Americans lose billions as expert says median fraud losses double ...Middle East

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Americans lose billions as expert says median fraud losses double
source : The Hill ( Middle East ) () 26
Frauds and scams in the banking system cost Americans billions in 2022, experts told a Senate panel on Thursday. And that number will continue to rise unless Congress makes needed updates and holds companies more accountable.  The median amount of money lost in fraud cases has more than doubled from 2020 to 2022, going from $311 to $650, and the total amount of money lost went from $3.3 billion to $8.8 billion in the same period. That’s according to John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League. Congress “can and should” be playing a bigger role in updating laws and creating incentives for companies to prevent fraud, Br

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