Nasdaq CEO Calls for a National Strategy as Global Fraud Losses Reach $579B
Good morning. As fraud losses mount and criminals use AI to scale their operations, Nasdaq Chair and CEO Adena Friedman is calling for a national strategy to coordinate efforts across the financial system and beyond.
TL;DR
- Nasdaq CEO Adena Friedman is calling for a national strategy to address rising fraud losses.
- Estimated fraud losses reached $579.4 billion in 2025, with scam-related losses at $62 billion.
- Criminals are using AI to scale and refine their fraud operations, making attacks more complex.
- The proposed strategy emphasizes information sharing, common best practices, and legal safe harbors among financial institutions, tech companies, telecommunications providers, and law enforcement.
- Scams are shifting towards emotional pleas (love or fear) and utilizing publicly available personal information.
- Fraud-as-a-service tools lower the barrier to entry for criminals.
- A coordinated response is needed to track scams from initial contact to money movement and close exploited gaps.