Trump says fraud investigations make 'very big dent' in overseas scams

WASHINGTON: President Donald Trump said on Wednesday his administration had made a "very big dent" in scams by foreign criminal networks that lure Americans into fraudulent investments, focusing on an anti-fraud message ahead of November's midterm elections.

Trump, members of his Cabinet and other senior administration officials met at the White House for an event on cybercrime prevention, where FBI Director Kash Patel said his agency had taken down 20 scam compounds worldwide.

Early voting has already begun in many states ahead of the Nov 3 midterm elections, in which Trump's Republican Party risks losing control of Congress, while polls show that voters' top concern is the rising cost of living.

"Federal law enforcement has been able to warn over 10,000 Americans targeted for victimization, and we've prevented US$1.6 billion in losses — at least — this year," Trump said at the event.

Americans filed more than one million complaints with the FBI about internet scams last year, a 17 per cent increase from 2024, according to an FBI report.

Cabinet officials at the meeting included Pentagon chief Pete Hegseth and Attorney General Todd Blanche, while White House chief of staff Susie Wiles and deputy chief of staff Stephen Miller were also present.

The president's team highlighted efforts to crack down on overseas cryptocurrency scams, with Miller saying that Trump had "effectively declared cyber warfare against the cyber criminals".

Trump's family has been heavily involved in soliciting investments in cryptocurrency.

A Reuters investigation found that the Republican president and his sons had added at least US$2.3 billion to the family fortune through their main cryptocurrency ventures, while investors they had wooed had taken a US$2.3 billion hit.

White House spokeswoman Anna Kelly, in a statement to Reuters about the investigation, said: "All actions by President Trump and his administration are taken in the best interest of the American people."

Trump pardoned Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance, in October 2025. Zhao had stepped down after the company pleaded guilty to failing to maintain an effective anti-money laundering programme.

In a March executive order, Trump directed the Justice Department to prioritise identifying and prosecuting scammers who carry out crimes online. Trump later directed the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.