{
  "id": 16193767,
  "title": "Nasdaq CEO calls for a national strategy as global fraud losses reach $579B",
  "url": "https://urgent.news/2026/10/23/nasdaq-ceo-calls-for-a-national-strategy-as-global-fraud-losses-reach",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T13:04:23.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/23/nasdaq-ceo-national-strategy-global-fraud-losses-reach-579b/"
  },
  "original_language": "en",
  "account": "Nasdaq Chair and CEO Adena Friedman is advocating for a nationwide plan to tackle the surge in financial fraud, according to the 2026 Global Financial Crime Report by Nasdaq Verafin. The report estimates that global fraud losses reached $579.4 billion in 2025, with scam-related losses accounting for approximately $62 billion. Friedman proposed this strategy during an American Banker event, emphasizing the need for cooperation among financial institutions, technology companies, telecommunications providers, and law enforcement agencies to disrupt criminal activities. The complexity of modern fraud is growing as criminals utilize artificial intelligence to scale and refine their attacks, including automating and personalizing scams. A key concern highlighted by Nasdaq Verafin's head of fraud commercialization strategy, Greg Williamson, is the shift towards emotional manipulation in scams, such as love or fear appeals. Scammers leverage victims' relationships, finances, and family information to craft convincing schemes, often starting with fake online listings or social media impersonations. Williamson also noted the emergence of fraud-as-a-service, which allows criminals to outsource parts of their operations and lower the threshold for launching a scam. Friedman's proposed national strategy would integrate existing public and private sector initiatives, potentially complementing the government's anti-money laundering and countering terrorism frameworks. The plan aims to facilitate early intervention, enabling the prevention of fraudulent payments before they occur. A key challenge lies in translating coordination into practical action, including establishing responsible information sharing and intervention procedures before funds are lost.",
  "summary": "As AI helps criminals scale scams, Adena Friedman says financial institutions, tech companies and law enforcement need to work together to stop fraud.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}