Photo: SAUL LOEB / AFP / Getty Images
President Donald Trump hosted a roundtable at the White House on Wednesday (October 21) to address the growing threat of cybercrime targeting Americans. The White House stated that the administration is using every available tool to combat foreign-based organized criminal organizations that exploit Americans online. Cybercrime poses a $50 billion threat to American families and businesses, according to a NewsNation report.
The administration is focusing on disrupting networks and targeting transnational groups behind fraud schemes. Efforts include freezing stolen funds to return money to victims and seizing over 500 fraudulent cryptocurrency investment websites. The Homeland Security Task Force has restrained approximately $833 million in cryptocurrency tied to overseas scam centers. They have also identified and warned nearly 9,000 Americans who were actively being victimized, preventing an estimated $562 million in losses.
Seniors, children, and low-income families are disproportionately targeted by these crimes, losing their benefits and savings. The roundtable addressed various cybercrimes, including ransomware attacks, phishing campaigns, sextortion schemes, and financial frauds. Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche were expected to attend the event.
The administration's efforts follow a March executive order by President Trump directing the Justice Department to prioritize the identification and prosecution of online scammers. The White House aims to stop the money fast by freezing stolen funds before they leave the system and returning them to the victims.