Scams in the United States have reached unprecedented levels, with Americans reporting a record $15.9 billion in losses to the Federal Trade Commission (FTC) in 2025, a 25% increase from the previous year. The FTC estimates that the true losses were nearly $200 billion, or about $550 million each day. A recent survey found that nearly all Americans have been targeted by scammers, with 98% believing they have received scam messages, many of them daily. Three in 10 Americans said they lost money or personal information to scams, highlighting the widespread impact of these fraudulent activities. An investigation by The Associated Press and FRONTLINE revealed that despite efforts by the Trump administration and Congress to combat scams, victims often have few options for recourse. The investigation spoke with 58 victims, ranging in age from 32 to 90, who lost anywhere from several thousand dollars to $4 million. The victims included professionals, academics, and people struggling financially. Some described feelings of despair, with two individuals attempting suicide. Only one person received any money back, through a rare settlement with her bank. Victims of scams often face additional financial challenges, particularly if they withdrew money from tax-deferred accounts such as retirement savings. Before 2018, victims of theft or fraud could sometimes deduct their losses from taxable income. However, the Trump administration’s Tax Cuts and Jobs Act, which became permanent in 2025, removed this option for many common scams. This means that even when money is stolen, victims may still owe taxes on the funds they lost. Banks and financial institutions sometimes hold victims responsible for fraudulent transactions, even when they were deceived. Victims described having their accounts frozen or canceled, along with demands for repayment of loans and legal fees. American Bankers Association Chair Kenneth Kelly noted that banks spend considerable resources to prevent fraud, typically defined as unauthorized transactions. Under current U.S. law, financial institutions are rarely held liable for transactions their customers authorize, even if they were tricked into making them. The U.S. is lagging behind many other countries in protecting consumers from scams. In the United Kingdom, financial services companies are generally required to reimburse clients who were tricked into sending money to scammers, providing an incentive to invest in prevention. The European Union is implementing rules that could hold financial institutions liable for scam losses if they fail to implement adequate fraud protections. Australia and Singapore have strict laws requiring financial institutions to compensate victims and take proactive steps to prevent fraud. These countries also have specialized centers and support systems to help victims recover from scams. The rise of cryptocurrency has further complicated the scam landscape, as it is a form of digital money that is difficult to trace. While China bans crypto-related businesses, the European Union requires licensing and consumer protections for crypto services. The Trump administration supported some regulation of cryptocurrencies but also opposed aggressive enforcement. The GENIUS Act, signed by President Trump, did not require companies to return stolen funds to victims, a gap criticized by consumer advocates and lawmakers. Unlike traditional bank deposits, cryptocurrency is not protected by federal insurance, and many exchanges operate across borders, making it difficult to recover stolen funds. The U.S. government is beginning to address the growing threat of scams, with Congress considering more than a dozen bills to improve prevention and victim support. The Justice Department has formed a strike force to target criminal networks behind scams, and the Treasury has imposed sanctions in Southeast Asia, where many scams originate. Despite these efforts, funding for federal agencies combating scams remains limited, and the scale of the problem continues to grow.