WASHINGTON — House Financial Services Committee Republicans have released a sweeping policy report calling for a “whole-of-ecosystem” strategy to combat the rapid rise in financial fraud and scams, arguing that existing government and private-sector efforts remain too fragmented to keep pace with increasingly sophisticated criminal organizations.
The 107-page report, Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams, was released Wednesday by Republicans on the House Financial Services Committee after more than a year of hearings, stakeholder meetings and roundtables examining financial crime. The report concludes that fraud has evolved into a national security and consumer protection issue requiring greater coordination among financial institutions, technology companies, telecommunications providers and government agencies.
Strong Growth in Fraud Losses
The report cites Federal Trade Commission data showing consumers reported $15.9 billion in fraud losses in 2025, up 28% from the previous year, while estimating actual losses could approach $196 billion because many incidents go unreported. It also notes that an estimated 15 million Americans were victimized by scams in 2025 and says nearly three-quarters of Americans have experienced some form of online scam or cyberattack.
According to the committee, scams have become increasingly industrialized, with organized criminal networks operating large-scale scam centers in Southeast Asia and other regions, while advances in artificial intelligence have enabled criminals to create convincing emails, text messages, voice recordings and videos that are difficult to distinguish from legitimate communications.
The Recommendations
The report recommends a series of policy changes, including:
- Creating a single executive task force to coordinate federal anti-fraud efforts.
- Consolidating the more than a dozen federal fraud complaint portals into one reporting system.
- Developing a cross-sector information-sharing framework among government agencies and private companies.
- Standardizing fraud terminology and reporting across industries.
- Increasing investigations and prosecutions of fraud and scam perpetrators.
- Removing regulatory barriers that limit financial institutions’ ability to prevent fraud or reduce customer losses.
- Launching a nationwide consumer education campaign similar to “Smokey Bear” or “Click It or Ticket.”
- Encouraging greater compassion for fraud victims to reduce stigma and improve reporting.
The committee said banks, payment companies, telecommunications firms, social media companies and technology firms have expanded investments in fraud prevention, while the Trump administration has established new executive actions and interagency initiatives aimed at improving coordination against financial crime. However, Republicans said those efforts remain insufficient because criminals continue to exploit gaps between industries and government agencies.
Summary of Congressional Work
The report summarizes work undertaken during the 119th Congress, including four committee hearings focused specifically on fraud, covering payment fraud, financial institution defenses, capital markets fraud and broader threats to consumers. Committee Republicans also conducted outreach with banks, fintechs, payment companies, telecommunications providers, technology firms and regulators, many of whom cited legal and regulatory barriers that limit information sharing across industries.
The report concludes that while financial institutions have significantly expanded fraud detection capabilities, combating modern scams will require coordinated action across the public and private sectors as criminals increasingly exploit artificial intelligence, encrypted communications, social media platforms and faster payment systems.
