House Financial Services Committee “Fights Back” Against Consumer Scams
“Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud and Scams,” U.S. House Committee on Financial Services, July 22, 2026. https://financialservices.house.gov/uploadedfiles/2026-07-22_-_fsc_report_-_fighting_back.pdf.
Introduction
The R Street Institute applauds the House Financial Services Committee’s recent report addressing the growing threat of consumer-facing scams. The committee accurately details the underlying threat landscape, including the complexity, overseas origination, and technologically driven nature of scams that make them so challenging to combat effectively. The report also includes many proposed solutions that align with those championed by R Street.
Centralize Scam Reporting
Consumers are often confused regarding where or how to report a scam or scam attempt. In line with the committee’s recommendations, R Street has repeatedly argued for consolidated scam reporting. Not only would this ease Americans’ frustrations, it would also aid in future detection and determent by facilitating a more accurate understanding of the size and scope of the scam ecosystem.
R Street has also suggested that this solution include an all-in-one consumer-facing scam tracking and resolution portal—akin to other government-run tracking systems like the Internal Revenue Service’s “Where’s My Refund?” portal—to keep Americans up to date on the status of their losses and potential restitution. The Consumer Financial Protection Bureau is the ideal place to house this, as they already have the technological infrastructure to handle reporting and the mandate to protect consumers.
Read more from R Street on how this could effectively reform the Bureau’s duplicative nature and aid in the fight against scams: “Reform the CFPB by making it America’s scam response hub.”
Clarify and Codify Scam Intelligence Information Sharing
Financial institutions face regulatory and legal barriers that prohibit them from sharing scam-related intelligence with one another and across sectors. The report addresses this issue directly, recommending legal safe harbors for good faith sharing of scam information—a vital step in stopping a scam before it can take root.
Read more from R Street on the value of this commonsense measure: “State and feds fail to protect Americans from foreign scammers.”
Ensure Agility and Adaptability in Tech-Based Scam Fighting
As noted in the report, agility and adaptability are vital to combating scams. This includes regulatory measures that allow both public and private institutions to leverage artificial intelligence (AI) to detect and deter scams before they can occur. The premise of any AI-related policy should be that we cannot effectively combat this threat if institutions are prohibited from using the same (or better) tools as scammers.
Read more from R Street on leveraging AI in the fight against scams: “Preventing Americans from Fraudsters and Scammers in the Age of AI.”
Target Scammers and Scam Centers Directly
Targeted sanctions against scam operators and their foreign facilitators attack the problem at its source rather than shifting costs onto U.S. financial institutions or others after the fact. They are also a valuable deterrent against new would-be scammers. The report cites the newly formed Scam Center Strike Force out of the Department of Justice and an Executive Order (EO) from earlier this year, both of which aim to leverage the federal government’s authority in fighting overseas scam operations.
Read a statement from R Street in favor of the March 6 EO: “Statement on new Executive Order to combat fraud and scams.”
Develop a Whole-of-Society Approach
While the report includes a robust and diverse set of recommendations, none of them would be effective in isolation. This is why it is vital that the United States develop a whole-of-society approach to combating scams that combines the innovation and agility of the private sector with the authority of the federal government and a strong focus on consumer best practices. The report is clear in its in intent on all of these fronts.
Read more from R Street on this topic, including specific recommendations: “The National Fraud and Scam Strategy Must Include Buy-In from All Major Players.”
Conclusion
No single solution will stop financial scams. The best way to dramatically reduce scam attempts and total dollar losses is to attack the threat from all fronts. The report from the House Financial Services Committee presents this thought process clearly and contains necessary actionable steps. R Street is encouraged by the Committee’s report and looks forward to meaningful action.