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The number of older Americans getting scammed out of their savings has exploded over the last four years. A new report from the Federal Trade Commission (FTC) details how scams targeting adults 60 and older have proliferated, with that demographic being three times as likely to incur losses of more than $100,000. Some people 60-plus have reported emptying their bank accounts and even clearing out their 401(k)s, the FTCs Division of Consumer Response and Operations wrote. While younger people report losing money to these impostors, too, reports of losses in the tens and hundreds of thousands of dollars are much more likely to be filed by older adults, and those numbers have soared. Last year, 8,269 older adults reported a loss of $10,000 or more, which is more than four times the number the FTC received in the same category in 2020. In 2024, older adults who lost $100,000 or more through a scam reported combined losses of more than $445 million, up from $55 million in 2020. Most of the scammers take a similar approach, reaching out to unsuspecting victims about a fake, time-sensitive problem that can only be resolved if they transfer moneywhich ultimately lands in the hands of these unscrupulous strangers. Those requests can be dressed up in a variety of ways, but they often rely on a phone call to kick things off, reeling the victim in with false urgency and keeping them chatting while setting up the scam. Last year, 41% of older adults who lost more than $10,000 through scams impersonating businesses or the government were ensnared with a phone call as the initial contact method. An online ad or pop-up ad, often imitating a security alert, was the first point of contact for 15% of these victims, while 13% reported an email as the initial method of contact. Even when they dont start with a call, reports show the goal is to get you on the phone, the FTC wrote. A call is still the best way to dial up the fear and the urgency so its harder for you to think clearly and check things out. What are the scams? Scams evolve constantly, but there are some consistent themes across high-loss scams that the new report highlights and says to watch out for. First, scammers often impersonate banks or major companies, such as Amazon, and claim that your account is linked to suspicious activity. Second, they might claim to be a government official and warn you that your Social Security number or another form of official identification has been used for illegal activity, like drug smuggling or money laundering. The third common approach is when fraudsters impersonate a company, like Apple or Microsoft, sending an on-screen security alert that your account has been hacked. In those attacks, the scammers provide a number for you to call, and they move the scam along after getting you on the phone. The FTC also notes that scammers often pretend to be the government agency itself, requesting that victims transfer money, put cash into Bitcoin ATMs, or even complete in-person cash handoffs. Regardless of the fake story, the goal is generally the same: to get your money, the FTC report said. Why are scams spiking now? The FTC report didnt explore the forces behind the scams, but most signs point to technology as an accelerant. AI is still a relatively new technology, but its already a powerful tool for scammers seeking to fool victims into handing over cash or personal information. With AI, scammers can smoothly impersonate the voice and even the appearance of someone you know, establishing trust easily. In one targeted attack, a Hong Kong-based finance employee transferred $25 million to scammers who posed as his companys CFO by using a deepfake video. Beyond AI, cryptocurrency remains such a major vector for fraud that the FBI launched an operation last year to reach potential victims earlybefore they empty their savings into fake investments. Some victims have reported thatprior to being notified by the FBI about the scamthey were in the process of liquidating their 401(k), selling their home, or obtaining a sizable loan, according to the FBI. In a recent FBI report on internet crime, the agency detailed how the attack surface for online scams has grown exponentially as the internet has become woven into every aspect of our lives. Scammers are increasingly using the internet to steal Americans hard-earned savings, wrote B. Chad Yarbrough, operations director of the FBI’s Criminal and Cyber Division. And with todays technology, it can take mere taps on a keyboard to hijack networks, cripple water systems, or even rob virtual exchanges. To steer clear of scams online, you can follow a few basic rules that go a long way toward keeping your money in the bank. Blocking unwanted and spam calls can help screen out some of this communication to begin with. Never send money to anyone in response to a surprise message, call, or alertacting with a sense of urgency is always to the scammer’s benefit. If you get a call out of the blue that sounds fishy, hang up and verify the source by directly contacting the person or company through official channels, not via the phone number the person provided.
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E-Commerce
In the early 2000s, it was hard to pass through any major suburban center and not cross a Bed Bath & Beyond. The home retail stores were ubiquitous back then and so popular that one of the brands locations featured as a major plot point in the 2006 Adam Sandler comedy Click, which grossed nearly a quarter billion dollars worldwide. But in the nearly two decades since then, Bed Bath & Beyond suffered the same challenges many major retailers have experienced: declining foot traffic, a shift in consumer shopping habits from physical to online stores, and rising costs due to inflation. The once ubiquitous chain ended up going bankrupt in 2023 and subsequently closed all its stores. Now, however, one of those stores is back from the beyondand it’s even accepting old Bed Bath & Beyond coupons. Heres what you need to know. BBB is back from the beyond Shortly after Bed Bath & Beyond filed for bankruptcy in 2023, online shopping giant Overstock.com acquired the former retailers name and rebranded itself as Bed Bath & Beyond. And now, Overstocks owner, The Brand House Collective, Inc., has announced it will open its first physical Bed Bath & Beyond store again. However, fans of the brick-and-mortar retailer shouldnt get their hopes up for a nationwide revival. As of now, The Brand House Collective has only announced plans to open one Bed Bath & Beyond. One. The company also announced that the store would feature a slight name change. Instead of being known as Bed Bath & Beyond, the new store will be called Bed Bath & Beyond Home, likely to hammer home the point that the store is a home goods outlet. Announcing the new store opening, Amy Sullivan, CEO of The Brand House Collective, said, “We’re proud to reintroduce one of retail’s most iconic names with the launch of Bed Bath & Beyond Home, beautifully reimagined for how families gather at home today. She continued, “This isn’t just a store, it’s a fresh start for a brand that means something special to so many families. With Bed Bath & Beyond Home we’re delivering on our mission to offer great brands, for any budget, in every room. Get your (old) coupons ready The Brand House Collective has also chosen to implement a unique marketing gimmick for Bed Bath & Beyonds physical revival: the new store will accept old Bed Bath & Beyond coupons. One of the big draws of former Bed Bath & Beyond stores was that they often offered customer coupons that could lead to significant deals and discounts. For the grand opening of the new store, customers with those old coupons will be able to use them again. We encourage guests to bring in their legacy Bed Bath & Beyond coupons which we will gladly honor, the company said in its press release. It also confirmed the new store will issue new coupons to guests as well. Where and when does the new Bed Bath & Beyond open? The new Bed Bath & Beyond location opens today, Friday, August 8, 2025 in Nashville, Tennessee. As for The Brand House Collective, its unlikely the opening of the new physical store will do much for its bottom line. The companys stock (Nasdaq: TBHC) is currently trading down 3.1% as of the time of this writing to $1.21 per share. Year to date, TBHC stock is down nearly 25%. Over the past twelve months, TBHC is down nearly 20%.
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E-Commerce
Under President Donald Trump‘s leadership, the United States has withdrawn from international negotiations and commitments, particularly around climate. But the U.S. is very much involved in treaty talks for a global accord to end plastic pollution. Nations kicked off a meeting Tuesday in Geneva to try to complete a landmark treaty over 10 days to end the spiraling plastic pollution crisis. The biggest issue is whether the treaty should impose caps on producing new plastic, or focus instead on things like better design, recycling and reuse. About 3,700 people are taking part in the talks, representing 184 countries and more than 600 organizations. Here is a look the U.S. position: Why is the US participating in the negotiations? Hours after he was sworn in to a second term, Trump pulled the U.S. out of the landmark Paris agreement to combat global warming. The United States didn’t participate in a vote in April at the International Maritime Organization that created a fee for greenhouse gases emitted by ships, or send anyone to the U.N. Ocean Conference in June. Some wondered whether the United States would even go to Geneva. The State Department told The Associated Press that engaging in the negotiations is critical to protect U.S. interests and businesses, and an agreement could advance U.S. security by protecting natural resources from plastic pollution, promote prosperity and enhance safety. The industry contributes more than $500 billion to the economy annually and employs about 1 million people in the U.S., according to the Plastics Industry Association. This is a historic opportunity to set a global approach for reducing plastic pollution through cost-effective and common-sense solutions and fostering innovation from the private sector, not unilaterally stopping the use of plastic, the department said in an email. What does the US want in the treaty? The State Department supports provisions to improve waste collection and management, improve product design and drive recycling, reuse and other efforts to cut the plastic dumped into the environment. The International Organisation for Economic Co-operation and Development estimates that 22 million tons of plastic waste will leak into the environment this year. That could increase to 30 million tons annually by 2040 if nothing changes. The OECD said if the treaty focuses only on improving waste management and does nothing on production and demand, an estimated 13.5 million tons of plastic waste would still leak into the environment each year. What does the US not want in the treaty? The United States and other powerful oil and gas nations oppose cutting plastic production. Most plastic is made from fossil fuels. Even if production grows only slightly, greenhouse gas emissions emitted from the process would more than double by 2050, according to research from the federal Lawrence Berkeley National Laboratory. The U.S. does not support global production caps since plastics play a critical role throughout every sector of every economy, nor does it support bans on certain plastic products or chemical additives to them because there is not a universal approach to reducing plastic pollution, the State Department said. Thats similar to the views of the plastics industry, which says that a production cap could have unintended consequences, such as raising the cost of plastics, and that chemicals are best regulated elsewhere. What has the US done in Geneva so far? On the first day of the negotiations, the United States proposed striking language in the objective of the agreement about addressing the full life cycle of plastics. That idea was part of the original mandate for a treaty. Getting rid of it could effectively end any effort to control plastic supply or production. Under former President Joe Biden’s administration, the U.S. supported the treaty addressing supply and production. What are people saying about the US position? Industry leaders praised it and environmentalists panned it. Chris Jahn, president and CEO of the American Chemistry Council, said the Trump administration is trying to get an agreement that protects each nation’s rights while advancing effective and practical solutions to end plastic waste in the environment. He said his group supports that approach. Graham Forbes, head of the Greenpeace delegation in Geneva, said the United States wants a weak agreement and is undermining the idea that the world needs strong international regulations to address a global problem. Does the US think the world can agree on a treaty that will end plastic pollution? The United States aims to finalize text for a global agreement on plastic pollution that all countries, including major producers of plastics and plastic products, and consumers, will support, the State Department said in its statement. ___ The Associated Press climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. Jennifer McDermott, Associated Press
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