Nasdaq CEO Urges U.S. Fraud Strategy as 2025 Global Losses Are Estimated at $579.4B

Nasdaq Chair and CEO Adena Friedman urged the U.S. to develop a National Fraud Strategy bringing public agencies and private firms together against fraud, as estimated global losses were $579.4 billion in 2025. Friedman made the proposal Tuesday, Oct. 20, at the American Banker Most Powerful Women in Banking and Finance Conference in New York. Her framework would connect financial institutions, law enforcement, telecommunications providers, technology companies and payment networks, with participants sharing information responsibly and adopting common practices. She proposed legal safe harbors and joint Suspicious Activity Reports, with law enforcement providing feedback. Friedman said the strategy should build on existing public- and private-sector programs and align with efforts to modernize the U.S. anti-money laundering and countering the financing of terrorism framework.

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