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.
Friedman proposed a National Fraud Strategy at an American Banker event on Tuesday, arguing that information sharing, common best practices and legal safe harbors could help financial institutions, technology companies, telecommunications providers and law enforcement disrupt criminal activity.
The need for coordination comes as financial crime grows. Nasdaq Verafin’s 2026 Global Financial Crime Report estimates that fraud losses reached $579.4 billion in 2025, while scam-related losses totaled approximately $62 billion.
“This challenge is simply too large and evolving too quickly for any single institution to solve alone,” Friedman said.
The challenge is…
This type of fraud targets the supply chain and accounts payable departments of businesses.
- Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
- Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.