Nasdaq Chair and CEO Adena Friedman is proposing a national fraud strategy to coordinate the response of financial institutions, technology companies, telecommunications providers and law enforcement. Nasdaq Verafin’s 2026 Global Financial Crime Report estimates that fraud losses reached $579.4 billion in 2025, including approximately $62 billion in scam-related losses. Artificial intelligence is allowing criminals to automate attacks, personalize scams and outsource parts of their operations through fraud-as-a-service networks. Friedman recommends information sharing, common best practices and legal safe harbors to intervene before victims authorize fraudulent payments. Nasdaq Verafin, which works with 2,800 financial institutions across North America, says a coordinated response is needed to follow scams from the first contact with a victim through the movement of funds.
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