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The rise of fraud and scams has led to a $10 billion loss for Americans in 2023. However, startups Valid8 and Scamnetic are using data and AI to combat these crimes. With different legal liabilities for fraud and scams, banks have invested in advanced technology to detect fraud in real time. This has resulted in a significant decrease in credit card fraud. Scammers are now using tactics such as calling or emailing victims to manipulate them into giving access to their accounts.