The U.S. Attorney for the District of Columbia recently launched a Scam Center Strike Force to aggressively address crypto-facilitated fraud and scams originating from Southeast Asia.
It will use federal resources to eradicate transnational facilities and services used to exploit victims. It also will partner with the host countries to identify criminal networks, seize facilities and hold criminals accountable.
In 2024, there were $12.5 billion in reported consumer losses, a 25 percent increase from 2023, according to the Federal Trade Commission. In addition, approximately one in five Americans has lost money to an online scam or attack, according to the Aspen Institute.
“We strongly support the launch of the Scam Center Strike Force and stand ready to support this vital effort,” Heather Hogsett, Bank Policy Institute executive vice president, said. “American consumers are under attack from sophisticated criminal networks and hostile nation-states to the tune of over $12 billion per year – a sum that’s likely underreported. Confronting this threat requires the full force of both industry and government, and today’s announcement marks a significant step forward in that fight.”
The institute is a nonpartisan public policy, research and advocacy group representing universal banks, regional banks and the major foreign banks doing business in the United States.