US Treasury wants banks to be better at filing cyber scam reports after noting nearly $13 billion in losses since 2023
- The US Treasury's FinCEN arm asks financial institutions to file scam center suspicious activity reports under a new keyword
- FinCEN says that it flagged financial moves across 33,904 different filings, but actual losses might differ significantly, as the approach is prone to double-counting transactions
- Only 1,300 institutions filed reports, with 10,082 (29.7%) of them centering around exploitation of the elderly by scammers
The US Treasury's Financial Crimes Enforcement Network has issuespublished an alert and a companion data analysis telling banks, credit unions, digital asset exchanges, and securities firms that it needs sharper reporting on the overseas scam centers that it says target Americans at an industrial scale.
FinCEN puts total damages, per its reporting mechanism, at roughly $12.7 billion linked to suspected digital asset investment scams between September 2023 and the end of 2025.
The number comes from adding up the dollar values of 33,904 Bank Secrecy Act filings that...
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