Republicans on the House Financial Services Committee today published a report calling for a coordinated national strategy to combat financial fraud and scams, saying that scams begin long before a customer contacts their bank and require stronger collaboration across government, financial institutions, technology companies, telecommunications providers, law enforcement and other stakeholders.
The roughly 100-page report noted that the Federal Trade Commission received more than three million fraud reports from consumers in 2025, with reported losses of $15.9 billion. The losses represented a 28% increase from the prior year and a 1,800% increase since 1997, when the agency began tracking fraud and scam statistics.
Modern scams increasingly originate through social media platforms, online advertising, telecommunications networks, email and messaging services, with financial institutions often seeing only the final payment, according to the report. The authors concluded that combating scams requires coordinated action across every stage of the scam lifecycle rather than focusing solely on the payment transaction.
“The threat posed by fraud and scams impacts entities beyond a single industry or jurisdiction — it is a national challenge that requires an all-of-ecosystem approach,” the report said.
ABA: Report has correct focus
The committee report “rightly highlights the critical roles that technology platforms, telecommunications providers, law enforcement, policymakers, as well as financial institutions all must play in disrupting criminal fraud networks and preventing victimization,” American Bankers Association President and CEO Rob Nichols said.
“We agree with many of the committee’s specific recommendations, including the need for a coordinated all-of-government approach, the removal of barriers preventing collaboration and information sharing within industries and with law enforcement and the harmonization of data collection and reporting systems to create a cohesive system through which individuals and entities can receive and disseminate reports of fraud and scams,” Nichols said. “We also strongly support the report’s call for enhanced telecommunications protections, including stronger authentication and monitoring and the prompt blocking and removal of scam calls, texts and the bad actors behind them.”
Finally, the report correctly concluded that the bipartisan SCAM Act could serve as a meaningful step toward addressing fraudulent advertising on social media and reducing opportunities for criminals to target potential victims, he said. The bill (S. 3774 and H.R. 7548) would require online platforms to implement procedures to verify an advertiser’s identity before placing an ad. Platforms must also implement a program to detect impersonation on their site.
“We look forward to continuing to work with Congress, the administration and other stakeholders to use this report to energize our fight against fraud and better protect consumers from these increasingly sophisticated threats,” Nichols said.
