US Scam Victims Face Record Losses and Little Recourse

A record $15.9 billion in losses was reported to the Federal Trade Commission last year by Americans targeted by scams, with real losses estimated at nearly $200 billion.

The Associated Press and FRONTLINE investigation found that despite efforts by the Trump administration and Congress to combat scams, victims often have little recourse.

The 58 people interviewed for the investigation ranged in age from 32 to 90 and had lost between several thousand dollars and $4 million each.

Many of these victims were retirees who lost money from their tax-deferred retirement savings accounts, which they then owed taxes on due to a provision in the Trump administration's Tax Cuts and Jobs Act that removed personal losses from many common scams as eligible for tax breaks.