NEW REPORT: NYers Losing Billions More Than Expected To Online Scams and Fraud

NEW YORK, NY (03/11/2026) (readMedia)-- TODAY, the Consumer Federation of America (CFA) will hold a virtual press conference to announce their new report on the "true" cost of online scams and fraud, which are costing New Yorkers and Americans across the country billions more than official estimates suggest. The new report, The Scam Economy: The True Cost of Online Scams and Crimes in America, also highlights how social media companies - especially Facebook, Instagram and WhatsApp - are profiting heavily from ad revenue associated with these scams.

Join the virtual event here.

In addition to CFA, NYS Senator Andrew Gounardes and NY-12 Congressional candidate / Assemblymember Alex Bores will join to preview first-in-the-nation state legislation intended to hold social media and AI companies accountable for profiting off of online fraud.

The report comes as more Americans worry about the growing threat of online scams: over 70% of Americans reported falling victim to an online scam, and reported losing 33% more to online fraud last year than the year before. A majority of Americans say the government is doing a bad job at stopping it, and fear that AI is only going to make this issue bigger. A pollster will also discuss recent national and state polling that shows New Yorkers overwhelmingly want elected leaders to do more to stop online scams and fraud.