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Nasdaq Chair and CEO Adena Friedman has called for a U.S. National Fraud Strategy after Nasdaq Verafin estimated that bank fraud and scams caused $579.4 billion in global losses during 2025. Speaking at the American Banker Most Powerful Women in Banking and Finance Conference in New York on October 20, 2026, Friedman proposed a voluntary public-private framework linking banks with law enforcement, telecom companies, technology providers, payment networks and other industries. The proposal is not a new regulator or an enacted U.S. program; it is a call to coordinate existing capabilities, clarify legal protections for data sharing and improve feedback from investigations.
What is Nasdaq’s National Fraud Strategy?
It is a proposed coordination framework for preventing and disrupting fraud across industries, rather than a new agency or a blanket set of bank requirements. Friedman said the United States should build a strategy that lets organizations share useful intelligence faster, align prevention practices and learn from law-enforcement outcomes.
“I believe the United States should take the next step. Not by creating a new regulator. Not by establishing a new enforcement agency. And not by imposing a new set of obligations on financial institutions. Instead, I believe we should work toward the development of a National Fraud Strategy for the United States,” Friedman said.
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She also described the problem as too large for any single institution: “This challenge is simply too large and evolving too quickly for any single institution to solve alone.” The sources document a proposal and keynote, not adoption by Congress, a federal agency or the White House.
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What does the $579.4 billion fraud-loss figure include?
The figure is Nasdaq Verafin’s modeled estimate of combined global bank-fraud and scam losses in 2025. It is not a government-certified loss ledger, and it should not be read as a precise count of every incident. Nasdaq says its 2026 Global Financial Crime Report combines proprietary modeling developed with Celent and Oliver Wyman, a survey of more than 500 anti-financial-crime professionals and executive interviews.
| Measure | Nasdaq Verafin’s 2025 estimate or finding | How to interpret it |
|---|---|---|
| Bank-fraud and scam losses | $579.4 billion globally | Modeled combined estimate, not an official total |
| Illicit financial activity | $4.4 trillion globally | Estimated total across illicit activity, broader than direct scam losses |
| Change in illicit activity | $1.3 trillion increase since 2023 | Two-year change in the modeled estimate |
| Growth in illicit activity | 19.2% compound annual growth over two years | Calculated by Nasdaq’s report methodology |
| Scam losses | About $62 billion | Estimated 2025 scam losses; the report says this category grew 19.3% annually over the prior two years |
Because the categories overlap in scope, the $579.4 billion and $4.4 trillion figures should not be added together. The larger number describes estimated illicit financial activity overall, while the smaller number focuses on bank fraud and scams.
Why does the proposal emphasize collaboration?
Fraud rings move money and identities through several institutions and countries. A bank may see a suspicious deposit, a telecom provider may see a social-engineering campaign and a payment network may see an unusual transfer pattern; isolated systems can miss the connection.
What existing models does it build on?
Friedman pointed to FS-ISAC information-sharing practices and Patriot Act Section 314(b), which allows participating financial institutions to share information for identifying and reporting potential money laundering or terrorist activity under specified protections. The proposed strategy would modernize and align those foundations with current anti-money-laundering and countering-the-financing-of-terrorism work, not replace them.
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What does Nasdaq say network analysis can reveal?
Nasdaq says its Verafin consortium covers about 2,800 banks. In a company-cited case, linking signals across that network exposed a coordinated ring involving more than 1,000 accounts at over 45 financial institutions, with identity theft, money laundering, stolen checks and deposit fraud. Nasdaq also reports that Verafin institutions have taken part in more than 130,000 collaborative investigations. These are Nasdaq’s reported examples, not independent validation of a national program.
Which industries would be part of the strategy?
The proposal treats fraud as an ecosystem problem. Participation would need to extend beyond banks to the organizations that originate, enable, route or investigate scams.
| Participant | Potential contribution |
|---|---|
| Financial institutions | Transaction signals, account controls, customer warnings and suspicious-activity reporting |
| Law enforcement | Investigative coordination, disruption actions and feedback on reported patterns |
| Telecommunications providers | Signals related to spoofing, account takeover, messaging abuse and scam calls |
| Technology companies | Identity, device, content and artificial-intelligence risk indicators |
| Payment networks and processors | Transfer-pattern intelligence and faster intervention across payment rails |
| Other affected sectors | Sector-specific data and controls where criminals recruit victims or move funds |
Inclusion alone would not make sharing effective. Governance would have to define who may access which data, how long it is retained, how errors are corrected and how affected customers can challenge an account action.
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Friedman’s operating model has two linked parts: responsible sharing before a loss occurs and a feedback loop after institutions report suspicious activity.
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- Share actionable indicators. Participating organizations would exchange relevant patterns, identities, account links or technical signals under agreed rules, rather than circulate unrestricted customer data.
- Coordinate prevention and disruption. Banks, payment firms, telecom companies and investigators could align warnings, holds, authentication steps or takedowns when multiple signals point to the same operation.
- Use clearer safe harbors. Legal protections would need to give organizations confidence that good-faith, appropriately governed sharing will not create avoidable privacy or liability exposure.
- File joint Suspicious Activity Reports. When several institutions observe one scheme, they could contribute to a coordinated SAR instead of submitting disconnected fragments.
- Return useful feedback. Law enforcement could tell reporting institutions which details improved an investigation, helping future reports become more timely and precise.
Joint SAR workflows remain a proposed feature. The cited materials do not establish a new legal process, reporting form or statutory safe harbor.
How is AI changing scams and fraud defense?
Nasdaq’s report describes AI as both an accelerator for criminals and a potential force multiplier for investigators. Generative systems can make phishing, impersonation and social-engineering messages more convincing, produce content in more languages and scale campaigns quickly.
| Survey finding | Reported share |
|---|---|
| Professionals seeing more AI-driven attacks at their institution over the prior two years | 90% |
| Organizations using or actively evaluating AI | 89% |
| Organizations planning to increase AI spending over the next two years | 79% |
| Respondents calling implementation their biggest anti-money-laundering hurdle | 74% |
Institutions are applying AI to transaction monitoring, fraud detection and investigations, but deployment is constrained by data quality, model governance, staffing, integration and change management. Stephanie Champion, Nasdaq Verafin’s executive vice president and head, said combining technology with public-private and private-private collaboration could create a “network effect” that expands collective reach and helps remove criminals from the financial system.
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A credible program would need measurable rules, not just a pledge to cooperate. The most important design questions are:
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- Scope: Which sectors and agencies participate, and which types of fraud are covered?
- Authority: What information may be shared, for what purpose and under which privacy laws?
- Accountability: Who audits access, corrects false matches and handles consumer complaints?
- Operational speed: Can a high-risk signal reach the relevant parties quickly enough to stop a transfer?
- Reporting quality: What feedback will agencies provide, and how will joint SARs avoid duplicative or conflicting reports?
- Outcomes: Will success be measured by prevented losses, disrupted networks, faster recovery, fewer false positives or another transparent metric?
These choices also determine whether smaller institutions can participate. A strategy that only large banks can afford would leave gaps that criminals could exploit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is the United States already implementing this strategy?
No. The October 20 keynote establishes a public call for a National Fraud Strategy, while the existing examples—Section 314(b), FS-ISAC practices and private-sector consortiums—are the current foundation. The available account does not establish enacted legislation, dedicated funding, a new regulator, mandatory participation or a timetable for implementation.
Nasdaq Verafin is an existing enterprise financial-crime-management platform covering fraud detection, AML/CFT compliance, high-risk-customer management, sanctions screening and information sharing. Nasdaq’s investor materials say more than 2,750 financial institutions representing $11 trillion in collective assets use the platform; that is a company-reported adoption figure, not evidence that a national strategy has been approved.
Frequently Asked Questions
Is the $579.4 billion estimate limited to the United States?
No. Nasdaq Verafin describes it as a global 2025 estimate. A U.S.-only loss figure would require a separate national measurement and should not be inferred from this number.
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Would a National Fraud Strategy replace anti-money-laundering rules?
The proposal is framed as an alignment layer around the existing AML/CFT framework. It would coordinate participants and information flows rather than substitute for banks’ current compliance duties.
What privacy risk could broader fraud-data sharing create?
False matches, excessive data retention and unclear access rights could harm legitimate customers. Any strategy would need correction procedures, access controls, audit trails and limits on secondary use.
Why are telecom companies included in a bank-fraud proposal?
Many scams begin with spoofed calls, text messages or account-takeover attempts before money reaches a bank. Telecom signals can therefore help identify campaigns earlier than transaction data alone.
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