July 26, 2026
Good morning, and welcome to our Weekend Update.
Financial fraud has become a booming criminal business, and Americans are the primary target.
Nearly 15 million people were scammed last year, totaling an estimated $196 billion. Senior losses have quadrupled since 2020, with the average senior victim losing $83,000. Tragically, 1 in 4 victims of serious scams contemplate suicide.
These alarming statistics got Financial Services Committee Republicans Chairman Congressman French Hill and myself involved. We convened roundtables with banks, telecom companies, social media platforms, DOJ, FBI, FTC, FCC, the Fed, and state AGs — bringing everyone who touches this problem to the same table.
I also launched meuser.house.gov/scams so constituents have one place to recognize and report a scam before it costs them everything.
That yearlong investigation has culminated in our subcommittee’s staff report, entitled “Fighting Back.” It exposes how scamming has become an organized, for-profit industry, much of it run by Chinese-linked criminal networks operating scam compounds across Southeast Asia. The report concludes with solutions to fight back, including my legislation, the SCAM Act, and other bills that hold bad actors accountable and coordinate agencies to stop scams before they start. Watch my interview with "Varney & Co" on Fox Business detailing the report’s findings below. Click here or below to watch.
