House Report Finds 1,800% Increase in Fraud Losses Since 1997

The report, issued by the House Financial Services Committee Wednesday (July 22), says that Americans reported $15.9 billion fraud/scam losses in 2025. That’s up 28% from the prior year and 1,800% since 1997, when the Federal Trade Commission (FTC) began tracking the issue.

Almost 75% of Americans have “experienced some form of online scam or attack,” the report said, with around 15 million Americans victimized just last year.

“Financial fraud is one of the fastest-growing threats facing Americans, costing consumers and financial institutions billions of dollars each year,” Rep French Hill, the Arkansas Republican who chairs the committee, said in a news release announcing the report.

 “As fraudsters become more sophisticated, we must ensure law enforcement, regulators, and financial institutions have the tools they need to stay ahead of these evolving threats.”

The threat has been able to evolve, the report said, due to advances in technology, such as AI deepfake videos, or the use of encrypted messaging platforms like Telegram to allow scammers to mask their identities. Criminals are also now exploring new payment methods.

“Faster payment methods, such as wire transfers and payment applications, have allowed fraudsters and scammers to complete their schemes more quickly and have improved their ability to remove the funds from the financial system before they can be reclaimed by financial institutions,” the report said.

Meanwhile the report notes that while older Americans have historically been the chief targets of fraud attempts, people between 20 and 29 now have a success rate for fraud attempts that is nearly double that of senior citizens, findings in keeping with PYMNTS Intelligence research into the topic.

Among the measures the report suggests to tackle the problem are establishing a cohesive national reporting system, and imposing “targeted sanctions” against foreign scam operators and their facilitators.

The report also calls for removing what it calls regulatory barriers to allow for greater sharing of information among financial institutions and tech companies, and establishing a public awareness campaign to do for fraud prevention what “Click It or Ticket” did for seatbelt use.

“Finally, treating victims of fraud and scams with greater compassion, refuting the common perception that ‘they should have known better,’ which will help ameliorate the psychological impact of fraud and scams,” the report added.