U.S. Reps. French Hill (R-AR), chair of the House Committee on Financial Services, and Dan Meuser (R-PA), chair of the Oversight & Investigations Subcommittee, released a new report aimed at confronting the growing crisis of financial fraud and scams.
The staff report, “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams,” details a year-long investigation into the growing threat of financial fraud and scams targeting American consumers. The report outlines not only the scope of the problem, but also emerging fraud trends, and recommendations to strengthen consumer protections and improve coordination among law enforcement and regulators while equipping financial institutions with better tools to detect and prevent fraud.
“Financial fraud is one of the fastest-growing threats facing Americans, costing consumers and financial institutions billions of dollars each year,” Hill said. “As fraudsters become more sophisticated, we must ensure law enforcement, regulators, and financial institutions have the tools they need to stay ahead of these evolving threats.”
According to the report, nearly 75 percent of Americans have experienced some form of online scam or attack, with an estimated 15 million victimized in 2025 alone. The Federal Trade Commission reported receiving more than 3 million fraud reports from customers and $15.9 billion in losses last year. That reported loss represents a 28 percent increase from 2024, and an 1,800 (cq) percent increase since 1997 when the FTC began tracking fraud and scam statistics. The report emphasized that since the vast majority of victims do not report fraud and scams they have suffered, the $15.9 billion mark vastly underestimates the true measure of losses. Estimates put the true figure at $196 billion.
“Financial fraud and scams affect everyone. From veterans and small businesses to seniors and young people, everyone is vulnerable,” Meuser said. “As Chair of the Oversight and Investigations Subcommittee, I’ve made it a top priority to address the threat of financial fraud and scams and provide the public the tools they need to secure their finances. However, as schemes become more elaborate and are increasingly perpetrated by transnational criminal organizations, our committee and other stakeholders must remain vigilant and address threats as they evolve.