Press Releases

Today, the House Financial Services Committee is holding an Oversight and Investigations Subcommittee hearing, led by Subcommittee Chairman Dan Meuser (PA-09), to examine various types of financial fraud affecting American families.

Read Subcommittee Chairman Meuser’s opening remarks as prepared for delivery:

"I would like to thank the witnesses for being here today to discuss financial fraud and scams, and the threat they pose to consumers.

"In 2024, the FTC reported receiving 2.6 million reports of fraud, with consumers losing over $12 billion—a 25 percent increase from 2023.

"While that figure alone is staggering, it is likely only the tip of the iceberg given that many victims do not report their experiences. In fact, the Department of Justice estimates that only 15 percent of victims report fraud to law enforcement.

"The criminals behind fraud and scams are sophisticated. They use a wide variety of schemes: check fraud, romance scams, bank transfer fraud, identity theft, payment scams, and more.

"And they target all segments of the population. Individuals of all ages are falling victim.

"Young adults are especially vulnerable, with so much of their personal information readily available online. Seniors, meanwhile, are often hit with the most devastating financial losses when exploited by scammers.

"That is why today’s hearing is not only about exposing the problem, but also about discussing how we can best strengthen consumer education, highlight best practices for both consumers and companies, promote proven systems and models, and improve how we track and stop scammers before they strike.

"I commend the Trump Administration for initiating efforts to counter fraud and scams in the United States, including its recent sanctions on cyberscam centers in Southeast Asia.

"The Treasury Department, the Federal Reserve, and the Securities and Exchange Commission have also all recently initiated efforts to gain information pertaining to check fraud, payments fraud, and cross-border fraud.

"To aid this effort, I sent a letter along with Chairmen Hill and Barr yesterday to Federal Reserve Chairman Jerome Powell seeking more information as to the Fed’s work on fraud, including how it is collaborating with the OCC, FDIC, and other stakeholders to address check and payments fraud.

"We also requested a briefing on the comments received to the Fed’s June 2025 Request for Information, as well as the Fed’s plans to educate consumers going forward.

"But no single actor can stop fraud on their own. To truly protect families, we must foster collaboration across all stakeholders.

"That includes partners across federal, state, and local government, as well as the financial sector working together, with technology platforms and telecom companies.

"We are already seeing companies step up—Apple’s recent iOS 26 update, for example, expanded spam text and call screening to help consumers block fraud at the source.

"Conversations with all these stakeholders, including with consumers themselves, will be critical as we pursue a whole-of-society approach to combat fraud and scams.

"Finally, I want to highlight that my office has launched a new online resource at meuser.house.gov/scams, where consumers can find red flags to spot scams, useful links to prevent fraud, and guidance on what to do if they fall victim.

"This is just the beginning of this Committee’s work on fraud and scams.

"I look forward to working on a bipartisan basis to find real solutions to a problem that continues to be the #1 financial services issue I hear from my constituents, community banks, and law enforcement."