Congressional report warns fragmented U.S. response leaves most cyber-scam victims unrecovered

A bipartisan inquiry by the Joint Economic Committee, chaired by Sen. Maggie Hassan and Rep. Don Beyer, highlighted the United States’ fragmented effort to combat transnational cyber-scams that siphon billions from Americans. Federal agencies disclosed returning $336 million (FBI), $1.83 billion (FTC) and over $770 million (Secret Service) in seized assets, amounts that represent only a small share of the $18 billion reported losses.

The report criticizes the lack of a consolidated ledger of seized funds and of mechanisms for victims to reclaim money, and points to fragmented, voluntary partnerships with the private sector. It also flags the recent elimination of a State Department program that trained Bangladeshi law-enforcement, despite Bangladesh’s growing role in global scam operations. Recommendations include a unified federal strategy, a centralized reporting center for victims, and legislation to hold technology and financial firms more accountable. Experts say progress has been made, but durable prevention remains missing.