WASHINGTON –Below are excerpts from American Consumer and Investor Institute CEO Blaine Luetkemeyer’s latest op-ed in The Washington Times, which outlines a three-pronged strategy to combat international financial fraud that costs hardworking Americans billions every year.
How President Trump Can Protect Americans from Financial Fraud
The Washington Times
June 18, 2025
The financial technologies of the past 15 years, including cryptocurrency, artificial intelligence and digital payment apps, show astonishing potential. The popularity of these technologies has helped cut the rate of unbanked Americans, those without a bank account or a credit card, by about half since 2011. More Americans are connected to the financial system today than ever before, bringing broad economic benefits. New technologies continue to lower transaction costs and make it easier than ever to transfer money where it is needed.
However, criminals seek to exploit these innovations for profit. Americans of all income levels face rising risks of financial fraud. Losses from such schemes exploded from less than $1 billion in 2016 to more than $12 billion last year. …
Mr. Trump can attack the problem by holding foreign governments accountable, supporting consumer education at home and streamlining coordination across federal law enforcement.
Fraud cases are difficult to prosecute when the perpetrators are overseas. Mr. Trump has wasted no time taking on drug cartels to protect Americans. He should do the same with the criminals behind “pig-butchering” and the countries that protect them. The scale of their crimes is roughly similar. Much like drug cartels, fraudsters often operate with the tacit approval of their governments. Mr. Trump demonstrated the effectiveness of his tariff policy as a multifaceted tool by using trade to pressure Mexico to hand over the heads of drug cartels. Countries that refuse to crack down on fraudsters within their borders should take notice.
Expanding efforts to promote financial literacy would also go a long way toward keeping Americans safe. Even as financial technology has exploded and access to the financial system has grown, surveys suggest that financial literacy has not kept up. Government data suggests that younger, tech-savvy generations are more likely to become victims of fraud than older generations. Victims have come from every background and every walk of life, including the CEO of a bank. Consumers must be made aware of threats online.
Third, as Mr. Trump has rightly recognized, we must streamline federal agencies to better serve Americans. Under current law, stopping fraud is the responsibility of three federal agencies: the Consumer Financial Protection Bureau, the Federal Trade Commission and the Justice Department. This is in addition to state-level prosecutions. This fragmented approach can lead to duplication of efforts, inefficiencies and failures to communicate.
Mr. Trump could consider creating an interagency task force on fraud, just as he has done on other critical security issues such as the southern border. Agencies must be able to communicate with one another quickly, use up-to-date information to connect the dots and find the evidence needed to charge and convict fraudsters.
Technology is a great equalizer, lowering costs and enabling more people to participate in the American economy. However, it has also created opportunities for criminals. Mr. Trump and his administration should continue to support America’s financial technology innovation, enforce the law and protect consumers from evolving threats.
Blaine Luetkemeyer is the chief executive officer of the American Consumer and Investor Institute. He represented Missouri’s 3rd Congressional District and was chairman of the House Financial Services subcommittee on national security, illicit finance and international financial institutions in the 118th Congress.