US President Donald Trump has claimed that his administration is making significant progress in tackling international scam networks targeting Americans, announcing that authorities have prevented at least $1.6 billion in potential losses this year.
Trump made the remarks on Wednesday during a White House event focused on preventing cybercrime, attended by senior government officials, including FBI Director Kash Patel, Pentagon chief Pete Hegseth and Attorney General Todd Blanche.
“Federal law enforcement has been able to warn over 10,000 Americans targeted for victimization, and we’ve prevented $1.6 billion in losses — at least — this year,” Trump said.
The president described the efforts against foreign criminal networks as a major success, saying his administration had made a “very big dent” in scams involving fraudulent investment schemes.
During the event, FBI Director Kash Patel disclosed that the agency had dismantled 20 scam compounds across different parts of the world.
The announcement comes as the United States approaches its November 3 midterm elections, with early voting already underway in several states. Trump’s Republican Party faces the possibility of losing control of Congress, while rising living costs remain a major concern for voters.
According to an FBI report, Americans submitted more than one million complaints about internet scams last year, representing a 17 per cent increase compared with 2024.
White House Targets Overseas Cryptocurrency Scams
Trump’s administration also highlighted efforts to disrupt international cryptocurrency scams and other online criminal operations.
White House deputy chief of staff Stephen Miller said the president had “effectively declared cyber warfare against the cyber criminals.”
The campaign has focused partly on overseas operations that allegedly use fraudulent investment offers to deceive Americans and steal their money.
However, the administration’s focus on cryptocurrency scams comes amid scrutiny of Trump’s own family’s involvement in the digital asset industry.
A Reuters investigation found that Trump and his sons had added at least $2.3 billion to the family fortune through their main cryptocurrency ventures, while investors they had attracted had collectively suffered losses of a similar amount.
Responding to the investigation, White House spokeswoman Anna Kelly told Reuters: “All actions by President Trump and his administration are taken in the best interest of the American people.”
Trump’s Previous Actions Against Cybercrime
Trump has taken several steps during his presidency aimed at strengthening the fight against online fraud and cybercrime.
In October 2025, he pardoned Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance. Zhao had left his position after the company pleaded guilty to failing to maintain an effective anti-money laundering programme.
In March, Trump signed an executive order directing the Justice Department to prioritise identifying and prosecuting individuals responsible for online scams.
He later instructed the Department of Homeland Security to work with private companies to monitor foreign criminal hacking groups.
The latest White House announcement highlights the administration’s effort to present its cybercrime campaign as a major achievement ahead of the midterm elections.
While officials say the measures have prevented substantial financial losses and disrupted criminal operations, the growing number of internet scam complaints reported by the FBI shows that online fraud remains a significant challenge for Americans.
