It's truly unfortunate to hear that con artists were able to steal $414 million from veterans, military members, and their spouses last year, which is more than $140 million more than they did the previous year. However, it's encouraging to know that the number of fraud attacks against the military community decreased by 16 percent, based on reports submitted by consumers last year.
Unfortunately, even though the number of fraud attacks decreased, 31 percent of those 93,124 fraud attacks resulted in a financial loss, which is a 5 percent increase from the previous year. This accounted for the increase in losses, with victims within the military community reporting a median loss of $765, compared with $650 for their civilian counterparts. It's truly disheartening to know that military consumers most commonly reported impostor scams, which cost them more than $164 million.
It's not all bad news, however! The second most reported scam was identity theft, which decreased by 24 percent since 2021, with its most common forms being credit card and bank fraud. Investment-related fraud was the third most reported but had the highest percentage of financial loss (77 percent) and the highest median amount of money lost ($5,000) out of the 10 most commonly reported types of fraud.
Reports that fell into the FTC’s third, or “other,” category increased 33 percent from 2021, to 65,548 complaints, with the top three being problems involving credit bureaus, banks and lenders, and debt collection. Within the military community, veterans reported the greatest number of complaints, followed by active-duty service members, military spouses and dependents, and reserve and National Guard members. Active-duty service members reported the highest percentage of loss to fraud attacks (38 percent). Reserve and National Guard members faced the highest median dollar amount lost ($1,000). Veterans paid out the greatest total amount lost to fraud, at $292 million.
It's important to note that veterans are likely to be the most targeted group for fraud attacks. It's heartbreaking to hear that those who have served our country are being taken advantage of by unscrupulous individuals. We must remain vigilant in protecting our military community from these types of scams.
Overall, it's essential to stay informed and aware of the types of scams targeting military members and their families. By doing so, we can take proactive steps to protect ourselves and our loved ones from falling victim to these fraudulent activities. Remember, if something seems too good to be true, it probably is!
Using AI to Detect and Prevent Scams: How Genie Protects Military Members and Their Families.
Genie, the AI-powered anti-scam app, can play a crucial role in protecting military members, veterans, and their families from falling victim to scams like those reported by the Federal Trade Commission (FTC).
Genie uses cutting-edge artificial intelligence to talking to incoming unknown callers and recognize signs of potential fraud. The app can detect common scam tactics, such as impostor scams and investment fraud, by analyzing language patterns. If a phone call is flagged as suspicious, Genie can automatically blocks the caller and provide users with a warning.
Overall, Genie can be a powerful tool in the fight against scams and fraud targeting the military community. By using advanced AI to detect and prevent scams, Genie can help to protect military members and their families from financial losses and other negative consequences.