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

President Donald Trump declared on Wednesday that his administration had made a significant impact in combating scams orchestrated by foreign criminal organizations targeting Americans. The focus of this effort was to highlight an anti-fraud message in the run-up to the November midterms. At a White House event on cybercrime prevention, FBI Director Kash Patel announced that his agency had dismantled 20 scam compounds across the globe.

Early voting had already commenced in several states ahead of the November 3 midterm elections, with voters' primary concern being the increasing cost of living.

According to Trump, federal law enforcement had successfully warned over 10,000 Americans targeted for victimization, preventing losses of at least US$1.6 billion this year. Cabinet members such as Pentagon chief Pete Hegseth, Attorney General Todd Blanche, White House Chief of Staff Susie Wiles, and Deputy Chief of Staff Stephen Miller attended the event.

The administration emphasized efforts to combat overseas cryptocurrency scams, with Miller stating that Trump had "effectively declared cyber warfare against the cyber criminals".

Trump's family has been deeply involved in promoting investments in cryptocurrency. A Reuters investigation revealed that the Republican president and his sons had amassed at least US$2.3 billion from their main cryptocurrency ventures, while investors who trusted them lost US$2.3 billion. White House spokeswoman Anna Kelly defended the president and his administration, stating that all actions were taken in the best interest of the American people.

In October 2025, Trump pardoned Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance, who had stepped down after the company admitted to failing to maintain an effective anti-money laundering program. Trump also directed the Department of Homeland Security to collaborate with private companies to monitor foreign hacking groups.