percent of the victims identified in the Gallup poll. In 2023, the FBI received 880,418 reports from fraud victims; in 2023 the FTC received 690,984 reports with a $ loss.
**Source: Protecting Older Consumers, 2023-2024, A Report of the Federal Trade Commission, October 18, 2024 (page 28) “the estimated 2023 overall loss, adjusted to account for underreporting, was $158.3 billion.” In addition, a February 2024 research report from Feedzai and the Global Anti-Scam Alliance (GASA) found that scams cost US consumers $159 billion in 2023.
***The average reported loss in the FBI’s report was $14,198 in 2023; the average reported loss in the FTC’s report was $14,500 in 2023. The FBI reports that in 2023, the average reported dollar loss for victims over the age of 60 was $33,915.