Nasdaq CEO calls for a national strategy as global fraud losses reach $579B
Source: Fortune ·
As AI helps criminals scale scams, Adena Friedman says financial institutions, tech companies and law enforcement need to work together to stop fraud.
From the source
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 becoming more complex as criminals use AI to scale and refine their attacks. For more insight, I spoke with Greg…