US Banking Roundup: Digital Scams Cost $119 Billion Annually as M&A Plans Advance

The Consumer Federation of America estimates that online scams cause about $119 billion in losses each year, underscoring the responsibility of digital platforms and banks to prevent fraud, monitor transactions and protect consumers. Financial institutions are also using mergers and acquisitions to expand, reflecting a broader consolidation trend as the banking industry responds to digital risks and cost pressures.

The latest reports show that Associated Banc-Corp is advancing its M&A process and has set a related timetable, although available information does not identify the counterparty, transaction value or exact date. Attention is also focused on whether Big Tech profits from fraudulent advertising and traffic, with regulatory debate set to center on platform accountability and the progress of banking-sector consolidation.