Today, we released a new episode of the award-winning Consumer Finance Monitor Podcast examining one of the most significant recent federal developments in the fight against scams and fraud: Executive Order 14390.
Hosted by Alan Kaplinsky (the founder, chair for 25 years and now Senior Counsel in the Consumer Financial Services Group), the episode features returning guests Kate Griffin and Nick Bourke of the Aspen Institute, who previously joined the podcast to discuss Aspen’s landmark report, United We Stand: A National Strategy to Prevent Scams.
Why This Episode Matters
Scams and fraud continue to impose staggering losses on American households, businesses, and financial institutions. As discussed in the episode, the Aspen report framed scams as a “whole-of-society” problem requiring coordination across government, financial institutions, technology companies, telecom providers, and civil society.
The new Executive Order appears to respond directly to that challenge by calling for:
- A coordinated federal anti-scam strategy
- Greater inter-agency cooperation
- Enhanced public-private information sharing
- Increased disruption of transnational scam networks
- Stronger victim restitution and recovery efforts
- More aggressive international enforcement tools, including sanctions and diplomatic pressure
In many respects, the Executive Order may represent the first serious federal attempt to build a national strategy to combat scams.
Key Themes Explored in the Episode
During the discussion, Kate Griffin described the Executive Order as the “starting gun” in the race against scams—an important signal that the federal government is now treating scams as a national priority.
Nick Bourke emphasized that success will require more than enforcement alone. He noted that regulators, financial institutions, telecom carriers, and digital platforms must be empowered to share information and intervene more effectively when suspicious activity is detected.
The conversation also examined:
1. Coordination Across Government
The Executive Order relies heavily on the federal government’s National Coordination Center framework to align agencies such as the Departments of Treasury, State, Justice, and Defense. Whether that coordination translates into meaningful operational change remains to be seen.
2. Information Sharing and Safe Harbors
The guests explained that one of the largest barriers to scam prevention is the inability of private-sector participants to share threat intelligence quickly because of privacy, litigation, or antitrust concerns. Legislative or regulatory safe harbors may ultimately be necessary.
3. Targeting the Scam Business Model
Rather than focusing solely on individual fraudsters, the discussion stressed the need to undermine the economics of scams—making them harder, riskier, and less profitable for criminal enterprises to operate.
4. Victim Restoration
A particularly notable feature of the Executive Order is its call for a victim restoration program, which could help return seized assets to scam victims more efficiently.
5. Modernizing Law Enforcement Tools
The guests also highlighted the need to modernize legacy federal databases such as FBI and FinCEN reporting systems, many of which were designed before today’s high-speed digital scam environment.
What Comes Next?
While the Executive Order is an important milestone, the guests agreed that additional action will be needed from Congress, regulators, and the private sector. A successful anti-scam strategy will likely require:
- Clearer legal pathways for data sharing
- Better consumer reporting systems
- Greater use of AI and analytics
- International cooperation
- Faster prosecutions and asset recovery
- Ongoing public education efforts
Bottom Line
This episode makes clear that scams are no longer simply a consumer-protection issue, they are now a national economic security issue. The White House has taken an important first step, but whether the Executive Order produces meaningful results will depend on execution, follow-through, and sustained cross-sector collaboration.
Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm’s Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.
To listen to this episode, click here.