Sadly, the scammers are winning — but our government can help.

The Hill

30-04-2025

We all know someone who has fallen victim to a scam — tricked into providing personal information, paying for something that was not legitimate, or losing life savings to an imposter. These stories are tragic, and unfortunately they are surging at an alarming rate, inflicting deep financial and emotional harm on American consumers and small businesses.
During this Financial Literacy Month, we cannot think of a more important issue for the federal government — lawmakers, policymakers and regulators — to shine a light on.
The U.S. Government Accountability Office recently released a report to Congress urging the development of a government-wide strategy to confront the fraud and scam epidemic that has affected millions of Americans across the country. The GAO report calls for the establishment of a national scam estimate, a common definition of scams, and an evaluation of the outcomes of consumer education.
The GAO's recommendations around national definitions and measurements of fraud and scams are especially important. It demands a national, cross-disciplinary public-private response built on transparent reporting and strong congressional leadership to bring accountability and urgency in the fight against scams.
America's leading retail banks have consistently raised the alarm on the need for urgent action. In July 2024, we convened a cross-industry roundtable bringing together public and private leaders to identify what is needed for a national strategy for fighting fraud and scams. From these discussions emerged our contribution to the publication ' Stopping Scams Against Consumers: Roadmap for a National Strategy,' which sets out an initial roadmap for cross-industry collaboration among financial institutions, technology companies, law enforcement and the federal government. We were pleased to see some of our findings cited in the recent GAO report as well.
This issue has risen to Main Street because it affects consumers in every congressional district in the country; there is a critical need to go beyond just words to solutions-oriented actions. Just last week, Reps. Zach Nunn (R-Iowa) and Josh Gottheimer (D-N.J.) introduced the Guarding Unprotected Aging Retirees from Deception Act. If passed, this legislation would direct federal agencies, for the first time ever, to report to Congress on the current state of fraud and scams. This level of transparency will not only bring light to the magnitude of the crisis but also drive greater accountability across the public and private sectors alike.
This legislation is a step in the right direction and provides a tangible example of how policymakers in Washington can advance sound policy to protect Americans. By publicly disclosing the scale of the issue, the bill would shed light on vulnerabilities and weaknesses across the consumer ecosystem to better inform and enable solutions at a level not possible today.
No private-sector industry can look across all sectors and gather the data and information required to fully assess the magnitude of the problem, detect and report rising fraud vectors or scam schemes, or track perpetrators. In this way, the federal government should be required to deliver consistent and comprehensive data that will not only reflect how Americans fall victim to scams, but also the scale of the financial impact it has taken on them.
The banking, telecommunications and technology industries — in partnership with federal law enforcement agencies — would be better equipped to develop targeted plans to protect their consumers and have the data to fine tune fraud prevention strategies. In this way, the GUARD Act serves as both a spotlight and a catalyst, encouraging meaningful progress with a shared responsibility.
Scams are a national crisis. They are eroding trust in reputable institutions, inflicting financial and emotional harm, and exploiting some of the most vulnerable members of our society. Robust, comprehensive reporting requirements that will equip our government with the data and insights necessary to take meaningful action to safeguard millions of hardworking Americans each and every day.
I urge lawmakers to swiftly pass this legislation to leverage data into commonsense actions that protect their constituents and hold bad actors accountable.