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

By Courtney Rozen

WASHINGTON, Oct 21 (Reuters) - President ‌Donald Trump said ​on ​Wednesday his administration has 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 top 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 throughout ‌the world.

Early voting has already begun in many states ahead of the November 3 midterm elections, where 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 $1.6 billion in losses — at least — this ⁠year," Trump said at the event.

Americans filed more than 1 million complaints with the FBI about internet scams last year, a ​17% 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 work to crack down on overseas crypto scams, with Miller saying that Trump "effectively ⁠declared cyber warfare against the cyber criminals."

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

A Reuters investigation found the Republican president and his sons have added at least $2.3 billion to the family fortune from their main ⁠crypto ventures, while the investors they have wooed have taken a $2.3 billion hit.

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

Trump in October 2025 pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency ‌exchange. Zhao quit his job after the company pleaded guilty to failing to maintain an effective anti-money laundering program.

In a March executive order, Trump ‌directed the Justice Department to prioritize 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.

(Reporting by Courtney Rozen and Bo Erickson in Washington; Additional reporting by Jana Winter in Washington; Editing by Jonathan Spicer, Will Dunham and ‌Edmund Klamann)

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