To catch a thief

Retailers, banks, and other financial institutions are backing a blueprint for a united front against scams—and calling on the government to act.

Working under the direction of the Aspen Institute, leaders from over 80 private and public organizations, including government agencies, formed a task force that released a report in October. Members hope the 69-page document called United We Stand: A National Strategy to Prevent Scams will encourage all sectors to become more unified in their efforts to prevent and stop scams in their tracks.

“The Task Force … was an attempt to bring together all the different parts of society that are implicated in a scam,” Kate Griffin with the Aspen Institute told me. “We thought intentionally about this idea of a scam ecosystem, and we wanted to make sure that as many stakeholders from different parts of those ecosystems were represented around the table.”

Scams are a particularly unique crime, involving multiple sectors of technology and financial infrastructure. One scam might involve cellphone communications, retailer gift card purchases, personal bank account withdrawals, and cryptocurrency deposits. Until now, a lack of clarity around which sector ought to take responsibility has made it harder to prevent the crimes. Victims have no clear recourse and rarely get their money back. In 2024, scammers stole at least $16 billion from Americans. Actual losses may be nearly 10 times that, due to underreporting.

The strategy’s basic framework includes two parts. First, minimize harm by intentionally acting against scams in progress, suppressing scam activity at every stage of its life cycle. Second, strengthen efforts to prevent scams in the first place. The task force recommended law enforcement agencies and the government work together to create a single online portal where companies and victims can report scam activity and intelligence. The goal is to make reporting easier and boost public awareness of common scam tactics.

Task force members have also asked Congress to acknowledge that “scams have grown into a national epidemic.” In a recent letter, members urged lawmakers to elevate scams to a national priority and develop a coordinated government strategy to stop them.

“The plan calls for a whole-of-­society approach,” Griffin said. She sees it as the only way forward, but said the most daunting part of the plan is that it requires everyone to work together. The various parts of society scammers exploit, as well as law enforcement regulations, must coordinate their action. “All of them need to take action in order for us to make meaningful progress.”

But task force members can also act on their own to help protect consumers. It’s unclear what form those protections might take. And while the task force incorporated a wide range of companies and organizations, it didn’t include all of them. The nation’s biggest brick-and-mortar retailer, Walmart, was not a member of the task force.

Scammer tactics will continue to evolve and likely become more sophisticated, especially with the use of AI. Banks, retailers, and law enforcement agencies might constantly remain one step behind them, but that doesn’t deter Griffin.

“The cost of inaction is just too great,” she said. Even a 10% reduction represents billions of dollars and the well-being of individuals. “Any progress is meaningful progress, if you can prevent this crime from affecting additional people.”