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Stock impact report

Scams could now cost Americans $119 billion a year, study finds [MSNBC.com]

PUBLICIS GROUP SA S/ADR (PUBGY) 
Company Research Source: MSNBC.com
Americans are losing at least $119 billion every year to scams, according to a new estimate from the nonprofit Consumer Federation of America, a consumer advocacy group.There is no formal U.S. government estimate of how widespread scams are; some indicators show they have steadily risen for years. The FBI’s Internet Crime Complaint Center solicits victims to report their losses but admits its figures are a gross undercount, given that many people don’t want to or know to share that information with the agency.For 2024, the most recent year for which data is available, the FBIfound $16.6 billionThe CFA looked at multiple estimates of how frequently scams go unreported — in particular, anextensive 2017 studyBen Winters, the CFA’s director of AI and privacy, said it shows a staggering amount of money is lost to scammers.“We used the most conservative and sort of most evidence-based estimation of underreporting, which was from the Bureau of Justice Statistics. So we took that figure and e Show less Read more
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