CAFE Association Research director on industry leadership: CAFE is demonstrating ‘how consumer protection and innovation coexist’

According to data from the Federal Trade Commission (FTC), there was a broad rise in consumer fraud losses amounting to $12.5 billion in 2024, with investment scams being predominant. These data reflect harms across various channels commonly used in finance, including bank transfers, cards, and digital assets. These figures provide a cross-market context for prevention initiatives pursued by industry groups.

FinCEN’s analysis highlights mail-theft-related check fraud as a significant fraud vector alongside digital schemes. In a six-month review period, financial institutions reported thousands of incidents and hundreds of millions in suspicious activity. This complements crypto-focused data and demonstrates multi-rail exposure.

The CAFE Association’s launch announcement names Milne as the founding director of research. The release describes her role alongside the executive leadership team, supporting research outputs and practical resources for operators. Her appointment is part of an initiative addressing fraud appearing across multiple payment methods, not only cryptocurrency.