The Fraud Challenge
Fraud losses in the U.S. reached more than $12.5 billion in 2024, according to the FTC.
More than one in three U.S. adults (34%) have experienced financial fraud or a scam since January 2024.*
* 2025 Bankrate Financial Fraud Survey
Say their bank takes proactive steps to protect them from fraud*
* 2025 Morning Consult Survey
- 24/7 fraud monitoring
- Fraud alerts through mobile app, texts, email, and phone
- Cutting-edge artificial intelligence
- Data encryption and biometrics
- Multifactor authentication
- Educating customers through campaigns like ABA's #BankNeverAskThat, #PracticeSafeChecks and Safe Banking For Seniors
- Taking down phishing websites
- Shutting down phone numbers used in fake fraud alerts
We urge the Trump administration to establish a White House office to develop and coordinate a National Scam and Fraud Prevention Strategy.
Improved federal coordination should be accompanied by a renewed commitment by law enforcement to prosecute the bad actors.
The administration and Congress should direct the Federal Communications Commission to establish a database of reported spam text messages.
Industries that introduce consumers to the scammers through fake social media profiles and vouch for them with illegal CallerID displays should implement “know your customer” procedures so criminals can’t pose as your bank using digital tools that engender trust.
All stakeholders should find ways to better engage state and local law enforcement in combating financial crime.
