Americans Lose Billions to Scams, Rarely Recover Funds

WHO:

Fast Company - The U.S. Congress Joint Economic Committee investigation was led by ranking Democrats Sen. Maggie Hassan and Rep. Don Beyer, who released the report.

Fast Company - Hassan said transnational criminal organizations use U.S. technology, including AI, to conduct scams against Americans, and called for Congress, the administration, and private companies to strengthen their efforts.

Fast Company - The FBI, Federal Trade Commission (FTC), U.S. Secret Service, U.S. State Department, and the Departments of Justice, Homeland Security, and Treasury provided information to the committee.

Fast Company - Kate Griffin, a director at the Aspen Institute’s financial security program, said the United States still lacks “durable, sustainable scam prevention.”

Fast Company - The Associated Press and FRONTLINE (PBS) conducted a yearlong investigation into global scams; their collaboration includes the documentary “Scammed.”

WHAT:

Fast Company - The committee report found that the U.S. response to cyberscams is fragmented, private-sector partnerships are voluntary, and the government lacks a unified accounting of funds seized from overseas scam compounds or returned to victims.

Fast Company - The FBI said it returned $336 million to scam victims in 2025. The FTC reported returning $1.83 billion to fraud victims in fiscal year 2025 but could not establish how much came from overseas scam compounds. The Secret Service returned more than $770 million in seized assets to fraud victims in fiscal years 2024 and 2025, from various fraud schemes.

Fast Company - The State Department said foreign law enforcement agencies it supports had seized proceeds “in the low hundreds of millions of dollars.”

Fast Company - Americans reported nearly $18 billion in cyberfraud losses to the FBI last year—more than $2 million per hour—and many victims do not report crimes.

Fast Company - The report urged Congress to pass legislation requiring a unified federal anti-scam strategy and a central place for victims to report losses and seek help.

ABC News US - A congressional investigation found that the government’s response to rising cyberscams is fragmented and victims struggle to recover their losses.

WHERE:

Fast Company - The investigation concerns scams targeting Americans and overseas scam compounds; Bangladesh was identified as an emerging hub for global scam operations.

Fast Company - State Department cutbacks eliminated at least one anti-scam program in Bangladesh that trained local law enforcement in cyberfraud investigations.

Fast Company - The State Department said 60 employees in the United States and Asia spend significant time combating overseas scam compounds.

WHY:

Fast Company - Hassan said the challenge is growing exponentially and has devastating consequences for victims.

Fast Company - Griffin said progress has not yet resulted in reduced victimization.

HOW:

Fast Company - The report called for stronger interagency collaboration, victim support, and deeper private-sector involvement.

Fast Company - Justice Department officials told Congress that technology companies should focus more on scam prevention; the article says U.S. regulators and lawmakers have not established clear incentives or liability for technology, telecommunications, or financial-services firms that fail to protect consumers.

Fast Company - The report contrasted U.S. policy with the 27-nation European Union, the United Kingdom, Australia, and Singapore, which the article says hold such companies potentially liable.

Fast Company - The State Department said it “has the tools it needs to combat the threat internationally.”

(UPDATED October 27, 2026 17:09 UTC)

A congressional investigation led by Senator Maggie Hassan and Representative Don Beyer found that the U.S. response to cyberscams is fragmented, leaving victims struggling to recover losses and the government without a unified accounting of money seized or returned. Americans reported nearly $18 billion in cyberfraud losses to the FBI last year, while agencies reported billions in returns across fraud cases but could not consistently identify how much came from overseas scam compounds. The report calls for a unified federal strategy, a central place for victims to seek help, stronger agency coordination, and greater involvement from private companies, as overseas scam operations expand and progress has yet to reduce victimization.