Call for National Strategy to Stop Fraud and Scams

Letter issued by Aspen Institute Financial Security Program and the below members of the National Task Force on Fraud and Scam Prevention

September 29, 2025

The Honorable Mike Johnson
Speaker of the House
U.S. House of Representatives
H-232 - The Capitol
Washington, DC 20515

The Honorable Hakeem Jeffries
Minority Leader
United States House of Representatives
2267 Rayburn House Office Building
Washington, DC 20515

The Honorable John Thune
Majority Leader
United States Senate
S–511 - The Capitol
Washington, DC 20510

The Honorable Charles E. Schumer
Minority Leader
United States Senate
322 Hart Senate Office Building
Washington, DC 20515

Dear Speaker Johnson, Leader Thune, Leader Schumer, and Leader Jeffries,

Every day, Americans lose roughly $430 million to fraud and scams, equating to more than $158 billion per year, according to the FTC. Behind that number are millions of hardworking people who have been targeted by transnational criminal networks that are growing more sophisticated, more aggressive, and harder to stop.

From deepfakes mimicking loved ones, to phishing messages posing as government agencies and businesses, to investment scams draining retirement savings, fraud and scams have become a fast-evolving national security threat. Proceeds from these illegal activities are a critical funding source for transnational criminal organizations—fueling drug cartels, human trafficking, and terrorism. These same networks are also targeting a broad swath of U.S. companies—including the financial services, telecommunications, and technology industries—in an effort to erode public trust and destabilize the economy.

Scams have grown into a national epidemic, with serious implications for our country's security, economic stability, and consumer safety. Put simply, our country, its citizens, and its corporations are being targeted and robbed by transnational criminal operations. Addressing the problem requires a whole-of-ecosystem approach.

No single industry or actor can solve this problem alone or overnight. That's why the Aspen Institute Financial Security Program (Aspen FSP) established the National Task Force on Fraud and Scam Prevention last year, with more than 80 members from the public, private, and nonprofit sectors.

Time is of the essence to thwart these criminals and protect Americans. We are calling on the U.S. government to declare scams a national priority and prioritize a whole-of-government strategy with dedicated resources and consistent funding to stop fraud and scams at the source. The Task Force has developed a proposed strategy, which you can find here, that identifies potential ways that the private sector, government, and law enforcement can work together to reduce harm, disrupt criminal networks, and protect American families and communities.

We know Congress and the federal government are as concerned with this threat as we are. This proposed strategy aims to supplement the efforts you already have underway by outlining areas of focus and policy considerations that will help us strengthen our coordinated defense against this threat. The Task Force has focused its recommendations on minimizing the harm of scams by responding to and suppressing scam activity, as well as elevating and empowering scam prevention efforts in both the private and public sectors. We hope to build upon the actions Congress and the Trump administration have already undertaken, and we ask you to coordinate across relevant committees and serve as a partner in turning this proposed strategy into action.

Thank you for your attention to this important matter. We welcome the opportunity to meet with you and your staff to brief you on this issue and the proposed strategy. We are confident we can work together to protect our country from fraud and scams, and by doing so, keep hundreds of billions of dollars in the pockets of hardworking Americans.

Sincerely,

Aspen Institute Financial Security Program

AARP

Amazon

American Bankers Association (ABA)

Bank Policy Institute (BPI)

BBB Institute for Marketplace Trust

Better Identity Coalition

Block, Inc.

Citizens Bank

CLEAR

Consumer Action

Consumer Bankers Association (CBA)

Consumer Reports

CTIA – The Wireless Association®

EverBank

Financial Technology Association

Google

Health-ISAC

Hummingbird

Identity Theft Resource Center

Independent Community Bankers of America (ICBA)

JPMorganChase

Match Group

CC:

The Honorable French Hill
Chairman, House Committee on Financial Services
U.S. House of Representatives
1533 Longworth House Office Building
Washington, DC 20515–0402

The Honorable Maxine Waters
Ranking Member, House Committee on Financial Services
U.S. House of Representatives
2221 Rayburn House Office Building
Washington, DC 20515

The Honorable Brett Guthrie
Chairman, House Committee on Energy and Commerce
U.S. House of Representatives
Rayburn House Office Building
Washington, DC 20515

The Honorable Frank Pallone Jr.
Ranking Member, House Committee on Energy and Commerce
U.S. House of Representatives
Rayburn House Office Building
Washington, DC 20515

The Honorable Jim Jordan
Chairman, House Committee on the Judiciary
U.S. House of Representatives
Rayburn House Office Building
Washington, DC 20515

The Honorable Jamie Raskin
Ranking Member, House Committee on the Judiciary
U.S. House of Representatives
Rayburn House Office Building
Washington, DC 20515

The Honorable James E. Risch
Chairman, U.S. Senate Committee on Foreign Relations
United States Senate
Russell Office Building
Washington, DC 20150

The Honorable Jeanne Shaheen
Ranking Member, U.S. Senate Committee on Foreign Relations
United States Senate
Hart Senate Office Building
Washington, DC 20510

The Honorable John R. Moolenaar
Chairman, U.S. House Select Committee on the CCP
U.S. House of Representatives
Cannon House Office Building
Washington, DC 20515

The Honorable Zachary Nunn
Member, U.S. House Committee on Financial Services
U.S. House of Representatives
Longworth House Office Building
Washington, DC 20515
Sponsor, GUARD Act (H.R. 2978).

The Honorable Josh Gottheimer
Member, U.S. House Committee on Financial Services
U.S. House of Representatives
Cannon House Office Building
Washington, DC 20515
Co-sponsor, GUARD Act (H.R. 2978).

The Honorable Mike Crapo
Chairman, U.S. Senate Committee on Finance
United States Senate
Dirksen Senate Office Building
Washington, DC 20510
Sponsor, TRAPS Act (S.2019).

The Honorable Jerry Moran
Chairman, U.S. Senate Committee on Veterans’ Affairs
United States Senate
Dirksen Senate Office Building
Washington, DC 20510
Co-sponsor, TRAPS Act (S.2019).

The Honorable Bill Cassidy
Chairman, U.S. Senate Committee on Health, Education, Labor, and Pensions
United States Senate
Dirksen Senate Office Building
Washington, DC 20510
Co-sponsor, TRAPS Act (S.2019).