US House Report Says Fraud Losses Have Surged 1,800% Since 1997

Financial fraud has evolved from conventional schemes into a technology-enabled threat spanning digital platforms and borders, according to a report from the U.S. House Financial Services Committee. Fraud losses in the United States increased 1,800% between 1997 and 2025, underscoring mounting risks for consumers and increasing pressure on banks, payment providers and regulators to strengthen controls.

Americans lost a record $15.9 billion to online scams and financial fraud in 2025, the House committee report said. Criminals are increasingly deploying advanced tools including AI-generated deepfakes to impersonate trusted individuals and make schemes more convincing. The report urged regulators and financial institutions to upgrade fraud detection, prevention systems and consumer safeguards as the techniques used by scammers become more sophisticated.