The Fight Against Fraud

Criminals scam Americans out of an estimated $196 billion every year by impersonating banks and other trusted entities—using  fake social media accounts, stolen personal information and spoofed caller IDs . Their tactics blend psychological manipulation with increasingly sophisticated digital tools, making these schemes harder and harder for consumers to detect.

Banks invest millions in fraud prevention measures to protect their customers, but scammers continue to adapt, putting Americans’ hard-earned money, the broader economy and national security at risk.

To win this fight we need a coordinated national strategy with the public and private sectors working together, and all stakeholders need to do their part.

One sign of progress:  the introduction of the bipartisan SCAM Act which will help shut down on scams that start on social media.

Urge your lawmakers to cosponsor the SCAM Act and stand with consumers.

Banks are committed to helping customers of all ages stay safe by making fraud prevention education accessible and easy to understand.

Most banks have dedicated fraud-awareness pages on their websites with up-to-date information on common scams, tips for spotting red flags, and information on how to verify whether a call, text, or email is legitimate. Many also share timely alerts and educational content through email newsletters, social media, mobile apps and statement inserts, giving customers real-time guidance on emerging threats.

Through these resources — along with national initiatives like ABA’s #BanksNeverAskThat, #PracticeSafeChecks and Safe Banking for Seniors — banks empower consumers with the knowledge they need to recognize suspicious behavior, protect their personal information, and stop scammers before they strike.

• ABA expressed its strong support for the February 2026 introduction of the SCAM Act, a critical step forward in the nation's fight against fraud. The SCAM Act will require social media companies to take responsible steps to remove scam ads from their platforms.
• In November 2025, ABA also welcomed the Justice Department’s launch of an interagency Scam Center Strike Force to dismantle Southeast Asian scam centers responsible for defrauding millions of Americans every year.
• ABA has partnered with the U.S. Postal Inspection Service and law enforcement agencies to combat check fraud, which has surged since the pandemic, and launched a free online platform that allows member banks to more easily verify payee information for government checks using the Treasury Department’s Treasury Check Verification System.
• In 2025, ABA created an industry-wide Fraud Contact Directory to help make it easier for banks across the country to identify and resolve potential instances of fraud. In March 2026, ABA announced the expansion of the directory to include international banks.
• In September 2025, Paul Benda, executive vice president of risk, fraud and cybersecurity at ABA and chair of the International Banking Federation's Fraud and Scams Taskforce, testified before the House Financial Services Subcommittee on Oversight and Investigations during a hearing focused on fraud and the threat it poses to American families. In his prepared testimony, Benda highlighted the alarming rise in financial fraud targeting American consumers and businesses, emphasizing the need for a coordinated, multi-sector response to combat increasingly sophisticated criminal tactics. Paul Benda also hosts the ABA Fraudcast podcast.
• The ABA Foundation has other helpful tips for consumers on how to spot fraud and scams including this recent infographic developed with the FBI on deepfake media scams.

Urge your lawmakers to cosponsor the SCAM Act

Consumers are scammed out of an estimated $195 billion annually. Stop scams by supporting S.3774 and H.R.7548.