A 49-0 Vote Against Scammers

Americans reported losing nearly $21 billion to online crime last year. People over 60 alone lost more than $7.7 billion—up 37% from 2024. And investment fraud accounted for nearly half of all scam-related losses.

The numbers are staggering. But the way scams work points to an equally important lesson: criminals exploit the gaps between institutions, industries, and enforcement systems. Stopping them requires closing those gaps.

A unanimous vote against scammers

On September 16, the House Financial Services Committee voted 49-0 to advance the bipartisan Taskforce for Recognizing and Averting Payment Scams, or TRAPS, Act, led by Reps. Zach Nunn (R-IA) and Jim Himes (D-CT). A bipartisan Senate version has also been introduced by Sens. Mike Crapo (R-ID) and Mark Warner (D-VA). The unanimous vote reflects broad agreement that fraud has outgrown any single agency or company.

The bill would create a Treasury-led task force bringing together federal agencies as well as financial institutions, payment networks, consumer advocates, and technology companies. It would examine emerging payment scams, improve coordination across the public and private sectors, and recommend better ways to protect consumers.

Scams don't stay in one lane

A single scam can start with a spoofed call, move to a social media message, and end with a payment from a victim's account. That is why coordination across the broader ecosystem matters.

The House Financial Services Committee's July report notes that fraud reaches beyond any single industry or jurisdiction and requires an all-of-ecosystem response. Financial institutions, payment networks, social media platforms, telecommunications companies, government, and law enforcement each see different pieces of the problem—and each has a role to play in stopping it.

But that only works if those pieces can be connected. AARP has warned that restrictions on real-time information sharing can leave key actors operating without the full picture. As the organization put it:

• "This gap allows scams to continue unchecked, despite clear evidence that coordinated information sharing and intervention could prevent substantial harm."

A 49-0 vote reflects broad agreement on the scale of the problem. The work now is making sure every part of the system is equipped to play its role in stopping scams.

We'll be watching as the TRAPS Act moves forward and as the public and private sectors continue building stronger defenses against fraud.

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