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Edward "Coach" Weinhaus, the Founding Executive Director of the CAFE Association, emphasized that fraud is a shared problem and detailed the organization's plan to educate consumers and support responsible companies. This statement was made on the CAFE Association website.
"Fraud isn't just a consumer problem — it's an industry problem," said Edward "Coach" Weinhaus. "Anna, Erica, and I formed CAFE to stand at the intersection of consumer protection and industry responsibility. Our mission is to protect vulnerable populations, provide trusted resources, and support companies that are committed to doing the right thing."
According to law enforcement and consumer data, financial fraud and scams are prevalent across various sectors of the economy, not limited to cryptocurrency. The data indicates increasing losses from several channels such as bank transfers, payment cards, wire fraud, check fraud, gift cards, and social-engineering cons. These fraudulent activities primarily occur within the traditional financial system. In 2023 alone, payment card fraud reached an estimated $33.83 billion worldwide.
