Representative French Hill

Protecting Arkansans from Financial Fraud and Scams

Financial fraud and scams are costing Americans billions every year and putting household savings at risk

In 2024 alone, consumers lost more than $12 billion, while businesses and banks lost over $120 billion more. These crimes are growing more sophisticated and dangerous with scammers targeting families through phone calls, emails, and even instant payment systems.

As Chairman of the House Financial Services Committee, I am leading efforts in Congress to fight back. Recently, my Republican colleagues and I sent a letter to Federal Reserve Chairman Jerome Powell requesting answers about what the Fed is doing to stop rising fraud. We asked for

A list of all outreach efforts to consumers about payments fraud;
Their plan to address different types of fraud, including scams related to instant payments and emails;
A briefing on the Fed’s organizational structure and whether it is hindering the agency’s ability to protect consumers; and
A summary of all public comments received in response to the recent request for information on payments fraud.

$12,500,000,000 Lost to financial Fradu in 2024 according to the Federal Trade Commission. Are you Protected?

Arkansans deserve to know that federal regulators are doing everything possible to keep their hard-earned money safe. I will continue to press for stronger protections, better consumer education, and oversight of financial institutions to prevent fraud.

What You Can Do Now:

Be cautious of unsolicited calls, texts, or emails asking for personal or financial information.
Verify web addresses before clicking links or sending payments.
Monitor your bank and credit card statements regularly to spot suspicious charges early.

Financial fraud undermines household stability, reduces investment in our communities, and makes everyday life harder for working families. I remain committed to ensuring Washington does its job and Arkansans have the tools they need to protect themselves.

I am proud to represent central Arkansas in Congress. If you have concerns about financial scams or need assistance, please reach out at hill.house.gov or call my office at (202) 225-2506.

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Protecting Arkansans from Financial Fraud and Scams

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