A US Congressional report found that the US government is not doing enough to address the rise in cyberscams, with fragmented and voluntary partnerships with the private sector. The investigation, led by the Joint Economic Committee, said there is no unified record of funds seized from overseas scam operations or how much has been returned to victims, according to Fast Company.
The report calls for more collaboration across agencies, better support for victims, and deeper private sector involvement, noting that transnational criminal groups use US technology, including AI, to target Americans. This situation poses risks for regulated firms, as gaps in enforcement and restitution may expose organisations to financial and reputational harm. Reviewing cyber risk controls and incident response plans is recommended.
