Trump says fraud investigations make ‘very big dent’ in overseas scams
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US President Donald Trump speaks on Oct 21 about foreign fraudulent cryptocurrency investment schemes and his administration’s efforts to prevent them.
PHOTO: REUTERS
WASHINGTON – US President Donald Trump said on Oct 21 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 Nov 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 victimisation, and we’ve prevented US$1.6 billion (S$2.04 billion) in losses – at least – in 2026,” Trump said at the event.
Americans filed more than 1 million complaints with the FBI about internet scams in 2025, 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 US$2.3 billion to the family fortune from their main crypto ventures, while the investors they have wooed have taken a US$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 programme.
In a March executive order, Trump directed the Justice Department to prioritise 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. REUTERS