Key Takeaways
- • President Donald Trump said on October 21, 2026 that his administration has made a "very big dent" in overseas scams by foreign criminal networks that lure Americans into fraudulent investments, according to Reuters.
- • FBI Director Kash Patel said the agency has taken down 20 scam compounds worldwide.
- • Trump said federal law enforcement has warned over 10,000 Americans targeted for victimization and prevented at least $1.6 billion in losses so far this year.
- • The FBI received more than 1 million internet scam complaints last year, a 17% increase from 2024.
- • The announcement comes amid a Reuters investigation finding Trump and his sons added at least $2.3 billion to the family fortune from crypto ventures, while investors they courted took a $2.3 billion hit.
Summary
President Donald Trump said on Wednesday, October 21, 2026, that his administration has made a "very big dent" in scams by foreign criminal networks that lure Americans into fraudulent investments, according to Reuters. The remarks were made at a White House event on cybercrime prevention attended by cabinet officials including Defense Secretary Pete Hegseth and Attorney General Todd Blanche, as well as White House chief of staff Susie Wiles and deputy chief of staff Stephen Miller. FBI Director Kash Patel said the agency had taken down 20 scam compounds throughout the world.
Trump said federal law enforcement had warned more than 10,000 Americans targeted for victimization and prevented at least $1.6 billion in losses this year. According to an FBI report cited by Reuters, Americans filed more than 1 million complaints about internet scams last year, a 17% increase from 2024. Miller said Trump had "effectively declared cyber warfare against the cyber criminals."
The event comes ahead of the November 3 midterm elections, where Reuters reports the Republican Party risks losing control of Congress and polls show voters' top concern is the rising cost of living. Reuters also noted the administration's prior steps, including a March executive order directing the Justice Department to prioritize prosecuting online scammers, and later direction to the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.
Reuters reported that the anti-fraud messaging is complicated by a separate Reuters investigation finding that Trump and his sons added at least $2.3 billion to the family fortune from their main crypto ventures, while investors they courted took a $2.3 billion hit. The White House, in a statement to Reuters, said "All actions by President Trump and his administration are taken in the best interest of the American people." Reuters also noted Trump's October 2025 pardon of Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange.
Trump said federal law enforcement had warned more than 10,000 Americans targeted for victimization and prevented at least $1.6 billion in losses this year. According to an FBI report cited by Reuters, Americans filed more than 1 million complaints about internet scams last year, a 17% increase from 2024. Miller said Trump had "effectively declared cyber warfare against the cyber criminals."
The event comes ahead of the November 3 midterm elections, where Reuters reports the Republican Party risks losing control of Congress and polls show voters' top concern is the rising cost of living. Reuters also noted the administration's prior steps, including a March executive order directing the Justice Department to prioritize prosecuting online scammers, and later direction to the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.
Reuters reported that the anti-fraud messaging is complicated by a separate Reuters investigation finding that Trump and his sons added at least $2.3 billion to the family fortune from their main crypto ventures, while investors they courted took a $2.3 billion hit. The White House, in a statement to Reuters, said "All actions by President Trump and his administration are taken in the best interest of the American people." Reuters also noted Trump's October 2025 pardon of Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange.
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