President Donald Trump is conducting a roundtable conversation focused on cybercrime on Wednesday at the White House.
The White House said that the event is focused on highlighting risks posed specifically to children, seniors and those who are in low-income families – as they say that foreign criminal actors can play a significant role in taking advantage of America’s “most vulnerable.”
“President Trump is unleashing every available tool to stop foreign-based organized criminal organizations that exploit Americans in cyberspace,” the White House stated on background.
“The Trump admin is taking on a $50B+ threat to American families and businesses. The Administration is disrupting the networks by targeting the transnational groups behind scam centers and fraud schemes, stopping the money fast by freezing stolen funds before they leave the system, then seizing them for victims, and returning it to the victims by putting recovered funds back in the hands of the people who lost them,” it further noted.
Specifically, the White House noted the crackdown from the Homeland Security Task Force against scams involving cryptocurrency.
🇺🇸 TRUMP TO ANNOUNCE CRACKDOWN ON OVERSEAS CRYPTO SCAMS AFTER AMERICANS LOST $11.4 BILLION IN 2025 President Trump will highlight efforts to dismantle foreign criminal networks targeting Americans with fraudulent cryptocurrency investments at a White House cybercrime event Wednesday, Reuters reports. The administration is expected to detail seizures of fake crypto investment websites and efforts to combat online impersonation scams. FBI Director Kash Patel, Attorney General Todd Blanche, Homeland Security Secretary Markwayne Mullin and Defense Secretary Pete Hegseth are expected to attend. Americans reported $20.9 billion in internet scam losses in 2025, including $11.4 billion attributed to cryptocurrency fraud. The FBI received more than 1 million internet crime complaints last year, up 17% from 2024, with investment fraud accounting for nearly half of reported losses.
— Bitcoin News (@BitcoinNewsCom) October 21, 2026
Seventy-three percent of American adults have fallen victim to an internet “scam” or “attack” before, according to Pew Research Center in 2025. Those scams carry a $119 billion price tag annually, the Consumer Federation of America reported in March.
The roundtable happens one day after the president and Vice President JD Vance launched a tip line that would allow people to potentially receive a cash reward for successfully catching taxpayer fraud.
WATCH: Independent journalist Nick Shirley thanks President Trump for the honor of being welcomed into the Oval Office as the administration outlines a new anti-fraud initiative. "I just was concerned about the well-being of our tax dollars... And right now I'm standing next to the president of the United States." @nickshirleyy explains how he got put in the crosshairs after he started asking questions about suspicious government spending. "In fact when I exposed fraud instead of the mainstream media investigating the fraud they investigated me and people actually, in fact, wanted to kill me after I expose the fraud."
— Fox News (@FoxNews) October 20, 2026
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