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- calendar_today October 27, 2026
Congressional Report Highlights Growing Cyberscams Problem
A recent investigation led by the Joint Economic Committee of the U.S. Congress reveals that cyberscams continue to steal billions of dollars from Americans, with few victims seeing their money returned. This assessment comes amid concerns that the U.S. government's efforts to fight international scams remain fragmented, and its partnerships with private sector organizations are largely voluntary and inconsistent.
Lack of Unified Data and Recovery for Scam Victims
The report, released by ranking Democrats Sen. Maggie Hassan and Rep. Don Beyer, emphasizes a lack of comprehensive data on assets seized from overseas scam operations and the total amount returned to U.S. scam victims. The absence of a unified accounting system has made it difficult for authorities to track progress in scam recovery efforts.
Billions Lost, Few Recovered
According to data provided by U.S. law enforcement agencies, Americans reported nearly $18 billion in cyberfraud losses in the past year, a loss rate of over $2 million per hour. Despite numerous seizures and asset recoveries, only a small portion of these financial losses make it back to the victims:
- The FBI reported returning $336 million to victims in 2025.
- The Federal Trade Commission stated it returned $1.83 billion to fraud victims in fiscal year 2025, although it couldn't specify how much of that money came from overseas scam operations.
- The U.S. Secret Service returned more than $770 million in seized assets over fiscal years 2024 and 2025, with funds reclaimed from multiple fraud schemes.
- The State Department noted that foreign law enforcement had seized scam proceeds in the 'low hundreds of millions,' but no precise breakdown was available.
Even collectively, these figures represent only a fraction of Americans' total reported financial losses to cyberfraud. Many incidents of online scams go unreported, further obscuring the true scale of the problem.
Fragmented Approach Hinders Efficient Fraud Prevention
The congressional report drew upon findings from a yearlong investigation by The Associated Press and FRONTLINE, calling for improved cooperation across government agencies, enhanced support for scam victims, and stronger engagement from the private sector. Sen. Maggie Hassan remarked that transnational criminal organizations exploit U.S. technology, including artificial intelligence, to run large compound scams targeting Americans. She stressed that "the scale of this exponentially growing challenge requires Congress, the Administration, and the private sector to all strengthen their efforts."
The report also criticized cutbacks in international law enforcement training, noting that the U.S. State Department had eliminated at least one anti-scam program in Bangladesh. Recent findings from the United Nations Office on Drugs and Crime, funded by the European Union, identified Bangladesh as an emerging hub for global scam operations.
Calls for a Unified Federal Strategy and Regulatory Reform
The report urged Congress to pass pending legislation that would mandate a unified federal strategy for combatting cyberscams, including establishing a central location for scam victims to report losses and access help. The White House has also advocated for improved coordination among federal agencies.
Justice Department officials highlighted the need for private sector companies to take on a more preventative role in addressing cyberscams. However, the United States has yet to implement regulations that would hold technology, telecommunications, or financial services firms liable if they fail to protect consumers—measures that the EU, UK, Australia, and Singapore have adopted in their approaches to international scams.
Challenges and the Road Ahead
Kate Griffin, a director at the Aspen Institute’s financial security program, acknowledged progress in fraud prevention efforts but noted that the current U.S. system still lacks "durable, sustainable scam prevention." While some government agencies report increased fraud recovery, the overall rate of victimization remains high.
The investigation calls for comprehensive legislative action and deeper collaboration across sectors to help reduce the devastating impact of cyberscams on Americans and improve the likelihood of scam recovery for victims.
Source: abcnews.com.
