Capitol Notebook: Scam awareness, prevention program may have saved Iowans millions

Iowa regulators say a statewide fraud prevention initiative has stopped millions of dollars from falling into the hands of scammers.

The Iowa Department of Insurance and Financial Services credited its “Stop the Scammers” events, held in partnership with the Iowa Attorney General’s Office and Iowa AARP, with helping block more than $2.7 million in fraudulent transfers during the first eight months of 2025. Officials also said they investigated more than $10 million in suspected fraud and recovered nearly $270,000 for Iowans.

The annual outreach tour visited 22 communities this year and partnered with local law enforcement agencies to share warning signs and resources. In nearly every stop, residents came forward with personal stories of being targeted, according to Insurance Commissioner Doug Ommen.

"Scammers are employing increasingly sophisticated and frequent tactics that will always try to isolate you, gain your confidence and trust, and then get access to your assets in a way that is almost impossible to trace like cash, crypto currency or gift cards,” Ommen said in a statement. “The only way to combat the escalating scams is educating Iowans to be vigilant and to provide resources to use when they suspect they might be getting scammed.”

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One growing threat involves cryptocurrency and cryptocurrency ATMs, which allow scammers to instantly access a victim’s money. The Iowa Legislature recently enacted new laws requiring clearer disclosures, stronger warnings and lower fees on crypto ATM transactions.

“The legislature acted when they saw how frequently cryptocurrency ATMs were being used by scammers to steal from Iowans,” Iowa Attorney General Brenna Bird said in a statement. “Today, cryptocurrency ATM companies across our state are required to provide better disclosures, clearer warnings, and lower fees. This law strengthens protections for Iowans.”

Officials urged residents to look out for common red flags, such as requests to send money to someone met online, keep transactions secret, transfer funds to “protect” them, mail cash, deposit into cryptocurrency ATMs or buy gift cards for payment. Any offer of a guaranteed return that seems too good to be true should also be treated as a scam.

Iowans who suspect fraud are encouraged to talk to trusted friends or family and report concerns to the Iowa Attorney General’s Office, local law enforcement, or the Insurance Division’s Fraud Bureau at 515-654-6556. More resources are available at www.iowafraudfighters.gov.

Iowa’s state investment pool earnings hit $1 billion milestone

State Treasurer Roby Smith announced Tuesday that the state’s Pooled Money Fund has surpassed $1 billion in total earnings since he took office.

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Smith, who became Iowa treasurer in January 2023, credited the achievement to the “strength and stability” of the investment strategy for Iowa’s short-term cash balances.

“Crossing the $1 billion earnings mark is a testament to the prudent fiscal management and investment practices we’ve implemented under my leadership,” Smith said in a statement. “This milestone reflects not only strong market performance, but also our commitment to safeguarding taxpayer dollars while maximizing returns for public services across the state.”

The Pooled Money Fund, managed by the Treasurer’s Office, invests short-term cash balances from state agencies, public universities and local governments. Its primary objectives are safety, liquidity and competitive returns.

In fiscal 2025, the fund maintained an average daily balance of just over $10.7 billion and generated $469.9 million in income for the state. That figure set a new annual record, surpassing the previous high of $456 million set the previous fiscal year, according to the Treasurer’s Office.

Earnings from the fund are reinvested into state and local governments, supporting essential operations and services without requiring additional taxpayer contributions.

Smith said the billion-dollar benchmark demonstrates the fund’s long-term value and its role in maintaining Iowa’s financial resilience.