Trump Says US Anti-Fraud Work Prevented $1.6 Billion in Scam Losses

At a White House cybercrime event, Trump said officials warned more than 10,000 potential victims and prevented $1.6 billion in losses. The FBI director said 20 scam compounds had been taken down.

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Oct 22, 2026 - 07:49

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The White House exterior, used as a venue illustration rather than a photograph of the October 21 event. Photo via Pexels.

Trump Says US Anti-Fraud Work Prevented $1.6 Billion in Scam Losses

President Donald Trump said US authorities had prevented at least $1.6 billion in losses this year while targeting overseas fraud networks. Speaking at a White House cybercrime event on Wednesday, he said federal law enforcement had warned more than 10,000 Americans identified as potential victims.

FBI director Kash Patel said the agency had taken down 20 scam compounds worldwide, according to Reuters’ updated account of the meeting. Officials highlighted action against fraudulent investment schemes, including cryptocurrency scams.

Prevention figures are not recovered funds

The dollar amount and takedown total are officials’ stated assessments. Prevented losses are not the same as money seized from criminals or returned to victims, and the report does not present an independent audit of the prevention estimate.

The event came amid a large reported fraud burden. Reuters cited an FBI report showing more than one million internet-scam complaints last year, up 17% from 2024.

Enforcement priorities predate the event

A March executive order directed agencies to coordinate action against foreign cyber-enabled criminal networks and told the attorney general to prioritize prosecutions involving online fraud, scam centers and extortion.

That order also sought a recommendation for a victim-restoration program using funds recovered, forfeited or seized from criminal organizations, within legal limits. It was a direction to develop recommendations, not an automatic promise of compensation to every victim.

Wednesday’s event therefore combined new official claims about enforcement results with an existing policy agenda. It should not be read as evidence that overseas investment fraud has ended or that all victims have recovered their losses.